Payment Systems

News & Analysis as of

China's launch of its own digital currency will shake up the payments industry

On 21 January 2016, the People’s Bank of China (PBOC) issued a statement announcing its plan to launch its own digital currency (Statement). ...more

The Financial Report - Volume 5, No. 2 - January 2016 (Global)

This week, the United States Supreme Court agreed to hear a case that could help to define what conduct constitutes insider trading and what level of proof the government must meet to successfully prosecute alleged insider...more

Year in Review: Legislation and Guidance for Financial Institutions in 2015

Financial institutions in Canada witnessed yet another year of significant growth in legislation and regulatory guidance impacting their operations, while the financial marketplace is continuing to adapt to the impact of...more

PSR reports on access and governance of payment systems

PSR has published its report on direct access to payment systems and the governance of payment system operators in the UK. It summarises the information received from operators showing how they are complying with measures...more

PSR consults on regulatory fees

PSR is consulting on setting its regulatory fees for the next year. Its costs will be divided between its roles under the Financial Services (Banking Reform) Act (FSBRA) and the EU Interchange Fees Regulation (IFR). PSR is...more

CMA signs MoU with FCA and PSR

CMA has signed MoUs with FCA and PSR setting out the framework for cooperation between CMA and the other regulators following their acquisition of competition powers in April 2015. They set out arrangements relating to the...more

PSR issues provisional determination on card schemes exempt from IFR cap

PSR has published its provisional determination on the extent to which any UK three-party card schemes qualify for a temporary exemption under the IFR. PSR based this determination on information from firms on UK domestic...more

Council publishes revised PSD2

The Council has published a revised version of the text of the revised Payment Services Directive (PSD2)....more

Update: NACHA Adopts Same-Day ACH Rule

Update: The Federal Reserve received forty comments in response to its request. A majority of the commenters supported both mandatory participation by RDFIs and the same-day fee payable by ODFIs to RDFIs. Many commenters...more

PSR consults on Interchange Fee Regulation guidance

PSR has issued a consultation on its proposed guidance for the application of the Interchange Fee Regulation in the UK. The consultation and accompanying draft guidance explain how PSR, as lead UK regulator, will monitor...more

PSR releases IFR information requests

PSR has published the information requests sent in relation to the Interchange Fee Regulation (IFR). Requests have gone to American Express, Diners Club International, JCB International, MasterCard, UnionPay International and...more

Payments UK consults on new code

Payments UK is seeking views on its Code of Conduct for Indirect Access Providers. It wants to know how well the Code is working, and how it could be improved....more

FCA rules on PSR regulatory fees

FCA has published a policy statement on its decision and rules on how 2015/16 PSR regulatory fees will be calculated and collected from participants in regulated payment systems. This follows a summer consultation on changes...more

Council adopts PSD2

The Council has published the revised Payment Services Directive (PSD2) text following EP’s approval of it on 8 October (see FReD 16 October)....more

Nov. 10 CMS Call Will Review Clinical Lab Test Payment Proposed Rule

On November 10, 2015, CMS is hosting a public call to discuss its October 1, 2015 proposed rule that would make significant changes to the Medicare clinical diagnostic laboratory test payment system. Registration is required...more

Exchange International: Financial Services Regulation Newsletter - Issue 27

DLA Piper’s Financial Services International Regulatory Team welcomes you to the twenty-seventh edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

MedPAC Discusses Changes to Medicare Advantage Payment System

On October 8 and 9, 2015, the Medicare Payment Advisory Commission (MedPAC) held its second meeting of the 2015-2016 session. Commissioners met to examine ways to improve the Medicare Advantage (MA) payment system, including...more

Get Ready, Get Set: Same-Day ACH Service Mandatory in 2016

Why it matters - Continuing its efforts to modernize the U.S. payments infrastructure, the Federal Reserve Board of Governors announced that effective September 23, 2016, receiving depository financial institutions...more

CMS Sends Final 2016 Medicare Payment Rules to OMB for Review

This week CMS referred major final calendar year 2016 Medicare payment rules to the White House Office of Management and Budget (OMB) for regulatory clearance. Specifically, OMB is reviewing the final CMS rules to update the...more

Second Circuit Rejects Constitutional Challenge to New York “No Credit Card Surcharge” Law

A New York state law that prohibits merchants from imposing a surcharge on credit card purchases does not violate the First Amendment or the Due Process Clause, the U.S. Court of Appeals for the Second Circuit recently ruled....more

Digital Insights & Trends: Embracing EMV Technology for Fraud Reduction and Loss Prevention

October 2015 represents a significant milepost in the migration of U.S. payments products to EMV chip technology. It also serves as a useful evaluation point as to what the technology achieves and where it falls short. By...more

Financial Regulatory Developments Focus - October 2015 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

OIG Recommends Reevaluation of Medicare Payment System for Skilled Nursing Facilities

The HHS Office of Inspector General (OIG) released a report on September 30, 2015 finding that Medicare payments for therapy services provided at skilled nursing facilities (SNFs) greatly exceeded the cost of such services. ...more

New PCI Guidance Provides Businesses With Security Incident Response Assistance

A security event involving payment card data, especially card present data, can be one of the most costly events a company may face. Not only did a recent study report the average total cost of a data breach as $3.8 million,...more

CMS Proposes Major Changes to Medicare Clinical Lab Test Payment Policy

On October 1, 2015, the Centers for Medicare & Medicaid Services (CMS) published its long-awaited proposed rule to base Medicare clinical laboratory fee schedule (CLFS) reimbursement on private insurance payment amounts...more

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