Morning Brief 3.18.20: FCA moves to protect cash access during virus outbreak
The information you need to start your day, from PaymentsSource and around the web:
As the coronavirus spreads, The Financial Conduct Authority is monitoring regulations in several areas, such as mortgage lending, risk controls and payment protocols, as a prelude to either tightening or relaxing rules quickly — or pushing compliance deadlines.
In the payments industry, the FCA is working with the Bank of England and the Payment Services Regulator to address cash shortages, including potential withdrawal limit waivers.
The FCA also said it is confident electronic payment providers are equipped to manage rapid shifts in transaction volume.
U.K. fintech has launched a money management app for young people, making it the latest company to try its hand in a youth payments market that's often a challenge.
Revolut Junior will include a payment card, mobile site, P2P transfers and educational materials.
Like most youth payment apps, it will have parental controls, access to transaction histories and spending parameters — acting more as a way for parents to supervise their childrens' financial activity than an actual financial app.
Domino's has changed its delivery policy in response to the coronavirus by allowing customers to designate a location through its mobile order and pay app.
Consumers can choose their porch, or another neutral location for prepaid orders, according to Nation's Restaurant News, which explains it's part of the china's social distancing effort.
Domino's has offered similar policies in other countries affected by the virus, and its experiences informed its U.S. move.
The Opera browser is supporting bitcoin and ethereum purchases through Apple Pay or a debit card.
Crypto top ups can be executed in Opera's Android browser, the iOS browser Opera Touch or in Opera's crypto wallet, reports iMore.
The is part of a broader strategy at Opera to embrace blockchain for a variety of uses.
From the Web
Coronavirus: Banks ordered not to cancel people’s credit cards
INDEPENDENT | Tue March 17, 2020
Banks have been ordered by the Financial Conduct Authority (FCA) not to cancel customers' credit cards until October, as part of measures to help people deal with financial hardship cause by the coronavirus. The coronavirus is likely to cause financial difficulty for a significant number of people as the economy slows and companies are forced to make staff redundant.
McDonald’s Might Defer Rent Payments for Franchisees Hurt by Coronavirus Closures
THE MOTLEY FOOL | Tue March 17, 2020
On Tuesday, McDonald's said major efforts aimed at protecting its franchisees and the supply chain are under way, including rent deferrals that might help franchisees navigate through a period of sharply reduced customer traffic. The burger giant gets most of its earnings through royalty, rent, and franchise fee income, so these support efforts are likely to hurt profits over the short term.
Financial companies leak 425GB in company, client data through open database
ZDNET | Tue March 17, 2020
vpnMentor researchers said a database that appears to be connected to a now-defunct app that have been developed by Advantage Capital Funding and Argus Capital Funding, contained over 500,000 "highly sensitive" documents, including credit reports and bank statements. Due to a failure to implement basic security protocols, the database permitted unfettered access to anyone with an Internet connection and the S3 bucket's address.
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