On 13 October 2021, the Financial Stability Board (FSB) published a press release announcing the publication of its first consolidated progress report covering the progress made during the first year of the G20’s Roadmap for Enhancing Cross-border Payments. The report highlights that most of the milestones set by the Roadmap for 2021 have been completed … Continue Reading
On 11 October 2021, the government published its response to the call for evidence to the 2020 Payments Landscape Review. The call for evidence was the first stage in the HM Treasury led review of the UK’s payments landscape which was announced in June 2019. The response sets out the government’s aims for payments networks … Continue Reading
On 11 October 2021, the Payment Systems Regulator (PSR) published Policy Statement 21/2: Consumer protection in interbank payments – response to CP21/4 (PS21/2). In February 2021, the PSR published a call for views on consumer protection in interbank payments (Consultation Paper 21/4: Consumer protection in interbank payments (CP21/4)). In CP21/4 the PSR set out its … Continue Reading
On 7 October 2021, Pay.UK and the Bank of England (BoE) issued a joint consultation response on Purpose Codes in ISO 20022 payment messaging. The joint consultation response summarises feedback received to the BoE’s and Pay.UK’s consultation on the draft UK Purpose Code list for the ISO 20022 payment messaging standard, and the BoE’s approach … Continue Reading
On 29 September 2021, the Payment Systems Regulator (PSR) published revised guidance on the Interchange Fee Regulation. It replaces the earlier version of the guidance that the PSR published in 2020 (previously named Guidance on the PSR’s approach as a competent authority for the EU Interchange Fee Regulation). The revised guidance reflects changes arising from … Continue Reading
On 28 September 2021, there was published in the Official Journal of the EU, Commission Delegated Regulation 2021/1722 of 18 June 2021 supplementing the revised Payment Services Directive (PSD2) with regard to regulatory technical standards specifying the framework for cooperation and the exchange of information between competent authorities of the home and the host Member … Continue Reading
On 5 August 2021, the UK’s Office of Financial Sanctions Implementation (OFSI) announced that it has imposed a penalty on TransferGo Limited (TransferGo) of £50,000 for issuing payments to accounts held at the Russian National Commercial Bank (RNCB) in violation of EU sanctions against Crimea (in breach of Council Regulation (EU) No 269/2014, as enforced … Continue Reading
On 28 July 2021, the Bank for International Settlements Innovation Hub Singapore Centre and the Monetary Authority of Singapore published a proposed blueprint for enhancing global payments network connectivity via multilateral linkages of countries’ national retail payment systems. Titled ‘Project Nexus’, the blueprint outlines how countries can fully integrate their retail payment systems onto a … Continue Reading
On 30 July 2021, there was published in the Official Journal of the EU Regulation 2021/1230 on cross-border payments in the Union. The Regulation sets out rules on cross-border payments and on the transparency of currency conversion charges in the EU. It codifies and replaces Regulation 924/2009 on cross-border payments which has been substantially amended … Continue Reading
On 15 July 2021, the European Banking Authority (EBA) issued a consultation paper on draft guidelines that set out its view on the application of the limited network exclusion requirements, which certain payment instruments might benefit from, as laid down in the revised Payment Services Directive (PSD2). Article 3(k) of the PSD2 specifies that the … Continue Reading
On 17 June 2021, there was published on the legislation.gov.uk website The Payment and Electronic Money Institution Insolvency Regulations 2021 together with an explanatory memorandum. The Regulations provide for a new special administration regime for payment and electronic money institutions. The new regime will give insolvency practitioners administering the insolvencies of payment or electronic money … Continue Reading
On 11 June 2021, the European Banking Authority (EBA) issued a report on the data provided by payment service providers (PSPs) on their readiness to apply strong customer authentication (SCA) for the subset of payment transactions that are e-commerce card-based payment transactions. The report highlights the status of issuing and acquiring PSPs in enrolling online … Continue Reading
On 10 June 2021, the European Banking Authority (EBA) published revised guidelines on major incident reporting under the revised Payment Services Directive (PSD2). The revised guidelines optimise and simplify the reporting process and templates, focus on incidents with significant impact on payment service providers and improve the meaningfulness of the information to be reported. The … Continue Reading
On 31 May 2021, the Financial Stability Board (FSB) issued a consultative document regarding targets for addressing the four challenges of cross-border payments – cost, speed, transparency and access. The FSB explains that these targets are a foundational step in the G20 Roadmap for Enhancing Cross-border Payments. The consultative document: (i) describes the principles, and … Continue Reading
On 21 May 2021, the Payment Systems Regulator (PSR) published a call for views on the second phase of delivering confirmation of payee (CoP), which is a name-checking service designed to prevent authorised push payment scams and misdirected payments. The PSR is keen to move on to the second phase, which aims to enable further … Continue Reading
On 20 May 2021, the FCA announced that it had extended the deadline for implementing Strong Customer Authentication (SCA) for e-commerce transactions to 14 March 2022. The new 14 March 2022 deadline is the latest the FCA expects for full SCA compliance for e-commerce transactions.… Continue Reading
On 18 May 2021, the FCA published a Dear CEO letter to e-money firms entitled Please act: ensure your customers understand how their money is protected. In the Dear CEO letter the FCA states that it is still concerned that many e-money firms are not adequately disclosing the differences in protections between their services and … Continue Reading
On 5 May 2021, there was published in the Official Journal of the EU: Regulation (EU) 2021/728 of the European Central Bank of 29 April 2021 amending Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (ECB/2021/17). Regulation (EU) No 795/2014 (the ECB Regulation) sets out the European Central Bank’s (ECB) oversight … Continue Reading
On 22 April 2021, the Payment Systems Regulator (PSR) issued a consultation paper setting out proposed amendments to its guidance on the Interchange Fee Regulation (IFR) following the UK’s withdrawal from the EU and changes to the regulatory framework. The PSR is proposing amendments to its guidance on the IFR, to reflect legislative changes resulting … Continue Reading
On 31 March 2021, the European Commission published a public consultation on instant payments. The public consultation supplements the Commission’s targeted consultation that was published on 24 March 2021 which sought feedback on technical issues relating to this initiative. On 11 March 2021, the Commission also issued for consultation a road map for an EU-wide … Continue Reading
On 26 March 2021, the FCA published a Feedback Statement to its Call for Input on open finance. The FCA published its Call for Input in December 2019. It reports that it received 169 responses. The responses show that open finance could potentially offer significant benefits to consumers but also create or increase risks and … Continue Reading
On 24 March 2021, the European Commission issued a targeted consultation on instant payments. The Commission also published a strategy for the initiative on instant payments in the EU. The targeted consultation will inform the Commission on remaining obstacles as well as possible enabling actions that it could take to ensure a wide availability and … Continue Reading
On 19 March 2021, the European Central Bank (ECB) issued a paper regarding best practices by financial market infrastructures in their business continuity plans during the COVID-19 pandemic. The ECB reports that since the outbreak of the COVID-19 pandemic the Eurosystem has been collecting information on the preparedness of payment systems/schemes and their critical service … Continue Reading
On 11 March 2021, the European Commission published for consultation a draft roadmap (impact assessment) regarding a proposed Regulation on an EU-wide instant payments scheme. The objective of the draft roadmap is to foster pan-European market initiatives based on instant payments, which would ensure that anyone holding a payment account in the EU could be … Continue Reading
