Tag: Payments

FSB outlines next steps for enhancing cross-border payments

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

The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022

On 20 July 2022, there was published The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022. The instrument corrects drafting errors in the rules for the special administration procedure established in The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021. The instrument comes into force on 10 August … Continue Reading

HM Treasury consultation and call for evidence on payments regulation and the systemic perimeter

On 21 July 2022,  HM Treasury issued a consultation and call for evidence to explore reforms to the systemic payments perimeter under the supervision of the Bank of England (BoE). It sets out why now is the time to review the applicability of the BoE’s existing regulatory perimeter over payment systems, the Government’s principles in … Continue Reading

BIS report to G20 on interlinking payment systems and the role of application programming interfaces

On 8 July 2022, the Bank for International Settlements published a report to the G20 that aims to help payment system operators and authorities understand and evaluate the benefits, challenges and risks of interlinking arrangements. In doing so, it also provides an overview of important trends in interlinking arrangements and application programming interface (API) adoption … Continue Reading

FSB interim report on developing the implementation approach for the cross-border payments targets

On 7 July 2022, the Financial Stability Board (FSB) published an interim report on the approach for monitoring progress toward meeting the targets for the G20 Roadmap for Enhancing Cross-border Payments. The report provides preliminary recommendations about key performance indicators (KPIs) that could be used to monitor progress over time, and identifies existing and potential … Continue Reading

PSR sets out plans to help UK retailers get better deals for card-acquiring services

On 29 June 2022, the Payment Systems Regulator (PSR) published its Provisional Decision concerning remedies following its review into the card-acquiring market. In particular, the PSR has set out proposed remedies being: Summary boxes containing bespoke key price and non-price information to be sent individually to each merchant and shown prominently in their online account … Continue Reading

Joint Regulatory Oversight Committee – Terms of reference

On 24 June 2022, there was published the terms of reference of the Joint Regulatory Oversight Committee (Committee). The Committee comprises of the Competition and Markets Authority, Financial Conduct Authority, Payment Systems Regulator and HM Treasury. The Committee’s role is to oversee the planning and preparation for the future open banking entity and consider the … Continue Reading

ECB speech ‘Bringing European payments to the next stage: a public-private endeavour’

On 16 June 2022, the European Central Bank (ECB) published a speech by Executive Board member Fabio Panetta entitled ‘Bringing European payments to the next stage: a public-private endeavour’. In his speech Mr Panetta discusses the EU’s retail payments strategy and the introduction of a digital euro. Key points in the speech include: SEPA has … Continue Reading

CPMI paper – ‘Extending and aligning payment system operating hours for cross-border payments’

On 12 May 2022, the Committee on Payments and Market Infrastructures (CPMI) issued a final report on extending and aligning payment system operating hours for cross-border payments. The final report focuses on the operating hours of real-time gross settlement (RTGS) systems as key payment systems to enhance cross-border payments. Key points in the final report … Continue Reading

Commission launches targeted consultation on the review of the PSD2 and open finance

On 10 May 2022, the European Commission launched a public consultation to gather evidence for the revised Payment Services Directive (PSD2) review and to inform its work on open finance. The Commission is seeking to identify whether the PSD2 has achieved its objectives and whether amendments are needed to ensure that its rules remain relevant. … Continue Reading

Updated FCA webpage on SCA

On 1 March 2022, the FCA updated its webpage on strong customer authentication (SCA) so that it includes commentary on the SCA reauthentication exemption. If an account servicing payment service provider (ASPSP) adopts the exemption it means customers will not need to reauthenticate when they access their account information through a third party provider (TPP). … Continue Reading

Legislative review of the European crypto-assets “travel-rule” proposal continues

On 9 February 2022, the European Parliament’s Economic and Monetary Affairs (ECON) and Civil Liberties, Justice and Home Affairs (LIBE) committees published their joint draft report  on the European Commission’s July 2021 proposal for a regulation on information accompanying transfers of funds and certain crypto-assets (the so called “travel rule” regulation). The draft report, prepared … Continue Reading

Bank of England, FCA, PRA and PSR conduct 2021 review of MoU for payment systems in the UK

On 14 February 2022, the Financial Conduct Authority (FCA), Bank of England (BoE) Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) published a statement relating to a review of the Memorandum of Understanding (MoU) for payment systems in the UK. The MoU sets out the high-level framework that the authorities use to cooperate … Continue Reading

New Banking horizons video: All change: the trends reshaping the global payments landscape

In our latest Banking horizons video, Alan Bainbridge, partner and global head of banks, and Albert Weatherill, senior associate, discuss the commercial, legal and regulatory issues currently impacting the payments space, as well as what they see as lying ahead.… Continue Reading