Seen and Heard: Facebook secures payments services licence

AIB customers overcharged on trackers to get better compensation that PTSB clients

Firm can now act as payments provider and electronic money issuer, as well as provide credit transfers and remittance services across EU. Photograph:  Cyril Byrne

Firm can now act as payments provider and electronic money issuer, as well as provide credit transfers and remittance services across EU. Photograph: Cyril Byrne

 

The Sunday Business Post reports that Facebook has received a licence from the Central Bank to operate a financial payments service, two years after applying for authorisation.

A subsidiary of the social media giant can now act as a payments provider and electronic money issuer, as well as provide credit transfers and remittance services across the EU, as a result of the regulatory approval. The company has been in the payments space for some time in the US. AIB mortgage compensation plan to beat PTSB AIB customers affected by interest overcharging after being wrongly denied cheap ECB tracker mortgage rates will receive better terms than rival Permanent TSB gave borrowers under its redress scheme last year, according to the Sunday Times.

In addition to repaying overcharged interest, AIB will pay compensation equivalent to 15 per cent of refunds and a further amount taking account of the money customers had to live without during the relevant period. PTSB only offered 10 per cent compensation in addition to repayments, according to the report. One51 presses ahead with hazardous waste unit sale The Sunday Times also reports that One51 is in exclusive talks to sell its hazardous waste unit, Clear Circle Environmental, to management teams in the UK and Ireland for as much as €45 million.

The two deals could be inked by the end of the year, marking One51’s exit from environmental services and allowing it to expand its fast-growing plastics business in Ireland, the UK and North America, the report said. Maurice Pratt joins new wellness fund The Sunday Independent reports that Maurice Pratt, the one-time head of cider-maker C&C, has joined the board of a new health and wellness fund set up by former head of Merrion Capital, John Conroy.

Mr Conroy is reportedly aiming to raise around €74 million for the fund, according to the report. Mr Pratt, also previously the public face of Quinnsworth, has been joined by Con Scanlon, former deputy chairman of Eircom (now Eir), on the board of the fund. Medtech firm Lincor puts Australian merger on ice Irish medtech company Lincor Solutions has postponed a planned merger with Australian-listed technology company Hills, given volatility in financial markets, according to the Sunday Independent.

The deal, announced in September, would have seen the creation of a new Australian-listed company, called Lincor Ltd. However, both companies said they remained committed to a deal.