United Kingdom

Topic: Payment Services

Subscribe to Payment Services RSS feed

T2-T2S consolidation: FAQs on migration, testing and readiness

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

EBF guidance document on the revised Cross-Border Payments Regulation

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

FCA updates webpage on strong customer authentication under PSRs 2017

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

PSR update on publication of card-acquiring market review interim report

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

Pay.UK consults on the adoption of ISO 20022 for UK payment systems

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

PSR call for input on competition issues arising in New Payments Architecture

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

PSR speech providing clarity on its response to APP scams

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

EBA updates guidelines on fraud reporting under PSD2

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

PSR consults on confirmation of payee and varying Specific Direction 10

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

Payments industry agrees new SEPA card standards

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

Updated FCA webpage on SCA – use of eIDAS certificates

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

PSR publishes responses to final merchant survey questionnaire as part of its market review into card-acquiring services

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
LexBlog