Tag: Payment services

HM Treasury publishes response to consultation on payments regulation and the systemic perimeter

On 7 August 2023, HM Treasury published its response to the 2022 call for evidence and consultation on reforms to the Bank of England’s (BoE) and Payment Systems Regulator’s (PSR) respective regulatory frameworks over the payments sector. In the response document, HM Treasury commits to progressing reforms to both the BoE’s and the PSR’s respective … Continue Reading

PSR consults on legal instruments for APP scam reimbursement requirement policy

On 7 July 2023, the Payments Systems Regulator (PSR) published a consultation paper concerning the legal instruments with which it will implement its authorised push payment (APP) scam reimbursement requirement policy. The consultation paper follows the PSR’s Policy Statement 23/3: Fighting authorised push payment fraud: a new reimbursement requirement – response to September 2022 consultation … Continue Reading

Commission report on the application of the Payment Accounts Directive

On 12 May 2023, there was published a report from the European Commission to the European Parliament and the Council regarding the application of the Payment Accounts Directive (PAD). The report has been published in response to Article 28 of the PAD which requires the Commission to provide a report on the application of the … Continue Reading

BoE publishes thematic findings from the 2022 cyber stress test

On 29 March 2023, the Bank of England (BoE) and the Prudential Regulation Authority (PRA) published the thematic findings from the 2022 cyber stress test (CST22). The findings are intended to support individual and collective work to improve the financial sector’s response to and recovery from incidents. Regular cyber stress tests are intended to test … Continue Reading

EBA clarifies the application of strong customer authentication requirements to digital wallets

On 31 January 2023, the European Banking Authority (EBA) issued three new Q&As which together with three existing Q&As clarify the application of strong customer authentication (SCA) to the enrolment of a payment card to a digital wallet and to the initiation of payment transactions with digitised versions of a payment card. They also clarify … Continue Reading

HM Treasury, CMA, FCA and PSR joint statement to update on the future of open banking

On 16 December 2022, the FCA, Payment Systems Regulator, HM Treasury and the Competition and Markets Authority published a joint statement providing an update on their plans for the vision of the future of open banking and proposals for a new entity to succeed the Open Banking Implementation Entity. In the statement the regulators confirm … Continue Reading

EPC announces new entry-into-force time of the 2023 EPC SEPA instant credit transfer rulebook preceded by a SEPA-wide downtime period

On 27 October 2022, the European Payments Council (EPC) announced that they have published version 1.1 of the 2023 EPC SEPA Instant Credit Transfer rulebook and related document on the SCT Inst maximum amount. This version of the rulebook replaces, with immediate effect, version 1.0 of the 2023 SCT Inst rulebook, published in May 2022. … Continue Reading

PSR Policy Statement 22/3 ‘Extending confirmation of payee coverage’

On 11 October 2022, the Payment Systems Regulator (PSR) released Policy Statement 22/3 ‘Extending confirmation of payee coverage’ (PS22/3). In PS22/3 the PSR confirms its plans to direct about 400 payment service providers (PSPs) to implement a system to offer the Confirmation of Payee (CoP) name checking service to their customers (both as payers and … Continue Reading

PSR Consultation Paper CP22/4 ‘Authorised push payment scams: Requiring reimbursement’

On 29 September 2022, the Payment Systems Regulator (PSR) published Consultation Paper 22/4 ‘Authorised push payment scams: Requiring reimbursement’ (CP22/4). Introduction Authorised Push Payment (APP) scams happen when fraudsters trick someone into sending a payment to a bank account controlled by a fraudster. Once a victim realises that they’ve been scammed it’s often too late … Continue Reading

Commission Delegated Regulation amending the RTS as regards the 90-day exemption for account access

On 16 August 2022, the European Commission published Commission Delegated Regulation (EU) of 3.8.2022 amending the regulatory technical standards (RTS) laid down in Delegated Regulation 2018/389 as regards the 90-day exemption for account access. The final draft RTS introduces into Commission Delegated Regulation 2018/389 a new mandatory exemption from the requirement to apply strong customer … Continue Reading

SRTP Scheme Rulebook version 2.1

On 30 June 2022, the European Payments Council published the SEPA Request-to-Pay Scheme Rulebook version 2.1. This latest version of the Rule book, which contains operating rules and technical elements that allows payees to request the initiation of a payment from a payer in a wide range of physical or online use cases, has no … Continue Reading

EBA responds to Commission call for advice on the PSD2

On 23 June 2022, the European Banking Authority (EBA) responded to the European Commission’s call for advice on the review of the revised Payment Services Directive (PSD2). The EBA’s response takes the form of an opinion and a report and offers more than 200 proposals to help develop the EU retail payments market. The PSD2 … Continue Reading

EBA final report on the amendment of its technical standards on the exemption to SCA for account access

On 5 April 2022, the European Banking Authority (EBA) issued a final report on the amendment to the regulatory technical standards (RTS) on strong customer authentication (SCA) and secure communication under the revised Payment Services Directive (PSD2). The final report follows a consultation paper that the EBA published last March which set out proposed targeted … Continue Reading

PSR – Annual plan and budget

On 29 March 2022, the Payment Systems Regulator (PSR) published its annual plan for 2022/23. Key projects for the PSR in 2022/23 include: Account-to-account retail payments and card fees – the PSR will be working to make account-to-account payments become a realistic alternative to credit and debit cards. Authorised push payment (APP) scams – the … Continue Reading

UK payments regulation review

On 16 March 2022, UK Finance published the UK payments regulation review, making sense if where to go now. This report explores the impact of regulation and outlines how industry, lawmakers and regulators can work together to strengthen and enhance the UK’s payments infrastructure and regulatory and supervisory frameworks, following Brexit and in the light … Continue Reading

EBA publishes final guidelines on the limited network exclusion under the PSD2

On 24 February 2022, the European Banking Authority (EBA) issued a final report containing guidelines on the limited network exclusion under the revised Payment Services Directive (PSD2). Following the publication of the PSD2 in November 2015, the EBA and the European Commission received a number of queries on the application of the ‘exclusion’ under Article … Continue Reading

PSR finalises plans for the wider implementation of fraud prevention tool, Confirmation of Payee

On 10 February 2022, the Payment Systems Regulator (PSR) confirmed and published a new rule that paves the way for more banks and building societies to adopt Confirmation of Payee (CoP), the bank account name checking service. In 2019, the PSR directed the UK’s six biggest banking groups to implement the first stage of CoP … Continue Reading

OFSI penalises FinTech company for breach of Crimea sanctions

On 5 August 2021, the UK’s Office of Financial Sanctions Implementation (OFSI) announced that it has imposed a penalty on TransferGo Limited (TransferGo) of £50,000 for issuing payments to accounts held at the Russian National Commercial Bank (RNCB) in violation of EU sanctions against Crimea (in breach of Council Regulation (EU) No 269/2014, as enforced … Continue Reading

PSD2: German regulator sets deadline for migration to SCA for online card-based payments

The German Federal Financial Supervisory Authority (BaFin) will allow payment service providers with seat in Germany to execute card-based payments online without strong customer authentication (SCA) until 31 December 2020. Based on a communication dated 17 October 2019 (link; only available in German), BaFin thus takes into account the relating opinion of the European Banking Authority (EBA) … Continue Reading
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