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Topic: Payment Services

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PSR publish an access and governance report on interbank payment systems

On 11 January 2022, the Payment Systems Regulator (PSR) published their latest access and governance report on interbank payment systems, showing trends and developments in payment systems over 2019 and 2020.  The report focuses on the operators of, and access to, the interbank (or ‘account-to account’) payment systems. It does not cover the card payment … Continue Reading

PSR Policy Statement ‘Regulatory framework for the New Payments Architecture central infrastructure services’

On 9 December 2021, the Payment Systems Regulator (PSR) published Policy Statement 21/3 ‘Regulatory framework for the New Payments Architecture central infrastructure services’ (PS21/3). In PS21/3 the PSR sets out the regulatory framework it will implement to address risks to competition and innovation arising from the behaviour of a provider of central infrastructure services (CIS) … Continue Reading

FCA PS21/19: Changes to the SCA-RTS and to guidance in the Approach Document and the Perimeter Guidance Manual

On 29 November 2021, the FCA published Policy Statement 21/19 ‘Changes to the SCA-RTS and to the guidance in ‘Payment Services and Electronic Money – Our Approach’ and the Perimeter Guidance Manual’ (PS21/19). Earlier this year the FCA issued Consultation Paper 21/3 ‘Changes to the SCA-RTS and to the guidance in ‘Payment Services and Electronic … Continue Reading

BoE speech: Working together to enhance cross-border payments

On 22 November 2021, Victoria Cleland, Executive Director for Banking at the Bank of England (BoE) gave a speech at the Central Banks Payments Conference. The speech discusses how central banks and the private sector will work together to improve cost, speed, transparency and access to cross-border payments. Mrs Cleland also explains how the BoE … Continue Reading

EPC publications

On 22 November 2021, the European Payments Council (EPC) published the following: Guidance on Reason Codes: For SDD R-transactions. The EPC has released version 6.0 of the document ‘Guidance on Reason Codes for R-transactions’ in November 2021. This applies to the two current applicable 2021 Single Euro Payments Area (SEPA) Direct Debit rulebooks. Guidance on … Continue Reading

Eurosystem publishes new framework for overseeing electronic payments

On 22 November 2021, the European Central Bank’s Governing Council approved a new oversight framework for electronic payments. The Eurosystem oversight framework for electronic payment instruments, schemes and arrangements (PISA framework) includes an assessment methodology and an exemption policy. It replaces the current Eurosystem oversight approach for payment instruments and complements the Eurosystem’s oversight of … Continue Reading

Call for advice to the EBA regarding the review of the PSD2

On 18 November 2021, a letter was published to the European Banking Authority (EBA) alongside a call for advice regarding the review of the revised Payment Services Directive (PSD2). The review clause in Article 108 of the PSD2 requires the European Commission to report on the application and impact of the Directive to the European … Continue Reading

CPMI (BIS) consultative report: Extending and aligning payment system operating hours for cross-border payments

On 18 November 2021, the Committee on Payments and Market Infrastructures (CPMI) and Bank for International Settlements (BIS) published a consultative report titled Extending and aligning payment system operating hours for cross-border payments as part of the G20 cross-border payments programme. The report focuses on the operating hours of real-time gross settlement (RTGS) systems which … Continue Reading

EBA publishes Consultation Paper on amending RTS on SCA and CSC under PSD2

On 28 October 2021, the European Banking Authority (EBA) launched a public consultation on the amendment of its Regulatory Technical Standards (RTS) on strong consumer authentication and secure communication (SCA&CSC) under the Payment Directive (PSD2) with regard to the 90-day exemption for account access. The amendments proposed in the Consultation Paper aim to address a … Continue Reading

PSR publish Draft Specific Direction on maintaining free-to-use ATMs (CP21/9)

On 27 October 2021, the Payment Systems Regulator (PSR) published a consultation paper proposing a new Draft Specific Direction (DSD) to continue to support the operator LINK regarding the maintenance of free-to-use ATMs to meet service user needs. The DSD will require LINK to continue to have in place appropriate policies, measures and reporting obligations … Continue Reading

The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 (SI 2021/1178)

On 22 October 2021, the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 (the Rules) was published on the legislation.gov.uk website. The Rules are being introduced under section 411(1A) (a), (2), (2C) and (3) of the Insolvency Act 1986 (as applied and modified by regulation 37 of the Regulations). It follows the … Continue Reading

EBA repeals its guidelines on the security of internet payments under the PSD1

On 14 October 2021, the European Banking Authority (EBA) repealed its guidelines on the security of internet payments. These guidelines were issued prior to the revised Payments Services Directive (PSD2) in 2016 and have been replaced by the PSD2 and the related EBA instruments developed in support of it. The EBA issued the guidelines in … Continue Reading

FSB publishes targets for enhancing cross-border payments

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

Payments Landscape Review – response to the call for evidence

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

PSR PS21/2: Consumer protection in interbank payments – response to CP21/4

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

ISO 20022 Messaging: Purpose Codes Joint Consultation Response of Pay.UK & Bank of England

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

Guidance on the PSR’s approach to monitoring and enforcing compliance with the Interchange Fee Regulation

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

Delegated Regulation supplementing PSD2 with RTS on framework for home-host co-operation and information exchange published in OJ

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

OFSI penalises FinTech company for breach of Crimea sanctions

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

BIS Innovation Hub and Monetary Authority of Singapore publish proposal for enhancing global real-time retail payments network connectivity

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

Regulation on cross-border payments published in OJ

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

EBA consults on the draft guidelines on the limited network exclusion under the PSD2

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

The Payment and Electronic Money Institution Insolvency Regulations 2021

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
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