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
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
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
On 28 October 2020, the Bank of England (BoE) updated its webpage ‘A new messaging standard for UK payments: ISO 20022’. The BoE reports that it has published the CHAPS & RTGS ISO 20022 migration: revised approach and final schemas document. This is the new baseline document that stakeholders, such as CHAPS Direct Participants and … Continue Reading
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
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
