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
On 13 October 2020, the Bank of England (BoE) updated its webpage on the new messaging standard for UK payments, ISO 20022. The webpage explains that the approach to ISO 20022 migration is as follows: Phase 2 (TS2): The BoE will migrate the CHAPS payments messages to ISO 20022 in 2022; however the implementation date … Continue Reading
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
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
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
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
On 3 September 2020, the Bank of England (BoE) published a speech by its Governor, Andrew Bailey, in which he looks at recent innovations in payments and the challenges they bring. Mr Bailey also examines the benefits and risks that stablecoins present. Mr Bailey states that a stablecoin that intends to launch with sterling-based activities … Continue Reading
On 10 August 2020, the Bank of England updated its webpage on ISO 20022 by adding text below the heading ‘Our timelines and approach’. The inserted text states: “In July 2020, we communicated a change in our migration approach for CHAPS messages to Direct Participants. We will go-live with ISO 20022 in April 2022 as … Continue Reading
On 7 August 2020, the European Commission published its written response to a question raised in the European Parliament that whilst persons legally resident in the EU are allowed to open a basic bank account within its territory banks sometimes avail themselves of an exception to this rule where granting access to a basic bank … Continue Reading
On 29 July 2020, the Payment Systems Regulator (PSR) announced that it was developing its first ever future strategy. The purpose of the strategy is to define clear outcomes that the PSR wants to see in the payments sector. This will ultimately require it to make certain choices on how to prioritise its work so … Continue Reading
On 28 July 2020, HM Treasury announced a Payments Landscape Review and that it was issuing a Call for Evidence as the first stage in the review. The Call for Evidence sets out the government’s aims for payments networks in the UK, makes a high-level assessment of how well the present system is delivering against … Continue Reading
On 17 July 2020, the European Commission adopted a legislative proposal for a new Regulation on cross-border payments in the EU. It has also published the annexes to the proposed Regulation. The purpose of the proposed Regulation is to undertake a codification of Regulation (EC) No 924/2009 of the European Parliament and of the Council … Continue Reading
On 14 July 2020, the European Payments Council issued an article on its website called ‘Brexit from 1 January 2021 onwards: get ready for the end of the transition period’. Key points in the article include: During the remainder of the transition period the UK will continue operating within the scope of the payment schemes … Continue Reading
On 13 July 2020, the Committee on Payments and Market Infrastructures (CPMI) issued a report, ‘Enhancing cross-border payments: building blocks of a global roadmap’. The report presents the output of stage 2 of a three stage process to develop a global roadmap for enhancing cross-border payment. The report identifies a set of building blocks where … Continue Reading
On 9 July 2020, the FCA published finalised guidance regarding coronavirus and the safeguarding of customers’ funds. The finalised guidance applies to authorised payment institutions or small payment institutions, e-money institutions or small e-money institutions, credit institutions and custodians. Guidance for firms on safeguarding and managing prudential risk is currently available in the FCAs payment … Continue Reading
On 4 June 2020, the European Banking Authority (EBA) issued an opinion on the obstacles to the provision of third party provider services (TPPs) under the regulatory technical standards (RTS) on strong customer authentication (SCA) and common and secure communication (CSC). Article 32(3) of the RTS on SCA and CSC requires account servicing payment service … Continue Reading
On 28 May 2020, the European Central Bank (ECB) published FAQs for TARGET2 (T2) participants (banks and ancillary systems) providing them with information regarding the T2-T2S consolidation project. In particular, the FAQs provide such participants with information on the overall migration strategy and the key project milestones, as well as details on service providers, connectivity, … Continue Reading
On 13 May 2020, the European Banking Federation (EBF) published a guidance document on the revised Cross-Border Payments Regulation. The purpose of the document is to help EBF members in their implementation of the Regulation, in particular with regard to the new obligations related to transparency requirements for currency conversions for card-based payments and credit … Continue Reading
On 31 March 2020, the FCA updated its web page on strong customer authentication (SCA) under the Payment Services Regulations 2017 (PSRs 2017). In particular the FCA states: the current challenges arising from COVID-19 are likely to affect the planned implementation of SCA for e-commerce. The FCA welcomes the progress so far and industry’s continuing … Continue Reading
On 16 March 2020, the Payment Systems Regulator (PSR) provided an update on when it intends to publish its interim report on the card-acquiring market review it is carrying out. The market review, which was launched in January 2019, is examining whether the supply of card-acquiring services is working well for merchants, and ultimately consumers. … Continue Reading
On 4 February 2020, Pay.UK published a consultation paper setting out its proposals for adopting ISO 20022 and other key standards for the clearing and settlement capability that will be enabled by the New Payments Architecture (NPA) infrastructure. The consultation is structured in three parts: the recommended direction for the adoption of ISO 20022 for … Continue Reading
On 28 January 2020, the Payment Systems Regulator (PSR) issued a call for input on competition issues that could arise in the UK’s New Payments Architecture (NPA). The NPA is the UK payments industry’s proposed new way of organising the clearing and settlement of payments between banks, known as interbank payments, including payments that currently use BACs and … Continue Reading
On 23 January 2020, the Payment Systems Regulator (PSR) published a speech by Chris Hemsley, Managing Director of the PSR, setting out his views on, among other things, ensuring that victims of authorised push payment (APP) fraud are reimbursed when they have done nothing wrong. The PSR welcomes the voluntary Contingent Reimbursement Model Code (CRM), … Continue Reading
On 22 January 2020, the European Banking Authority (EBA) published amendments to its 2018 guidelines on fraud reporting under the revised Payment Services Directive (PSD2). Article 96(6) of PSD2 requires all payment service providers to report statistical data on fraud relating to different means of payment to their national competent authorities and that such competent … Continue Reading
