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
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
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
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
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
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
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
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
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
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
