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Legal advice for payment service providers

The payment services sector is constantly evolving and the trend for ongoing and sophisticated European and Irish regulation will continue. Cash transactions are on the decline and plastic, e-payments and mobile wallets are changing the face of payment processing. We appreciate that you need to be on top of the changing landscape, understanding and responding to the issues as they develop and positioning your business at the cutting edge of the new world of payments. We can assist you with that.

The Eversheds Sutherland financial services group has considerable experience of working with clients at every stage of the payment processing cycle. From card payment schemes, credit card issuers and merchant acquirers, to payment facilitators and e-money providers, our professional teams are experienced in all aspects of payment processing and services across a wide range of areas and in jurisdictions across the world.

We have particular experience of advising payment service providers who operate in multiple European jurisdictions. A number of Eversheds Sutherland's European offices regularly work together to deliver a seamless legal service to those clients.

We know our way around the changing regulatory landscape

We advise payment service providers on a broad spectrum of regulatory matters, ranging from regulatory authorisations to drafting terms and conditions issued to consumers. 

We can advise at a domestic level and at a pan-European level through our European payment services group within Eversheds Sutherland, on all aspects of payment services law and regulation, such as the Single Euro Payments Area (SEPA) initiative, including compliance with the SEPA Migration Regulation and the relevant SEPA rulebooks and frameworks. 

We focus on assisting our clients in planning for forthcoming regulatory best practice across the EU.

Our areas of focus include:

  • Central Bank of Ireland authorisations, conduct of business rules, and enforcement
  • the Payment Services Directive (implemented in Ireland through the Payment Services Regulations) and the proposed PSD II
  • the E-Money Directive (implemented in Ireland through the Electronic Money Regulations)
  • SEPA
  • the proposed Regulation on multilateral interchange fees
  • the newly-adopted Payment Accounts Directive
  • Anti-Money Laundering/Counter-Terrorism Financing
  • Targeted sanctions screening

We understand your commercial needs

We have extensive experience in the commercial and retail banking industry and we advise the leading edge players in the emerging areas of mobile payments and e-money.

Our commercial lawyers provide business-focused legal advice on non-sector specific legislation such as unfair terms, plain English, treating customers fairly, e-commerce and data protection.

Our team is experienced in drafting and negotiating every type of commercial agreement you will encounter in the payment services sector. We have particular experience regarding terms and conditions of business for payments products, joint ventures, service agreements and outsourcing.

We can help you manage risk and resolve disputes

Risk and disputes will inevitably arise in the payment services sector because of the sheer volume, complexity and value of the transactions.

Our role is to bring clarity to every situation, through an experienced understanding of the regulatory regime and of judicial and other dispute resolution processes.

We have a strong culture of costs transparency and have developed sophisticated project management and budgeting tools which are used to give our clients maximum control. We also have a reputation for innovation and seeking continuous improvement in the delivery of our legal services.

Our work also includes inquiries, regulatory investigations and enforcement proceedings, requests for assistance and the defence of clients in civil and criminal proceedings.

We have also provided on-site training for our payment services clients, in relation to risk management and dispute resolution.

Recent Experience

We act for most of the leading payment services providers in Ireland.  Some recent examples of our relevant experience include:

  • Drafting terms and conditions of hire to be issued to merchants, for a market leading supplier of card terminals and IT infrastructure.
  • Advising a merchant acquirer in relation to its potential exposure to liability arising from chargebacks. 
  • Drafting the terms and conditions of business to be entered into with merchants, for an EEA merchant acquirer operating in Ireland on a freedom of services basis. 
  • Advising a major credit institution in relation to compliance with the Payment Services Directive, including drafting of the framework agreement issued to customers. 
  • Advising a payment institution in relation to customer on-boarding and procedures for ‘non-face to face’ AML/CTF. 
  • Drafting of the customer terms and conditions of a market leading payment services provider, in relation to a wide range of mobile payment products. 
  • Drafting and negotiating the terms of several joint ventures between our client, a market leading payment services provider and utilities companies and government agencies. 
  • Drafting and negotiating the terms of agreements between our client, which is a major provider of mobile payment services, and various IT infrastructure companies. 
  • Advising a major credit institution in relation to SEPA implementation, including drafting and negotiation of an indirect participation agreement relating to the STEP2 SEPA Credit Transfer Service.