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
On 20 January 2020, the Payment Systems Regulator (PSR) published Consultation Paper 20/1 – Proposal to vary Specific Direction 10 (CP20/1). The objective of Specific Direction 10 (SD10) is to reduce losses to customers resulting from authorised push payment fraud and accidentally misdirected payments through the introduction of a “Confirmation of Payee” request on directed … Continue Reading
On 15 January 2020, the European Cards Stakeholders Group (ECSG), the industry association overseeing cards standardisation in the Single Euro Payments Area, has published version 9.0 of the SEPA Cards Standardisation Volume (the SCS Volume). Version 9.0 of the SCS Volume takes effect immediately for a three year period. In version 9 of the SCS … Continue Reading
On 16 January 2020, the FCA updated its webpage on strong customer authentication (SCA) under the revised Payment Services Directive by adding a section on the use of eIDAS certificates. The new section notes that: during the adjustment period (the period where, in certain circumstances, firms have until 14 March 2020 in which to implement … Continue Reading
On 24 December 2019, the Payment Systems Regulator (PSR) published the final version of its merchant survey questionnaire, alongside the non-confidential responses received as part of the PSR’s ongoing card-acquiring market review. For more details on the review, see our previous blog. The questionnaire provides a script of the merchant survey and contains questions regarding … Continue Reading
