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Topic: Payment Services

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Commission public consultation on instant payments

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

Commission targeted consultation on instant payments

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

ECB – Best practices applied by financial market infrastructures in their business continuity plans during the COVID-19 pandemic

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

Commission roadmap on EU-wide instant payments scheme

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

EBA calls on national authorities to take supervisory actions for the removal of obstacles to account access under the Payment Services Directive

On 22 February 2021, the European Banking Authority (EBA) issued a regulatory opinion on supervisory actions Member State competent authorities (NCAs) should take to ensure banks remove any remaining obstacles that prevent third party providers from accessing payment accounts, which restrict EU consumers’ choice of payment services. The EBA has produced the opinion under the … Continue Reading

PSR plans to bolster protections in payments

On 11 February 2021, the Payment Systems Regulator (PSR) issued two calls for views seeking greater protections for people using payment systems: one relating to the protections against authorised push payment (APP) scams, and the other looking more broadly at consumer protection in interbank (bank-to-bank) payments. In the call for views on APP scams the … Continue Reading

Payment services in Germany – what should be considered after the end of the Brexit transition period?

On 16 February at 11am – 12pm CET our financial services team in Germany will be holding a webinar exploring the key implications of the end of the Brexit transition period for the payments sector in Germany. In this webinar, presented in English, we will examine what the Brexit trade deal means for the payment … Continue Reading

FCA CP21/3: Changes to the SCA-RTS and to the guidance in ‘Payment Services and Electronic Money – Our Approach’ and the Perimeter Guidance Manual

On 28 January 2021, the FCA published Consultation Paper 21/3: Changes to the SCA-RTS and to the guidance in ‘Payment Services and Electronic Money – Our Approach’ and the Perimeter Guidance Manual (CP21/3). In the 2020/2021 Business Plan the FCA identified the payments sector as a priority for the next three years. The regulator has … Continue Reading

HM Treasury consults on SAR for PIs and EMIs

On 3 December 2020, HM Treasury published a consultation regarding insolvency changes for payment and electronic money institutions. To address shortcomings with the current insolvency regime, the Government proposes introducing a bespoke special administration regime (SAR) for payment institutions (PIs) and electronic money institutions (EMIs). Following the success of The Investment Bank Special Administration Regulations … Continue Reading

SEPA Request-To-Pay Scheme Rulebook

On 30 November 2020, the European Payments Council (EPC) published version 1.0 of the SEPA Request-To-Pay (SRTP) Scheme Rulebook. The rulebook consists of a set of rules, practices and standards that makes it possible for any eligible RTP service provider to join, participate and operate in the scheme. The rulebook covers the set of operating … Continue Reading

Revision of the Regulation on oversight requirements for systemically important payment systems (the SIPS Regulation)

On 27 November 2020, the Eurosystem published its proposed amendments to Regulation of the European Central Bank (EU) No 795/2014 of 3 July 2014 on oversight requirements for systemically important payment systems (the SIPS Regulation) for public consultation. The SIPS Regulation sets out the oversight requirements for both large-value and retail payment systems of systematic … Continue Reading

Merchant survey disclosure in the market review into card-acquiring services

As part of the market review into the supply of card-acquiring services (the Market Review), the Payment Systems Regulator (PSR) commissioned IFF Research to conduct a quantitative survey of small and medium sized merchants. The PSR used and took into account the results of the survey in producing its interim report published in September 2020. … Continue Reading

Publication of the 2021 EPC SEPA payment scheme rulebooks

On 26 November 2020, the European Payments Council (EPC) published the 2021 payment scheme rulebooks and the related implementation guidelines. All 2021 payment scheme rulebooks enter into force on 21 November 2021. Annex IV of each 2021 rulebook contains a table summarising all changes made in each 2021 rulebook compared to the 2019 rulebook.… Continue Reading

The Payment Services and Electronic Money (Amendment) Regulations 2020

On 16 November 2020, there was published on the legislation.gov.uk website The Payment Services and Electronic Money (Amendment) Regulations 2020. This statutory instrument amends the Electronic Money Regulations 2011 and the Payment Services Regulations 2017 in order to apply sections 93(4) and 233-236 of the Banking Act 2009, with modifications, to authorised electronic money institutions, … Continue Reading

FCA Policy Statement – amendments to the open banking identification requirements

On 3 November 2020, the FCA published Policy Statement 20/13: Amendments to the open banking identification requirements (eIDAS certificate) (PS20/13). In PS20/13 the FCA outlines the feedback it received to its earlier consultation (CP20/18) and confirms near final rules to amend Article 34(1) of the onshored UK regulatory technical standards for strong customer authentication and … Continue Reading

ECB consults on the draft Eurosystem oversight framework for electronic payment instruments, schemes and arrangements

On 27 October 2020, the European Central Bank (ECB) published the following consultation papers on the draft Eurosystem oversight framework for electronic payment instruments, schemes and arrangements: Eurosystem oversight framework for electronic payment instruments, schemes and arrangements. In this consultation the ECB proposes a single oversight framework for electronic payment instruments, payment schemes and payment … Continue Reading

EBA consults on the revision of the Guidelines on major incident reporting under PSD2

On 14 October 2020, the European Banking Authority (EBA) issued a public consultation to propose revising the guidelines on major incident reporting under the revised Payment Services Directive (PSD2). The proposal aims at optimising and simplifying the reporting process, capturing additional relevant security incidents, reducing the number of operational incidents that will be reported, and … Continue Reading

FSB report – enhancing cross-border payments

On 13 October 2020, the Financial Stability Board (FSB) published a report to enhance cross-border payments. The report was delivered to G20 Finance Ministers and Central Bank Governors for their meeting on 14 October 2020. The G20 has made enhancing cross-border payments a priority during the Saudi Arabian Presidency, and asked the FSB to coordinate … Continue Reading

RTS on central contact points under PSD2 published in OJ

On 9 October 2020, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2020/1423 of 14 March 2019 on supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards (RTS) on the criteria for appointing central contact points within the field … Continue Reading

EPC – Some 2020 change requests entering into force in November 2023

On 22 September 2020, the European Payments Council (EPC) published a new web page concerning some 2020 change requests entering into force in November 2023. The EPC explains that in September 2020, it decided to migrate all of its payment schemes to the 2019 version of the ISO 20022 message standard by 19 November 2023 … Continue Reading

PSR report – market review into the supply of card-acquiring services

On 15 September 2020, the Payment Systems Regulator (PSR) issued an interim report on the supply of card acquiring services. The interim report contains the PSR’s provisional findings of its market review into the supply of card acquiring services in the UK. The PSR conducted the market review using its general powers under Part 5 … Continue Reading
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