Financial institutions sector - Payment Matters Hub

Payment Matters 42

July 2019

1. European Banking Authority publishes Opinion on SCA

2. UK government publishes a consultation regarding the extension of Open Banking services to a broader range of products/sectors

3. Non-bank payment service providers safeguarding under review

4. UK Finance issues good practice guidelines

5. UK Finance publish latest summary of the payments market, emphasising the need for access to cash in the UK

6. Data released by the Committee on Payments and Market Infrastructures demonstrates a dip in correspondent bank relationships

7. E-money firms express concerns over AML changes

8. The Bank for International Settlements published a note on the increasing introduction of big technology firms into financial services

9. Payment Systems Regulator issues access and governance report

10. Mark Carney delivers Mansion House speech

Payment Matters 41

May 2019

• 1. Strong customer authentication deadline rapidly approaching
• 2. The API evaluation working group publishes its latest round of clarifications
• 3. The European Banking Authority clarifies fraud rate rules
• 4. European banks express concerns regarding the implementation of fraud reporting requirements
• 5. Confirmation of payee deadline extended
• 6. Regulation amending regulation on cross-border payments published in the Official Journal
• 7. Preliminary ruling on interpretation of Articles 2 and 58 of the Payment Services Directive (PSD)
• 8. The Financial Conduct Authority publishes Duty of Care feedback statement
• 9. The European Central Bank publishes a report on card payments in Europe

Payment Matters 40

March 2019

• The Payment Systems Regulator publishes its final Terms of Reference for a review into the acquiring market

• The Financial Conduct Authority finalises guidance on the fairness of variation terms in financial services consumer contracts

• The Authorised Push Payment Scams Steering Group publishes the final voluntary code

• The new European Bank Authority API working group publishes first set of clarifications

• The EBA has launched its central electronic register under PSD2

• European Counsel adopts final text regarding the cross-boarder payments regulation

• The EBA issues clarification regarding the application of strong customer authentication for recurring card payments

• New conduct rules apply to payment services and e-money sectors from 1 August 2019

Payment Matters 39

January 2019

• the Financial Conduct Authority (“FCA”) has published final guidance on its approach to the Regulatory Technical Standards (“RTS”) and European Banking Authority (“EBA”) Guidelines under the revised Payment Services Directive (“PSD2”)
• the EBA has published the final guidelines on the conditions to benefit from an exemption from the fall back contingency mechanism
• the EBA announces plans to create an Application Performance Initiative (“API”) Evaluation Working Group
• the EBA has published an Opinion on the use of electronic identification and trust services (“eIDAS”) certificates under PSD2
• the FCA has published policy changes in relation to authorised push payment (“APP”) fraud complaints handling
• European Regulators have reached a final compromise text on changes regarding cross-border payments in the Union
• the FCA plans to conduct a programme of analysis into new payments business models

Payment Matters 37

October 2018

The Authorised Push Payment (“APP”) Scams Steering Group publishes interim Contingent Reimbursement Model (“CRM”) for consultation

Financial Conduct Authority (“FCA”) consults on its approach to the final Regulatory Technical Standards and European Banking Authority (“EBA”) guidelines under the Revised Payment Services Directive (“PSD2”)

The Open Banking Implementation Entity (“OBIE”) publishes Open Banking Standards version 3.0

HM Treasury plans for the on-shoring of Financial Services post-Brexit

The FCA consults on the proposed new Payment Services and Electronic Money (Principles for Business and Conduct of Business) Instrument 2018

The European Parliament’s Committee on Economic and Monetary Affairs consider recent proposals in relation to cross-border payment charges

The Financial Ombudsman issues a newsletter regarding authorised payment fraud

The Global Financial Innovation Network consults on plans to implement a ‘global sandbox’

 

Payment Matters 36

August 2018 

• FCA and PSR Regulation 105 protocol issued 
• RTGS Renewal Programme
• EBA publishes final PSD2 fraud reporting guidelines
• EC recommends removal of transparency requirements from cross-border payments draft
• FCA plans to help fraud victims recover losses
• FCA issues revised version of payment services and e-money approach document
• UK Card Acquiring Market Review

Payment Matters 35

June 2018

UK

• The Open Banking Implementation Entity announces planned updates to the existing API standards
• Industry concerns raised over the number of payment institutions who have missed the FCA’s re-authorisation deadline
• Advocate General hands down an opinion on the interpretation of "payment account"
• PSR provides an update on authorised push payment scam work

Europe and beyond

• EBA issues RTS implementation opinion
• EBA consults on guidelines clarifying fall back exemptions
• FCA issues statement on EBA’s Opinion and draft Guidelines
• EBA adds PSD2 support tools onto website
• The European Commission consults on amendments to Regulation
• Read Payment Matters No. 35: UK and Europe and beyond

Payment Matters 34

May 2018

UK

• Payment Accounts Regulations: final linked services list published
• HMT summarises responses to cheque imaging consultation
• FCA guidance consultation on fairness of variation terms in financial services consumer contracts
• The FCA is moving – change of address
• New Payment System Operator now responsible for the BACS and Faster Payments systems
• Open Banking managed roll-out complete

Europe and beyond

• Corrigendum to PSD2 published in the Official Journal
• Industry bodies jointly publish voluntary guidelines and market behaviours during PSD2 transition

 Read Payment Matters No. 34: UK, Europe and beyond

Payment Matters 33

April 2018

UK

• Focused on: Phase two of the Payment Account Regulations
• Regulatory Technical Standards on Strong Customer Authentication and Common and Secure Open Standards of Communication published in the Official Journal
• HM Treasury consults on the use of cash and digital payments
• New Payment Systems Operator updates voluntary code of conduct for indirect access providers
• Payment System Operator replies to Payment Systems Regulator’s open letter
• The Payment Systems Regulator publishes its Annual Plan and Budget for 2018/9

Europe and beyond

• The European Commission proposes to make cross-border payments in Euro cheaper throughout the Union
• The European Banking Authority consults on extending Joint Committee complaints-handling guidelines to new institutions under the revised Payment Services Directive and the Mortgage Credit Directive
• The European Central Bank finalises guides on bank and FinTech bank licensing
• The European Banking Authority launches its FinTech Roadmap

Read Payment Matters 33: UK and Europe and beyond

Payment Matters 32

February 2018

UK

• Payment Accounts Directive (“PAD”) and Payment Accounts Regulations (“PARs”) Legal Update
• Payment Systems Regulator (“PSR”) publishes consultation outcome in relation to authorised push payment scams (APP scams)
• Committee on Payments and Market Infrastructure publish cross-border retail payments report
• Draft EU FinTech Action Plan

Europe and beyond

• European Central Bank Member delivers speech on the regulatory technical standards under the revised Payment Services Directive (“PSD2”)
• European Banking Authority and European Commission correspond on regulatory standards under PSD2
• European Central Bank Member speaks on European retail payments market developments
• Financial Conduct Authority consults on wider access to the Financial Ombudsman Service for small businesses
• European Banking Authority (“EBA”) issues national registers of payment and electronic money institutions under PSD2
• EBA guidelines on operational and security risks under PSD2
• The FCA goes global (global sandbox and collaboration with the US)

Read Payment Matters 32: UK and Europe and beyond

Payment Matters 31

January 2018

UK

• FCA updates PSD2 passporting webpage
• Consumer Rights (Payment Surcharges) Regulations 2012
• FCA’s sandbox – third cohort announcement
• FCA policy statement and final rules on information relating to the provision of current account services
• Payment Systems Regulator consults on tackling payment scams

Europe and beyond

• Euro Retail Payments Board - Final Report on Payment Initiation Services
• Regulatory technical standards on strong customer authentication and common and secure communication under PSD2 adopted by European Commission
• European Banking Authority publishes its recommendation in relation to the transitional period
• EBA releases final RTS relating to the central register under PSD2

Read Payment Matters 31: UK and Europe and beyond

• Financial Conduct Authority (“FCA”) consults on its approach to the final Regulatory Technical Standards and European Banking Authority (“EBA”) guidelines under the Revised Payment Services Directive (“PSD2”)
• The Open Banking Implementation Entity (“OBIE”) publishes Open Banking Standards version 3.0
• HM Treasury plans for the on-shoring of Financial Services post-Brexit
• The FCA consults on the proposed new Payment Services and Electronic Money (Principles for Business and Conduct of Business) Instrument 2018
• The European Parliament’s Committee on Economic and Monetary Affairs consider recent proposals in relation to cross-border payment charges
• The Financial Ombudsman issues a newsletter regarding authorised payment fraud
• The Global Financial Innovation Network consults on plans to implement a ‘global sandbox’

• Financial Conduct Authority (“FCA”) consults on its approach to the final Regulatory Technical Standards and European Banking Authority (“EBA”) guidelines under the Revised Payment Services Directive (“PSD2”)
• The Open Banking Implementation Entity (“OBIE”) publishes Open Banking Standards version 3.0
• HM Treasury plans for the on-shoring of Financial Services post-Brexit
• The FCA consults on the proposed new Payment Services and Electronic Money (Principles for Business and Conduct of Business) Instrument 2018
• The European Parliament’s Committee on Economic and Monetary Affairs consider recent proposals in relation to cross-border payment charges
• The Financial Ombudsman issues a newsletter regarding authorised payment fraud
• The Global Financial Innovation Network consults on plans to implement a ‘global sandbox’

Payment Matters 30

June 2017

UK

• FCA Updateates on regulatory sandbox
  
• PSR seeks input from payment service providers on authorised push payment scams
• Mastercard and Visa face further action over fees
  
• FCA criticised for PSD complaint handling
  
• A focus on payments data report published
  
• EBA looks at role of distributed ledgers in international payments
• CMA consults on rules and guidance for regulated payment systems appeals
• PSR outlines next steps for competition in payment systems infrastructure
• Draft PSD2 regulatory standards to be amended
• Industry pushes back on the Polish authority's plans to implement PSD2
• Industry responds to the European Commission's consultation on FinTech

Read Payment Matters 30: UK

Europe and beyond

• EBA consults on Guidelines on security measures for operational and security risks under the PSD2
• European Banking Authority sets out standard terminology for services linked to a payment account in final draft Technical Standards
• ECB consults on future RTGS service
• EPC Scheme Technical Forum latest minutes published
• European Parliament adopts a report calling for an EU-wide legal framework for FinTech

Read Payment Matters 30: UK and Europe and beyond

Payment Matters 29

May 2017

UK

• The PSR’s work on contactless mobile payments
• Bank of England releases new RTGS service blueprint
• Delivery plan for new Payment System Operator
• FCA launches strategic review of retail banking models
• Manifesto for the impact of PSD2 on the future of European FinTech
• SWIFT warns on 2020 payment data changes

Read Payment Matters 29: UK

Europe and beyond

• EBA consults on Guidelines on security measures for operational and security risks under the PSD2
• European Banking Authority sets out standard terminology for services linked to a payment account in final draft Technical Standards
• ECB consults on future RTGS service
• EPC Scheme Technical Forum latest minutes published
• European Parliament adopts a report calling for an EU-wide legal framework for FinTech

Read Payment Matters 29: UK and Europe and beyond

Payment Matters 28

April 2017

UK

• FCA and PSR publish consultations on their approach to PSD2
• The PSR publishes its final Terms of Reference for APP Scams
• High Court makes reference to ECJ for preliminary ruling on PSD2 interpretation
• FCA highlights work to deal with contactless card fraud
• HMT issues Regulatory Innovation Plan
• Spotlight: The FCA, Project Innovate and Blockchain: business as usual or a new “law of the horse”?

Europe and beyond

• EPC publishes ‘Payment Threats Trends Report’
• EC opens fintech consultation
• ECON issues draft RTS on strong customer authentication and secure communication under PSD2 briefing note
• ECB Explanatory Note: the co-existence of the proposed TIPS service with other instant payment services

Read Payment Matters 28: UK and Europe and beyond 

Payment Matters 27

December 2016

UK

• PSR responds to Which? super-complaint
• New guide on UK interbank payment schemes published
• PSR publishes ownership and competitiveness of infrastructure provision remedies consultation
• UK payments industry undergoes shake up
• Industry sends open letter in favour of retaining a risk-based approach to strong customer authentication

Read Payment Matters 27: UK

Europe and beyond

• EBA publishes draft RTS on cooperation and exchange of information for passporting
• EBA public hearing presentation released
• EBA consultation on guidelines for reporting operational and security incidents under PSD2
• EPC publishes SEPA Instant Credit Transfer Scheme Rulebook
• EBA updates ECON on strong customer authentication and common and secure communication
• EPC updated SEPA rulebooks
• ECB publishes SIPS Regulation consultation

Read Payment Matters 27: Europe and beyond

Payment Matters 26

November 2016

UK

• PSR publishes application of the Interchange Fee Regulation phase 2 policy statement
• Payment Services and E-money Stakeholder Liaison Group’s website update
• Payment Systems Operator Delivery Group established
• PSR issues financial penalty scheme consultation
• FCA feedback statement on call for input on approach to current payment services regime

Read Payment Matters 26: UK

Europe and beyond

• BCBS publishes Consultation Document on revised Guidelines on Correspondent Banking
• Industry bodies respond to EBA Consultation Paper on draft RTS on Strong Customer Authentication
• EBA responds to European Parliament’s letter highlighting PSD2 RTS concerns
• EPC launches complaints webpage
• Israel looks to PSD2 for guidance on new Payment Services Regulation
• Implementation of Payment Accounts Directive in Bulgaria

Read Payment Matter 26: Europe and beyond

Payment Matters 25

October 2016

UK

• Bank of England proposes code of practice and supervisory statement on governance in recognised payment system operators
• Payments UK updates Code of Conduct for indirect access to UK payment services
• Which? files super-complaint on safeguards for fraudulent bank transfers
• UK implementation of the Payments Accounts Directive
• Bank of England consults on new real time gross settlement service
• Payments UK and Faster Payments respond to Payments Strategy Forum’s draft strategy “Being responsive to user needs” consultation

Read Payment Matters 25: UK

Europe and beyond

• EBA launches consultation on fee terminology and disclosure documents under Payment Accounts Directive
• EBA launches consultation on draft guidelines on the criteria for minimum amount of professional indemnity insurance under PSD2
• Monetary Authority of Singapore consults on changes to payments regulatory framework and establishing a National Payments Council
• Spotlight: The Fourth Money Laundering Directive (4MLD)

Read Payment Matters 25: Europe and beyond

Payment Matters 24

September 2016

UK

• CMA publishes Final Report on Retail Banking Market Investigation
• FCA issues Payment Accounts Regulations policy statement
• UK payments infrastructure in need of reform

Read Payment Matters 24: UK

Europe and beyond

• EBA opens consultation under revised PSD2
• EBA publishes draft guidance on separation of payment card schemes and processing entities
• Spotlight: PSD2 and your communications strategy

Read Payment Matters 24: Europe and beyond 

Payment Matters 23

July 2016

UK

• EBA launches innovation discussion paper
• Possible consultation to transpose revised PSD2
• Bank of England promoting FinTech
• Payments Strategy Forum Launches its Draft Strategy
• PSR’s Final Report on Indirect Access
• Blockchain and Bitcoin
• World Class Payments Report
• MasterCard in £19bn UK interchange fees class action

 Read Payment Matters 23: UK

Europe and beyond

• EBA Clearing announces support for pan-European payment platform
• EPC consults on mobile payments
• Chinese card market opening up to foreign firms
• O2 Germany to launch mobile banking service
• EPC issues the Single Euro Cash Area framework
• German competition authority finds that restrictions of online payment services breach antitrust rules

Read Payment Matters 22: Europe and beyond

Issue 22

April 2016

UK

• FCA publishes summary of consultation responses in relation to the regulatory barriers to innovation
• Update on the regulatory sandbox
• PSR publishes report on the supply of indirect access to payment systems
• Draft Handbook changes and draft guidance on the Payment Accounts Regulations

 Read Payment Matters 22: UK

Europe and beyond

• Launch of SEPA Credit Transfer and SEPA Direct Debit rulebook consultations
• PSD2 - EBA Consultation
• Payments innovation - market news
• Spotlight on... the Interchange Fee Regulation

Read Payment Matters 22: Europe and beyond

Issue 21

February 2016

UK

• FCA extends expiry date of confirmed BCOBS industry guidance to 31 December 2016
• PSR consults on its proposed fees for 2016/17
• PSR report indicates an improvement in access to payments systems and increased competition
• Payments UK launches IBAN-Only directory
• American Express not exempt from Interchange Fee Regulations
• Spotlight on key dates in 2016

Read Payment Matters 21: UK

Europe and beyond

• PSD2 published
• Apple in discussions on new P2P payments service
• Walmart to enter mobile payments space

Read Payment Matters 21: Europe and beyond

Issue 20

November 2015

UK

• The Payment Card Interchange Fee Regulations 2015
• The Treasury publishes responses to its consultation on implementing the Payment Accounts Directive
• Payments UK launches code of conduct on providing indirect access to UK payment systems for PSPs
• Payments Strategy Forum publishes key strategic documents
• Spotlight on the Payment Accounts Directive

Read Payment Matters 20: UK

Europe and beyond

• World Bank and CPMI consult on payment aspects of financial inclusion
• Cross-border payments to be made easier under the SEPA Regulation
• European Parliament adopts PSD2

Read Payment Matters 20: Europe and beyond

Issue 19

October 2015

UK

• FCA thematic review regarding unauthorised transactions
• Consultation on PSR regulatory fees for 2015/16
• HMRC consults on extending its data-gathering powers
• Consult Hyperion consider the future for the UK payments industry
• PSR publishes final guidance on concurrent competition powers
• HM Treasury consults on Interchange Fee Regulation
• Payments UK publishes report on its World Class Payments project

Read Issue 19: UK

Europe and beyond

• ECON Publishes Supplementary Report on PSD2
• Landmark draft ISO 20022 standard for real-time payments produced
• Fingerprint validation for ATMs in South Africa

Read Issue 19: Europe and beyond 

Issue 18

July 2015

UK

• Payments Strategy Forum established
• FCA publishes final guidelines on competition concurrency powers
• New high profile payments platforms launched
• Payment Systems Regulator updates payments infrastructure market review
• Payments Council now a trade association
• FCA calls for input on terms and definitions for services which are linked to payment accounts and subject to fees
• Payment Systems Regulator conducts market review into the supply of indirect access to payment systems

Read Issue 18: UK

Europe and beyond

• European Commission sends formal charges to MasterCard concerning competition law infringements
• Treasury consults on the implementation of the EU payment accounts directive
• EBA outlines its upcoming initiatives for the regulation of retail payments
• Spotlight on... PSD2

Read Issue 18: Europe and beyond

 

Issue 17

June 2015

UK

• PSR progresses payments industry oversight in the UK
• UK among countries unable to comply with EBA guidelines on retail payments
• Cashless payments overtake the use of notes and coins
• Standardisation of ISO 20022 real-time payments
• ATM Code of Conduct updated

Read Issue 17: UK

Europe and beyond

• Agreement reached on the revised Payment Services Directive
• Regulation on interchange fees for card-based payment transactions
• Upcoming initiatives from the EBA for the regulation of retail payments
• US regulator orders PayPal, Inc to pay $25 million

Read Issue 17: Europe and beyond

Issue 16

April 2015

UK

• PSR directions to start from 30 April 2015
• The UK Cards Association launches 2015 manifesto
• Payment Services (Amendment) Regulations 2015 come into force
• Banking Act 2009 (Inter-Bank Payment Systems) (Disclosure and Publication of Specified Information) (Amendment) Regulations 2015
• Bank of England speech on stability of payment systems
• Payment Systems Regulator confirms how it will regulate payments industry
• Current Account Switch Service enhancements come into effect for consumers and businesses
• Mobile payment apps usage is on the increase in the UK

Read Issue 16: UK

Europe and beyond

• European Parliament adopts MIF Regulation on interchange fees for card-based payment transactions
• ECB publishes guide for assessment of card payment schemes against Eurosystem's oversight standards
• Commission Staff Working Document on the movement of capital and the freedom of payments
• Implementation monitoring of the PFMI
• Internet card fraudster jailed

Read Issue 16: Europe and beyond

Issue 15

February 2015

UK

• PSR completes leadership team with senior appointments
• PSR publishes consultation paper on competition concurrency guidance
• PSF working group formed
• CASS update

Read Issue 15: UK

Europe and beyond

• PSD2 & MIF Regulation update
• Visa launches geo-location service to reduce purchase declines
• Expansion of Visa Token Service
• PSPs to adhere to EBA's security guidelines
• EPC publishes updates to the SEPA DD Core Rulebook and B2B Rulebook

Read Issue 15: Europe and beyond

Issue 14

January 2015

UK

• Payment Systems Regulator updates
• New basic fee-free bank accounts to help millions manage their money
• Cheque photo payments to be extended by Barclays
• UK's European Scrutiny Committee clears PSD2 and MIF Regulation from scrutiny
• New webpage on E-money Regulations
• UKRN's statement on consumer engagement and switching
• Payments Council announces government support for richer data

Read Issue 14: UK

Europe and beyond

• EU agrees caps on debit and credit card interchange fees
• EU Council’s final compromise proposal on PSD2
• MasterCard secure digital payment services come to China
• 2015 outlook of regulatory initiatives
• EPC overview on mobile payments initiatives
• EBA publishes final guidelines on security of internet payments
• Responses to EBA consultation paper

Read Issue 14: Europe and beyond

Issue 13

November 2014

UK

• PSR Consultation - A new regulatory framework for payment systems in the UK
• New thumbprint technology for MasterCard payments
• Code of Conduct for MMPs
• Arcadia Group Brands Ltd -v- Visa Inc
• HM Treasury consults on designation of payments system
• Payments Council’s first full-year results for Current Account Switch Service
• Meltdown of UK payments system
• HM Treasury’s consultation outcome on cheque imaging

Read Issue 13: UK

Europe and beyond

• French payments via Twitter
• Vein-recognition ATMs launched in Poland
• EU Council’s presidency compromise on MIF Regulation
• IOSCO and CPMI’s report on recovery of financial market infrastructures
• ECB publishes revised SecuRe Pay mandate
• EBA consults on implementation of guidelines on internet payments security
• EPC consults on changes to Scheme Management Internal Rules
• Hong Kong’s proposed new payments regulatory regime
• EU Council issues further compromise texts on PSD2
• EBF’s statement on payment initiation services

Read Issue 13: Europe and beyond

Issue 12

October 2014

UK

• FCA legislative update: cheque imaging and payment systems access
• Payments Council report on impact of current account switch service
• FCA thematic review report on mobile banking and payments
• Bitcoin could pose threat to financial stability of UK, warns Bank of England
• PRA annual assessment of category 5 credit unions
• FCA PSR presentation slides available
• CPSS - new charter and renamed as CPMI
• Payments Council report on electronic payment needs of low-income people
• CMPI report on non-banks in retail payments

Read Issue 12: UK

Europe and beyond

• PAD published in the OJ of the EU
• SEPA Credit Transfer and SEPA Direct Debit – new ERPB chaired by ECB
• EU Council presidency compromise on MIF Regulation
• ECJ dismisses MasterCard appeal
• EU Council presidency compromise on PSD2
• CMA statement on MasterCard and Visa interchange fee investigations
• ECB identified four key payment systems
• World Bank acknowledged importance of digital payments
• EC President-elect sets out goals for Commissioner for Financial Stability, Financial Services and Capital Markets Union
• ECB own-initiative opinion on proposed Cyber-Security Directive
• Is Europe ready for e-Identity?

Read Issue 12: Europe and beyond

Issue 11

August 2014

UK

• BBA reports revolution in the way we bank
• UK retail finance market likely to face CMA investigation
• New appointments to Payments Council Board
• Latest account switching results
• Checklist released to help with account switching
• Corporate Governance within the PSR
• Contactless payments on TfL services

Read Issue 11: UK

Europe and beyond

• SEPA landmark reached
• A step closer to basic payment services for all
• US playing catch up on Chip and PIN
• ECB’s opinion supports PSD2
• Alliance calls for urgent action on card fees
• EPC invites participation in new poll
• EPC publishes guidance on reason codes for SDD R-transactions

Read Issue 11: Europe and beyond

Issue 10

July 2014

UK

• Proposed changes to the FCA Handbook for current accounts
• FCA to review credit card market
• Payments Council input for CMA study on current account market
• Application of Late Payment of Commercial Debts (Interest) Act 1998 to international contracts
• UK declaration on MLD4 and WTR
• House of Commons European Scrutiny Committee clears revised WTR proposal from scrutiny
•  Online current account comparison moves a step closer
• Regulator prioritises account number portability
• BBA publish report on the UK banking industry
• Cheque imaging on the way
• FCA updated webpage: Payment Systems
• Tougher rules for payday lenders take effect
• CMA and FCA to work together to ensure a co-ordinated approach under PSRs

Read Issue 10: UK

Europe and beyond

• European Commission publishes criminal sanctions study
• Continued examination of PSD2
• Status of ECON codecision files outlined
• EPC publishes overview of mobile payments initiatives in SEPA and beyond
• FATF reports on virtual currencies and potential AML and CFT risks
• Focused on payment services and M&A

Read Issue 10: Europe and beyond

Issue 9

June 2014

UK

• Paym operational
• Code of Practice on misdirected payments
• FCA update on calls for inputs on payment systems regulation
• Current account switches on the rise

Read Issue 9: UK

Europe and beyond

• The EU payments legislative package is considered further by the House of Commons Scrutiny Committee
• Interchange fees - further developments
• ECJ preliminary ruling on PSD provisions
• ECB issues report on card payments in Europe
• EPC consults on changes to SCT and SDD Rulebooks
• Euro Retail Payments Board’s first meeting summary
• Directive on Payment Accounts approved
• Licensing of clearing and settlement institutions in the Netherlands
• Information in respect of MAC

Read Issue 9: Europe and beyond

Issue 8

April 2014

UK

• FCA publishes details of new regulator for payment systems and a “Call for Inputs”
• Plans unveiled to modernise cheque payments
• Payments Council confirms new mobile payments service to be called ‘Paym’
• Government to make it easier to check that you’ve got the right bank deal
• Bank of England: “Clearing houses as system risk managers”
• New chair for Payments Council announced
• Sainsbury’s Supermarkets v Mastercard

Read Issue 8: UK

Europe and beyond

• Commission accepts commitments from Visa Europe about credit card inter-bank fees
• Current status of the proposed PSD2 and MIF Regulation
• Regulation amending SEPA Migration Regulation published in Official Journal of the EU (OJ)
• Council confirms agreement with European Parliament on payment accounts
• Outcome of EU consultation on security of payment account access services
• Bitcoin not a currency says Japanese government

Read Issue 8: Europe and beyond

Issue 7

24 February 2014

UK

• The House of Commons European Scrutiny Committee published its latest report on 7 February 2014
• Multilateral Interchange Fee Regulation could be bad for UK Acquirers

Read Issue 7: UK

EU

• Round Table Discussion considers Security Breaches connected to PSD II
• Further Amendments to PSD II tabled
• EPC publishes final version of white paper on mobile wallet payments
• Last chance saloon for banks and payment providers on SEPA migration

Read Issue 7: EU

Worldwide

• Snapchat and Skype Hacks results in data security breaches by the App
• New Rules on Prepaid Cards in Canada
• Reporting information

Read Issue 7: Worldwide

Issue 6

January 2014

• HM Treasury’s new proposals for cheque depositing
• UK Payments Council announces extension to authorising payments for multiple signatories
• European Parliament proposes amendments to regulation on interchange fees
• EBA warns consumers of risks from virtual currencies
• European Parliament and Council to negotiate Payment Accounts Directive
• Single Euro Payments Area (SEPA) updates

Read Issue 6

Issue 5

November 2013

• HM Treasury announces policy on new Payments Systems Regulator
• Payments Council publishes figures on new Current Account Switch Service
• Bank of Scotland not liable for CHAPS transfer to wrong payee
• Bank of England undergoes public consultation programme on the introduction of polymer banknotes
• Council publishes a compromise proposal on Directive on Payment Accounts
• Member States may prohibit handling charges without distinguishing between different payment instruments
• Regulator says that banks can start with just £1million of capital
• EPC invited suggestions for changes to SEPA rulebooks
• Firms continue to invest in contactless payments, mobile payments and other alternatives
• Contactless payment under fire for fraud risk (again)

Read Issue 5

Issue 4

September 2013

• The long awaited Payment Services Directive review
• Addressing security risks
• Consumer rights

Read Issue 4

Issue 3

September 2013

• Europe’s banks show concern over proposal for EU bank account Directive
• HMRC to access information from card payment processors
• FCA: Thematic Review on mobile banking and payments
• Current account switch service announced by UK Payments Council
• Payments credited to wrong account or released to the wrong person

Read Issue 3

Issue 2

July 2013

UK

• Banks set to commit to retry system when processing payments
• UK Payments Council seeks comments on the Payments Roadmap

Read Issue 2: UK

Europe

• Public Consultation on version 6.5 of the SEPA Cards Standardisation Volume
• MasterCard in court challenge to EU ban on card fees
• ECB to consult on draft regulation for systemically important payment systems
• European Parliament to consider proposed Directive on payment accounts
• European Commission closes investigation into development of standardised systems for e-payments

Read Issue 2: Europe