Payment News

Interruption to German Payments

At the end of August, concerns about PayPal’s security system led to €10 billion worth of payments being suspended in Germany, according to the Sueddeutsche Zeitung. The security system was believed to have stopped vetting payments for potential fraud.

Potentially, this boosts support for the European Payments Initiative’s Wero wallet, Europe’s homegrown alternative to the likes of PayPal.

Unreliable Software

In the UK, HSBC’s mobile and online banking system crashed for much of a working day on 27 August, causing problems with ingoing and outgoing payments and access to account information.

A relatively minor inconvenience that, nevertheless, illustrates the fragility and unreliability of modern payment systems.

Technology Increases Risk

Australia’s Securities and Investment Commission is consulting on changes to its market integrity rules. It is concerned that the widespread adoption of AI-driven algorithmic trading in equities, futures, and treasury bonds could increase market volatility and the risk of flash crashes.