VTC Pay’s e-wallet is used by more than three million consumers, a majority in the 18-34 years-demographic, with more than a million transactions recorded daily. An increasingly vibrant economy, Vietnam has been rapidly digitizing and is slated to grow at 6.7%, the fastest rate forecast this year in Southeast Asia or the ASEAN block. Leveraging DOCOMO Digital’s platform which seamlessly connects international merchants and payment providers with a state-of-the-art single-API framework, VTC Pay will further build on its popularity by offering DOCOMO Digital’s partner international merchants to its users in Vietnam.

“As a pioneer in providing e-wallet service - Electronic payment gateway in Vietnam, VTC Pay will definitely not stop improving. Advancing to bring the best experience for users, especially on security and optimization of payment speed”., said Mr. Tran Quang Viet - Director of VTC Pay Electronic Payment Center.

“VTC partnership is a great manifestation of our vision to be the largest integrator of digital or mobile wallets, especially in emerging markets. With this partnership, we can support international merchants looking to expand in Vietnam with the most preferred mode of payment, especially among the young population, the largest segment of consumers for digital content. And VTC Pay can tap into our existing network of international merchants, to be able to offer more choice to its growing customer base.”, said Dheeraj Soni, President of DOCOMO Digital’s Payments business.

While New Access is a leading private banking software provider in over 18 countries and supports more than 180 software installations for private banks and wealth management firms, Finologee facilitates European banks to comply with PSD2 and RTS on Strong Customer Authentication (SCA) using a single connection to the bank’s infrastructure.

Through this strategic partnership, New Access which has already integrated Finologee’s ‘PSD2 for Banks’ module into its own platform to serve two of its client banks, will now provide it to its client banks in 18 countries. As a result, Finologee will expand its international presence and availability to many European territories in the upcoming months while ensuring full PSD2 compliance for New Access’ clients.

As a first step, the focus will be on New Access’ Luxembourg, Liechtenstein and UK clients in order to meet the 14th of September 2019 deadline imposed by PSD2.
This collaboration can deliver a giant leap forward toward a more accessible and better-connected EU-wide payment ecosystem.

Jonathan Prince, Finologee’s co-founder and CSO says:
“This partnership is the perfect illustration of the global trend around APIs in the Financial Industry and its advantages for banks to meeting regulatory obligations fast and efficiently. It also shows the roles and the benefits brought by the different stakeholders with New Access integrating seamlessly for its client banks and Finologee providing a proven high quality PSD2 compliant API already used by 32 Financial Institutions in 10 different European countries.”

Vitus Rotzer, New Access’ CEO says:
“Our solution is designed and open to integrate added-value FinTech/RegTech tools within our business processes and workflows. We sincerely believe that the value to customers lies in the most intelligent integration possible of the best offers on the market. This is what Finologee and New Access offer today with facilitating private banks to comply PSD2 in Europe.”

This Report points out the EBA's key observations on PIs' and EMIs' strategies and business model changes, in particular focusing on the current trends and drivers, the different approaches to FinTech, including their interaction with BigTech firms, and the level of implementation of innovative technologies. The Report, which is in line with the priorities listed in its FinTech Roadmap, does not foresee or intend to model scenarios for potential future development of institutions. The Report aims to share knowledge and provide support to supervisors and other stakeholders in identifying and understanding the main trends that could impact PIs' and EMIs' business models and pose potential challenges to their sustainability.

Based on the EBA's observations, most PIs and EMIs are adapting their business models to cope with the competitive pressure and embrace PSD2 changes. Most institutions are keen to expand their products and services and enter new markets by (i) leveraging on cross-border services, (ii) requesting a licence to become a credit institution or third party provider (TPP), and/or (iii) embracing the new services provided under the PSD2.

While there is a slight trend towards internal development of products and services using FinTech, without necessarily the involvement of external partners, a significant number of institutions partner with FinTech firms and technology providers for the development of innovative products.

With BigTech firms posing a potential threat to the sustainability of PIs' and EMIs' business models, institutions are planning to focus on strengthening customer loyalty in a potential increased participation of BigTech firms. The outlook of the payments sector is quite positive in terms of revenues and profitability, with an overall expectation for increased customer base and new or revamped products, accompanied by an increase in internal FinTech developments and IT spending.

A comparison with the respective report on credit institutions, published by the EBA in July 2018, may suggest a relationship between the growth of the payments sector and the disintermediation in banking, taking into account that incumbent credit institutions reported a negative impact on their payment-related revenues.

PIs and EMIs face different threats, depending on their business model, from the potential impact of an active participation of BigTech firms, the uncertain impact of Brexit as well as the key dependencies on banks and card processors (for some PIs and EMIs). In addition, a number of key challenges will need to be addressed relating to operation resilience and ICT security, operational capacity, regulatory changes, customer education and acquisition and maintenance of skills and talent.
Legal basis and next steps

Article 9(2) of the EBA's Founding Regulation mandates the Authority to monitor new and existing financial activities. This obligation extends to all areas of the EBA's competence, including in the field of activities of credit institutions, financial conglomerates, investment firms, payment institutions, and electronic money institutions.

The EBA will continue monitoring the developments in line with the pace of employment of new technologies in financial services and, where appropriate, it will perform additional work to enhance supervisory consistency and facilitate supervisory coordination.

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DocuSign helps organisations connect and automate how they prepare, sign, act on, and manage agreements. Its customers will now be able to subscribe using GoCardless, as an alternative to credit/debit cards and PayPal.

“We want our global customers to have access to simple and easy payment methods when purchasing DocuSign,” said Robin Joy, SVP of Digital, Demand & Web Sales at DocuSign. “We’re delighted to be working with GoCardless to offer bank debit as a payment option throughout the UK and Europe to ensure customers are able to complete quick and easy transactions with DocuSign.”

Hiroki Takeuchi, CEO of GoCardless, says: “We're excited to welcome DocuSign as one of the growing numbers of SaaS businesses choosing GoCardless to power their subscription payments. GoCardless' global platform provides a new way for businesses to collect internationally - one which meets changing payer preferences and saves businesses time, hassle and money.

“Historical payment options designed for ecommerce are just not fit for purpose when it comes to collecting recurring revenue - and a binary choice between cards and PayPal can be a blocker on growth. Businesses are realising that there is a better way to solve their recurring payment needs.”

In the first phase of the roll out, significant portion of DocuSign’s new customers in Europe have chosen to pay by direct debit when given the option. This echoes findings from the recent Global Payment Preferences research report conducted by YouGov and GoCardless, which shows that at least one third of consumers are likely to choose Bank Debit/Direct Debit to pay for online subscriptions. The report surveyed more than 12,000 consumers across 10 global markets.

Further research by GoCardless and YouGov on business payer preferences across these same markets, shows that in the UK, 44% of businesses were likely to pay by Direct Debit: more than corporate cards, bank transfer and digital wallets.

DocuSign is the latest in a number of global Subscription businesses that have chosen GoCardless to provide direct debit payments, including TripAdvisor and SurveyMonkey.

The business will access the GoCardless platform through Zuora, fully-automating their billing, collections, quoting, revenue recognition, and subscription metrics.