Open Banking Services being Used by Over 2.5 Million UK Consumers and Businesses to Complete Payments: Report
January 30, 2021 @ 8:07 pm By Omar Faridi
Banking Circle, a financial infrastructure developer, notes that only a month into the new year, and partnerships are already beginning to emerge as “a strong theme underpinning the future of the industry.”
Banking Circle also confirmed that they’ve teamed up with global provider of local payments infrastructure, PPRO. Banking Circle is now working closely with PPRO, which recently managed to achieve Unicorn status (valued at $1 billion or more as a company), in order to enhance their service offering, “supporting PSPs working with cross border e-commerce merchants.”
Wednesday, January 20, 2021
The Cross-Border Payments Regulation (EC) No 924/2009 (CBPR) is the EU legislation that sets out the principle of equality of charges for intra-EU cross-border euro payments and corresponding national payments within an EU member state. CBPR has been amended by Regulation (EU) 2019/518 (Amending Regulation), which extends the equality of charges principle to any non-euro currency of an EU member state and inserts new transparency requirements on currency conversion charges. CBPR applied directly in the UK until 31 December 2020.
CBPR (as amended by the Amending Regulation) has, since 1 January 2021, been “onshored” into UK law following the end of the Brexit transition period, with amendments, and we refer to the UK’s implementation of CBPR in this alert as UK CBPR.