Payment Systems

News & Analysis as of

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

EP reports on payment services

EP has published its supplementary report on the proposal for a revised Directive on Payment Services (PSD2)...more

CMS Announces Medicare Part D Medication Therapy Management Innovation Model

The latest CMS “innovation model” will test whether providing Medicare Part D prescription drug plan (PDP) sponsors with financial incentives and flexibility with regard to medication therapy management (MTM) program...more

Apple Pay, Android Pay, Samsung Pay: Where’s Your Wallet?

Last week Samsung launched its mobile payments app to compete with ApplePay and Android Pay, with much anticipation among technology bloggers. A few Technorati rushed to try the application so they could compare and contrast...more

Trump Hotel Collection Confirms Year-Long Data Breach

Trump Hotel Collection, the high-end hotel chain owned by the billionaire Republican presidential hopeful and real estate developer Donald Trump, has confirmed a data security breach involving malware that the company says...more

Treasury informs of intent to designate PSR super-complainants

Treasury has written to four consumer groups informing them of its intention to designate them as Payment Systems Regulator (PSR) super-complainants. The four bodies are...more

CMS Corrects FY 2016 Medicare Payment Rules

CMS has released corrections to a number of fiscal year (FY) 2016 final Medicare payment rules. Specifically, on October 5, 2015, CMS is publishing corrections to...more

OIG Again Calls for Reforms to Medicare SNF Reimbursement Policy

The HHS Office of Inspector General (OIG) continues to question the appropriateness of payments to skilled nursing facilities (SNFs) under the Medicare SNF prospective payment system (PPS). Based on Medicare Part A SNF claims...more

CFPB’s Credit Union Advisory Council to meet on October 8

A meeting of the CFPB’s Credit Union Advisory Council has been scheduled for October 8, 2015 at the CFPB’s offices in Washington, DC. The agenda indicates that the “Council will discuss consumer challenges in payments.”...more

Committees publish progress report on enhancing CCP resilience

FSB, the Basel Committee, the Committee on Payments and Markets Infrastructures (CPMI) and IOSCO have together published a progress report on their work to enhance the resilience, recovery planning and resolvability of...more

Credit Card Fraud: EMV compliance and shift of liability as of October 1

As of October 1, 2015, all major credit card companies in the United States (including, Visa, MasterCard, Discover and American Express) will impose a liability shift for counterfeit presentation of payment cards. In the...more

PRA and FCA consult on Form A and controller form changes

PRA and FCA are consulting on amendments to forms that result from changes in the accountability regime. The changes are to ensure the regulators only require necessary disclosures from regulated firms, while ensuring the...more

EP updates on PSD2

EP has updated its procedure file on the revised Payment Services Directive (PSD2). The plenary session for its debate and vote is forecast for 6 October....more

BoE schedules implementation of settlement day

BoE has scheduled the implementation of the extended CHAPS and CREST settlement day for 20 June 2016 (we reported these plans on 31 July 2015)....more

FCA feeds back on PAD

FCA has published a feedback statement following its call for input on how it should formulate the provisional UK list of services, terms and definitions under the Payment Accounts Directive (PAD). Following responses, FCA...more

EPC Guidelines for Appearance of Mandates for SEPA Direct Debit Schemes

On September 15, 2015 the European Payments Council (ECP) published new guidelines for the appearance of mandates for the SEPA Direct Debit (SDD) Core and SDD Business-to-Business (B2B) Schemes. The guidelines aim to reduce...more

EPC publishes direct debit mandate guidance

EPC has published guidelines for the appearance of mandates under the Single Euro Payment Area (SEPA) direct debit core and business-to-business schemes....more

PSR confirms payments strategy forum members

PSR has confirmed the members of the payment strategy forum. It includes advocates for consumers, retailers, businesses, government and representatives of payment services firms, credit unions, e-money firms and high street...more

Federal Reserve Appoints Chicago Fed Official to Payments Security Post

On September 10, the Federal Reserve announced the appointment of Federal Reserve Bank of Chicago Senior Vice President Todd Aadland as its Payments Security Strategy Leader. Aadland will also continue to serve as a Senior...more

CFPB Community Bank Advisory Council to meet on Sept. 30

The CFPB has announced that a meeting of its Community Bank Advisory Council is scheduled for September 30, 2015 in Washington, D.C. Director Cordray will be in attendance and there will be a discussion of consumer challenges...more

Chip-and-PIN (EMV) Credit Card Liability Shift is Oct. 1: Are You Ready?

October 1 is right around the corner. Merchants, retailers, hotels and restaurants: are you ready for what’s in your customers’ wallets? Starting next month, the payment card industry’s transition to chip-and-PIN (also known...more

Financial Regulatory Developments Focus - September 2015 #3

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

European Parliament Announces Indicative Date for PSD2 Plenary Session

The European Parliament intends to consider the proposed Directive on payment services in the internal market (PSD2) in its plenary session to be held from October 5 – 8, 2015. PSD2 aims to improve the transparency and...more

Excerpts from First Data S-1

PLA today posts two excerpts from the First Data S-1 that give interesting overviews of the payments ecosystem from First Data’s perspective, as well as a list of certain First Data alliances and related arrangements....more

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