On 15 September 2023, the Payment Systems Regulator (PSR) published Consultation Paper 23/8: Cycle 2 – Additional changes to timelines and reporting periods (CP23/8). CP23/8 follows on from the PSR’s March 2023 Policy Statement 23/1: APP scams: Measure 1 Collection and publication of performance data. In that Policy Statement the PSR stated that it would … Continue Reading
On 15 August 2023, the Payment Systems Regulator (PSR) published two consultations in the lead up to its new authorised push payment (APP) fraud reimbursement requirements. Consultation on consumer standard of caution The first consultation proposes that the consumer standard of caution should consist of the following three things: Consultation on the maximum level of … Continue Reading
On 20 July 2023, the Bank of England (BoE) published a speech by Victoria Cleland (Executive Director of Payments) entitled ‘Payments: it’s all change’. In her speech Victoria Cleland thanks the industry for their commitment to the recent migration to the ISO 20022 global financial messaging standard which marks the first stage in the major … Continue Reading
On 30 June 2023, the Payment Systems Regulator (PSR) published a working paper on a market review into card scheme and processing fees: recent changes to scheme and processing fees. This working paper is the third published in the course of the PSR’s Scheme and Processing fees market review. The purpose of these working papers … Continue Reading
On 11 July 2023, HM Treasury published a call for input to inform the Future of Payments Review 2023. The Review was launched in July 2023 to consider how payments are likely to be made in the future and make recommendations on the steps needed to successfully deliver world leading retail payments, further boosting UK … Continue Reading
On 4 July 2023, the European Parliament published a report on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 260/2012 and (EU) 2021/1230, as regards credit transfers in euro.… Continue Reading
On 28 June 2023, the European Commission (Commission) issued legislative proposals intended to bring payments and the wider financial sector into the digital age. The legislative proposals consist of a proposed: The first two legislative proposals fulfil a commitment in the Commission’s 2020 Retail Payments Strategy and complement the Commission’s proposal from 2022 for a … Continue Reading
On 26 June 2023, the FCA updated its webpage on The future of open banking and the Joint Regulatory Oversight Committee (JROC). The updated webpage includes a new section on the set up of the variable recurring payments (VRP) working group and the future entity working group.… Continue Reading
On 19 June 2023, the Bank of England (the Bank), working closely with the payments industry, migrated CHAPS, the UK’s high-value payments system, to ISO 2022, the latest global financial messaging standard. This marks a significant milestone in the multi-year programme to renew the Bank’s Real Time Gross Settlement service, a programme whose objectives are … Continue Reading
On 8 June 2023, the Payment Systems Regulator (PSR) published a speech by Chris Hemsley, on fighting authorised push payment (APP) fraud: a new reimbursement requirement. The speech details the PSR’s final position on tackling APP scams. Mr Helmsley sets out the following decisions that the PSR has taken: Mr Hemsley goes on to highlight … Continue Reading
On 7 June 2023, the Payment Systems Regulator (PSR) published Policy Statement PS23/3: Fighting authorised push payment fraud: a new reimbursement requirement: Response to September 2022 Consultation (CP22/4) (PS23/3). In PS23/3 the PSR confirms that it is introducing a new reimbursement requirement for authorised push payment (APP) fraud within the Faster Payments system. The new … Continue Reading
On 6 June 2023, the FCA announced that the Joint Regulatory Oversight Committee (JROC) has set out the next steps to help UK open banking grow. The programme of work, set forth by the JROC, involves setting up dedicated work streams to action the key themes and priorities outlined in the recommendations that were issued … Continue Reading
On 31 May 2023, the European Payments Council (EPC) published the following publications related to the SEPA Request-to-pay (SRTP) scheme:… Continue Reading
On 18 April 2023, the Payment Systems Regulator (PSR) published a speech by its Chair, Aidene Walsh, at the Innovate Finance Global Summit. The speech focusses on innovation from a regulatory perspective, including what changes, what stays the same and the integral role the PSR can play. Ms Walsh explains that, for any payment system … Continue Reading
On 6 March 2023, the Treasury Committee published a report in which it criticised new proposals to reimburse fraud victims. The Committee states that the implementation of mandatory reimbursement plans has been ‘painfully slow’ and also objects to new proposals by the regulator which would hand the refund process to an industry body, Pay.UK. New … Continue Reading
On 1 March 2023, the Committee on Payments and Market Infrastructures (CPMI) published a consultive report on the ISO 20022 harmonisation requirements for enhancing cross-border payments. This consultive report presents the CPMI’s proposed requirements for harmonised use of ISO 20022 for cross-border payments. The proposed requirements are the result of earlier discussions by a joint … Continue Reading
On 23 February 2023, the Financial Stability Board (FSB) published a report on the G20 Roadmap for enhancing cross-border payments (the Roadmap). In October 2022, the FSB published a prioritisation plan and engagement model for taking the Roadmap forward. The plan showed that the Roadmap had reached an inflection point and needed to move to … Continue Reading
On 7 February 2023, the European Central Bank (ECB) published an opinion on a proposal for a Regulation amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards the instant credit transfers in euro. The proposed Regulation is intended to make instant payments in the Euro currency available to citizens and businesses holding a bank … Continue Reading
On 11 January 2023, the European Banking Authority (EBA) published a report setting out its finding following a peer review on the authorisation of payment institutions and e-money institutions under the revised Payment Services Directive (PSD2), taking into account the EBA guidelines on authorisation issued in 2017 in support of the Directive. The report notes … Continue Reading
On 8 December 2022, the Payment Systems Regulator (PSR) published a Consultation Paper: Authorised push payment scams measure 1 Metric C process: revised approach. In November 2021, the PSR consulted on a package of measures to tackle authorised push payment (APP) scams. The measures focussed on the publication of scam data, industry efforts to improve … Continue Reading
On 8 December 2022, the European Payments Council (EPC) published its annual report on payment threats and fraud trends. The report provides an overview of the most important threats and other “fraud enablers” in the payments landscape, including engineering and phishing, malware, Advanced Persistent Threats, Distributed Denial of Service ((D)DoS), botnets and monetisation channels. For … Continue Reading
On 30 November 2022, the European Payments Council published the SEPA Payment Account Access (SPAA) Scheme Rulebook. The Rulebook becomes effective on 30 November 2023.… Continue Reading
On 10 October 2022, the Financial Stability Board (FSB) published the priority themes for the next phase of work under the G20 Roadmap for Enhancing Cross-Border Payments. The FSB has also published a report on the progress made during the second year of the Roadmap. The two reports are being delivered to G20 Finance Ministers … Continue Reading
