On 1 March 2023, the Committee on Payments and Market Infrastructures (CPMI) published a consultive report on the ISO 20022 harmonisation requirements for enhancing cross-border payments. This consultive report presents the CPMI’s proposed requirements for harmonised use of ISO 20022 for cross-border payments. The proposed requirements are the result of earlier discussions by a joint … Continue Reading
On 7 February 2023, the European Central Bank (ECB) published an opinion on a proposal for a Regulation amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards the instant credit transfers in euro. The proposed Regulation is intended to make instant payments in the Euro currency available to citizens and businesses holding a bank … Continue Reading
On 31 January 2023, the European Banking Authority (EBA) issued three new Q&As which together with three existing Q&As clarify the application of strong customer authentication (SCA) to the enrolment of a payment card to a digital wallet and to the initiation of payment transactions with digitised versions of a payment card. They also clarify … Continue Reading
On 11 January 2023, the European Banking Authority (EBA) published a report setting out its finding following a peer review on the authorisation of payment institutions and e-money institutions under the revised Payment Services Directive (PSD2), taking into account the EBA guidelines on authorisation issued in 2017 in support of the Directive. The report notes … Continue Reading
On 8 December 2022, the European Payments Council (EPC) published its annual report on payment threats and fraud trends. The report provides an overview of the most important threats and other “fraud enablers” in the payments landscape, including engineering and phishing, malware, Advanced Persistent Threats, Distributed Denial of Service ((D)DoS), botnets and monetisation channels. For … Continue Reading
On 30 November 2022, the European Payments Council published the SEPA Payment Account Access (SPAA) Scheme Rulebook. The Rulebook becomes effective on 30 November 2023.… Continue Reading
On 27 October 2022, the European Payments Council (EPC) announced that they have published version 1.1 of the 2023 EPC SEPA Instant Credit Transfer rulebook and related document on the SCT Inst maximum amount. This version of the rulebook replaces, with immediate effect, version 1.0 of the 2023 SCT Inst rulebook, published in May 2022. … Continue Reading
On 10 October 2022, the Financial Stability Board (FSB) published the priority themes for the next phase of work under the G20 Roadmap for Enhancing Cross-Border Payments. The FSB has also published a report on the progress made during the second year of the Roadmap. The two reports are being delivered to G20 Finance Ministers … Continue Reading
On 16 August 2022, the European Commission published Commission Delegated Regulation (EU) of 3.8.2022 amending the regulatory technical standards (RTS) laid down in Delegated Regulation 2018/389 as regards the 90-day exemption for account access. The final draft RTS introduces into Commission Delegated Regulation 2018/389 a new mandatory exemption from the requirement to apply strong customer … Continue Reading
On 8 July 2022, the Bank for International Settlements published a report to the G20 that aims to help payment system operators and authorities understand and evaluate the benefits, challenges and risks of interlinking arrangements. In doing so, it also provides an overview of important trends in interlinking arrangements and application programming interface (API) adoption … Continue Reading
On 7 July 2022, the Financial Stability Board (FSB) published an interim report on the approach for monitoring progress toward meeting the targets for the G20 Roadmap for Enhancing Cross-border Payments. The report provides preliminary recommendations about key performance indicators (KPIs) that could be used to monitor progress over time, and identifies existing and potential … Continue Reading
On 30 June 2022, the European Payments Council published the SEPA Request-to-Pay Scheme Rulebook version 2.1. This latest version of the Rule book, which contains operating rules and technical elements that allows payees to request the initiation of a payment from a payer in a wide range of physical or online use cases, has no … Continue Reading
On 23 June 2022, the European Banking Authority (EBA) responded to the European Commission’s call for advice on the review of the revised Payment Services Directive (PSD2). The EBA’s response takes the form of an opinion and a report and offers more than 200 proposals to help develop the EU retail payments market. The PSD2 … Continue Reading
On 16 June 2022, the European Central Bank (ECB) published a speech by Executive Board member Fabio Panetta entitled ‘Bringing European payments to the next stage: a public-private endeavour’. In his speech Mr Panetta discusses the EU’s retail payments strategy and the introduction of a digital euro. Key points in the speech include: SEPA has … Continue Reading
On 12 May 2022, the Committee on Payments and Market Infrastructures (CPMI) issued a final report on extending and aligning payment system operating hours for cross-border payments. The final report focuses on the operating hours of real-time gross settlement (RTGS) systems as key payment systems to enhance cross-border payments. Key points in the final report … Continue Reading
On 10 May 2022, the European Commission launched a public consultation to gather evidence for the revised Payment Services Directive (PSD2) review and to inform its work on open finance. The Commission is seeking to identify whether the PSD2 has achieved its objectives and whether amendments are needed to ensure that its rules remain relevant. … Continue Reading
On 5 April 2022, the European Banking Authority (EBA) issued a final report on the amendment to the regulatory technical standards (RTS) on strong customer authentication (SCA) and secure communication under the revised Payment Services Directive (PSD2). The final report follows a consultation paper that the EBA published last March which set out proposed targeted … Continue Reading
On 16 March 2022, UK Finance published the UK payments regulation review, making sense if where to go now. This report explores the impact of regulation and outlines how industry, lawmakers and regulators can work together to strengthen and enhance the UK’s payments infrastructure and regulatory and supervisory frameworks, following Brexit and in the light … Continue Reading
On 24 February 2022, the European Banking Authority (EBA) issued a final report containing guidelines on the limited network exclusion under the revised Payment Services Directive (PSD2). Following the publication of the PSD2 in November 2015, the EBA and the European Commission received a number of queries on the application of the ‘exclusion’ under Article … Continue Reading
On 21 February 2022, the European Payments Council (ECP) published an updated version of its 2019 guidance on, Mobile Initiated SEPA (Instant) Credit Transfer Payments and Technical Interoperability. The updated guidance was prepared after a public consultation that took place last year and includes various updates to chapters to take into account market and technical … Continue Reading
On 9 February 2022, the European Parliament’s Economic and Monetary Affairs (ECON) and Civil Liberties, Justice and Home Affairs (LIBE) committees published their joint draft report on the European Commission’s July 2021 proposal for a regulation on information accompanying transfers of funds and certain crypto-assets (the so called “travel rule” regulation). The draft report, prepared … Continue Reading
On 14 February 2022, the Financial Conduct Authority (FCA), Bank of England (BoE) Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) published a statement relating to a review of the Memorandum of Understanding (MoU) for payment systems in the UK. The MoU sets out the high-level framework that the authorities use to cooperate … Continue Reading
On 26 January 2022, the Payment Systems Regulator (PSR) published a consultation on remedies following its market review into card-acquiring services. The PSR published a final report setting out its findings from a review of the card-acquiring market in November 2021. The PSR found that the supply of card-acquiring services does not work well for … Continue Reading
On 17 January 2022, the European Commission published its response to letters it had received from the Danish Financial Supervisory Authority (FSA) regarding the interpretation of the Payment Accounts Directive (PAD) and charging negative interest rates on payment accounts. In its letter the Commission states that it leans towards a conclusion whereby negative interest rates … Continue Reading
