Today In Payments Around The World: Visa Debuts Europe FinTech Partnership Program; Payments Canada Teams With Mastercard’s Vocalink
In today’s top payments news around the world, Visa is rolling out a new program meant to link European financial institutions (FIs) and merchants with cutting-edge digital payment offerings, Payments Canada is teaming with Mastercard’s Vocalink to advance a new Real-Time Rail (RTR) payment system. Plus, Railsbank has closed a $37 million funding deal.
Visa is launching a new program designed to connect European FIs and retailers with state-of-the-art digital payment services. FinTech Partner Connect will “support new ways for businesses and consumers to seamlessly and securely pay, get paid, send money and more,” according to a representative for the company in an email announcing the effort.
Payments Canada is collaborating with Mastercard’s Vocalink for settlement and clearing for the nation’s new RTR payments system. Mastercard’s Vocalink’s offering supports the requirements of Payments Canada, such as the Bank of Canada’s risk management criteria and ISO 20022. The RTR is forecasted to roll out in 2022. It will be run by Payments Canada and regulated by the Bank of Canada.
Railsbank, the British Banking-as-a-Service (BaaS) upstart, completed a $37 million funding deal co-led by Ventura Capital and MiddleGame Ventures. Firestartr, Mitsui Fudosan, Moneta VC, Clocktower Technology Ventures, Global Brain and Anthos Capital also participated in the round.
The European Data Protection Board (EDPB) adopted recommendations to help data exporters with assessing nations to make sure they are following the bloc’s level of protection under the EU General Data Protection Regulation (GDPR) and discovering additional measures as required. “Supervisory authorities will continue exercising their mandate to monitor the application of the GDPR and enforce it,” the EDPB said in its recommendations.