Payments Daily · Friday, November 6, 2026Daily
PAY.NEWS
FCA completes reform of UK transaction reporting rules
FCA completes reform of the UK transaction reporting regime, expected to save the industry more than £100 million annually, with reportable fields reduced from 65 to 52. FATF says virtual assets have become a core money-laundering channel for scam compounds in Southeast Asia, with funds able to move in as little as 2 to 5 minutes.
Payments & Infrastructure
European Central BankFirst partyECB Executive Board member Piero Cipollone outlines four initiatives shaping the future of money
ECB Executive Board member Piero Cipollone introduced four initiatives shaping the future of money in Europe, including modernizing euro banknotes, advancing the digital euro, supporting tokenized finance through Pontes and Appia, and interconnected instant payment systems. The digital euro pilot is scheduled to begin in the second half of 2027; if the legislative process is completed by the end of 2026, the aim is to achieve a potential first issuance in 2029. Pontes already supports the settlement of tokenized assets in central bank money and plans to gradually achieve 24/7/365 service by 2028.
Payments Cards & MobileEPC tightens SEPA Verification of Payee matching rules and publishes Recommendation 2.0
The EPC published Verification of Payee Matching Recommendation 2.0, alongside Scheme Rulebook 1.1, which takes effect on 20 September 2026, providing more detail on how payee names should be checked before transfers.
Stablecoins & On-chain
Following Ueno Bank's resolution process, some Paraguayan Bybit sellers raise USDT prices by 13%
After Paraguay's Ueno Bank was placed into a resolution process, some Bybit P2P sellers priced USDT approximately 13% above the official dollar reference rate. On November 5, GlobalPartner quoted 6,942 guaraníes per USDT, while Banco Central del Paraguay's reference rate on November 4 was 6,144.02 guaraníes; the accounts, withdrawals, and transfers of approximately 2.94 million Ueno customers were frozen.
Regulation & Compliance
FCA completes reform of UK transaction reporting rules, expected to save over £100 million annually
The FCA has completed reform of the UK's transaction reporting regime, expected to save the industry more than £100 million annually. Reportable fields will be reduced from 65 to 52, approximately 7 million instruments that can only be traded on EU venues will be removed from the UK's reporting scope, and FX derivatives will instead be handled under the UK EMIR framework.
Brazil's Central Bank approves three new credit consumer-protection rules
Brazil's Central Bank approved three credit consumer-protection rules, requiring institutions to provide an opt-out mechanism for unsolicited credit marketing and impose stricter prior authorization requirements for consumers who are financially vulnerable or at higher risk of over-indebtedness. Resolução BCB 601 will establish a consolidated debt dashboard displaying debt, cost simulations, and risk alerts; Resolução BCB 603 requires users' prior explicit consent for credit offers when initiating Pix transactions and requires at least a 24-hour interval after activation before the offer can first be provided.
FINRA fines Webull $4.2M for deficiencies in identity verification and AML
FINRA fined Webull $4.2M for deficiencies in its AML, identity-theft prevention, and best-execution programs. Between January 2020 and September 2023, Webull approved more than 120,000 customer accounts with inadequate identity verification and failed to timely investigate 473 unauthorized ACH transfers exceeding $1.5 million, as well as one account that generated nearly 13,000 suspicious-transaction alerts. Webull agreed to remediate its AML and identity-theft prevention deficiencies and appoint an independent consultant to review its best-execution program.
FATF says virtual assets have become a core money-laundering channel for scam compounds in Southeast Asia
In a report, FATF said scam compounds in Southeast Asia use virtual assets to launder money, with funds able to leave an account and reach an exit point in as little as 2 to 5 minutes. The report breaks the laundering process into seven stages and recommends that countries promote information sharing among banks, telecommunications companies, and technology firms, and take action within 24 to 72 hours after a scam is detected. FATF has also previously said that most illicit activity tracked on the blockchain now occurs through stablecoins.
OCC tells bank examiners not to treat AI as a standalone risk
The OCC instructed bank examiners to incorporate artificial intelligence into banks' existing risks rather than establish it as a separate risk category, and issued a regulatory framework for AI use by large national banks. Examinations will be based on how AI is used, as well as the bank's size and complexity; for AI agents capable of autonomously initiating payments, banks may need to restrict their authority to act without human intervention or maintain close personnel involvement. The framework emphasizes technology neutrality and focuses on the harm that tool failures may cause.
CFTC issues no-action letter on trust company participation in daily settlement
The CFTC's Division of Clearing and Risk issued a no-action letter stating that derivatives clearing organizations may use trust companies with clearing members for daily settlement. The condition is that the clearing organization must manage the trust company as if it were a settlement bank, in accordance with applicable CFTC requirements.
Fintech News SingaporePyvio Singapore receives MAS Major Payment Institution license
Pyvio Singapore received a Major Payment Institution (MPI) license from MAS, effective 1 November. The approved services include account issuance, domestic remittance, cross-border remittance, merchant acquisition, and e-money issuance. Pyvio said it will use its Singapore operations as a base to provide cross-border payment services to businesses across the Asia-Pacific region.
FCA restricts Ethica's collection of loans under the hidden remuneration scheme
Following FCA intervention, Ethica Resolve Limited, a debt services and collection firm authorized by the FCA, agreed to restrict collection of loans or purported loans connected with the hidden remuneration scheme. Ethica must notify affected consumers that they do not currently need to make payments and, until the relevant regulatory and legal issues are resolved, stop further payment demands in current proposed proceedings; Ethica and West 28 must also not apply for default judgments against consumers who have not responded to legal claims. Whether the debts are enforceable has not yet been determined, and consumers should still not ignore formal court documents.
Payments & Agent Economy
PYMNTSSeveral fintech companies launch restricted virtual corporate cards for AI agents
Several fintech companies are providing AI agents with restricted virtual corporate cards, enabling them to purchase goods, book tickets, and pay suppliers within preset rules. Sunrate launched the Agentic Card on November 2, allowing businesses to set the amount, currency, merchant category, region, and validity period, while the agent generates and uses a virtual card for a single payment; the card has completed Mastercard Agent Pay certification.
Companies & Markets
Fintech News SingaporeRevolut confirms US$115 billion valuation and advances global banking expansion
Revolut confirmed the completion of its latest secondary share sale, reaching a valuation of US$115 billion, more than 53 percent higher than the US$75 billion valuation in November 2025.