Fintech, Finance, Technology, Banking Daily News – 13 November 2017

Fintech, Finance, Technology, Banking Highlights – 13 November 2017

EU to launch blockchain study

The EU Commission is looking carefully at blockchain developments with the objective of setting the right conditions for an open, innovative, trustworthy, transparent, and EU law compliant data and transactional environment.

In this context, the European Commission is launching a study for 250.000€ to assess the opportunity and feasibility of a EU Blockchain Infrastructure (study reference: SMART 2017/0044).

This study will assess, in the first place, if, when and how blockchain technologies may help public authorities to deliver European services and implement policies in an optimised way. It will examine opportunity, benefits, and challenges of a range of options, including an enabling framework at EU level or an infrastructure supporting blockchain-based services.

R3’s Corda partner network grows to over 60 companiesR3’s Corda partner network grows to over 60 companies

The network of partners working with enterprise software firm R3 to develop distributed ledger technology (DLT) based applications on its Corda platform has grown to over 60 companies from a wide variety of industries and regions across the globe.

The Corda partner network consists of companies that are actively engaged with the Corda platform, including:

Technology partners providing key infrastructure, platforms and services for Corda and clients
Systems integrators delivering proof-of-concepts, pilots and production solutions for clients on Corda
Consulting firms advising their clients on the business potential of DLT and Corda
Software vendors building end-user applications on Corda

Partners are growing their businesses by building and operating distributed ledger applications and offering professional services engagements on Corda. The platform provides a frictionless environment for commercial transactions and a unique approach to data privacy and interoperability.

LSE’s UnaVista and MTS collaborate for SFT reporting

London Stock Exchange Group today announces that MTS and UnaVista are collaborating to offer a regulatory reporting solution for firms who execute Securities Financing Transactions (SFTs), such as repo trades.

Market participants with a connection to UnaVista Trade Repository and who trade repo contracts on the new Global Collateral Management (GCM) segment of MTS BondVision will be able to match initial trade data fields, creating an entry in the UnaVista portal which can be populated and enriched with additional data.

The proposed regulation covers SFTs conducted by any firms established in the EU, regardless of where the individual branch is. It will also include SFTs conducted by EU branches of non-EU firms, and any SFT where the securities used are issued by an EU issuer or by an EU branch of a firm. The proposal also explicitly identifies UCITS funds and AIFM funds as being subject to the regulation in its final form.

Blik becomes the first non-card payment scheme in Poland

BLIK mobile payment system has become “BLIK Payment Scheme” as well.

Polish Payment Standard Ltd. has been granted the positive ruling of the Polish Central Bank. BLIK is available to approximately 70% of the Polish banks’ clients.

On August 7th Polish Payment Standard Ltd. filed to the President of the National Bank of Poland, the central bank, a formal request for permission to introduce “BLIK Payment Scheme”. The administrative proceeding initiated by the submitter was the consequence of the amended bill on payment service that had come into force. The bill introduced the notion of payment scheme to the Polish law system.

The swift decision by the President of the National Bank of Poland has made BLIK the first non-card payment scheme in Poland. The decision confirms that BLIK abides by all the regulatory requirements to ensure safety and stability of the scheme.