Google has launched its Google Payment API, as promised in May, allowing android phone users to pay in app or online using saved credit or debit cards by simply verifying their purchase with a security code or their android device. However, only a handful of merchants (15 in total) have so far enabled the API, reports endgadget.  Several US food delivery services - and big player airbnb - are reportedly about to sign up. Google is foregoing transaction fees on purchases to encourage more merchants to join. After weeks of political pressure for disclosure, the UK's Financial Conduct Authority has published a review of the Royal Bank of Scotland's alleged mistreatment of business customers, and said it may take "further action" against the bank, reports the FT. The FCA released a summary of an independent review into how RBS treated customers of its now defunct Global Restructuring Group. Many of the businesses claimed they were "pushed to the brink of collapse and restructured for profit after the financial crisis," the FT reports. The review found that the most serious allegations were not upheld but said there were "numerous other failings" in the bank's treatment of SMEs. It said RBS took inappropriate action when dealing with 92 per cent of the viable companies in GRG. The FCA said it was now focusing on "whether there is any basis for further action", while Scottish police are also reported to be investigating allegations relating to the GRG. The Financial Conduct Authority has fined Merrill Lynch £34.5 million for failing to report 68.5 million exchange traded derivatives transactions between 2014 and 2016, reports the FT. It is the first enforcement action of its kind under new European markets rules. Merrill Lynch agreed to settle at an early stage of the investigation, resulting in a 30 per cent reduction in the overall fine, which otherwise would have been £49.3 million. A former HSBC currency trader has been convicted of fraud and conspiracy by a New York court for front-running a US$3.5 billion client order, reports Bloomberg. British trader Mark Johnson, who was arrested by federal agents at JFK airport in July last year as he attempted to board a flight to the UK, faces up to 20 years in prison. He was charged after UK gas and oil company Cairn Energy hired HSBC to convert the proceeds of an asset sale into US dollars. Investigators found that the bank's traders dominated 75 per cent of the trading in sterling in the five minutes before the "fix', driving it up to its highest price in two days and netting a US$8 million profit for the bank. Stuart Scott, HSBC's former head of currency trading in Europe has also been charged over the case and is awaiting a ruling on whether he can be extradited to the US. The FT says the case could have "far-reaching implications" for the foreign exchange market.