News & Analysis as of

Payment Systems

Faster Payments Task Force Sets Goals and Recommendations for Faster Payments by 2020

by Morrison & Foerster LLP on

On July 21, 2017 the Federal Reserve’s Faster Payments Task Force (“Task Force”) released the Faster Payments Task Force Final Report Part Two (“Final Report”). The Final Report is a follow-up to Part One of the Faster...more

UK Delivery Plan for Consolidation of Payment Systems Operators

by Shearman & Sterling LLP on

The Payment System Operator Delivery Group, an independently chaired body set up by the Payment Systems Regulator and the Bank of England, has published a recommended Delivery Plan for the consolidation of the operators of...more

FCAC Publishes First Decision Regarding Non-Compliance with Code of Conduct

On May 15, 2017, the Financial Consumer Agency of Canada (FCAC) published Commissioner’s Decision #126 (Decision) regarding non-compliance with the Code of Conduct for the Credit and Debit Card Industry in Canada (Code of...more

Thoughts on Payments Systems for Banks

by Bryan Cave on

Jonathan Hightower and Rob Klingler are joined by Stan Koppel, an attorney from Bryan Cave's San Francisco office, to discuss payments systems employed by banks around the country. Stan shares his background and touches on...more

Banks and Credit Unions Agree to a (Temporary) Cease Fire

by Ruder Ware on

It’s not every day that community bankers and credit unions agree. Whether it is over tax-exempt status or capital requirements, we have become accustomed to the battle between community banks and credit unions. For example,...more

Russian Legislation Update: February - April 2017

by White & Case LLP on

Welcome to the most recent issue of our Russian Legislation Update, covering the period of February - April 2017. In this issue: - Banking - National Payment System - Banking - Banks' charters...more

Hogan Lovells Global Payments Newsletter - March 2017

by Hogan Lovells on

Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more

Russia restricts money transfers to countries barring "Russian payment systems"

by Dentons on

On 3 April 2017, the President of Russia signed Federal Law No. 59-FZ on Amending the Federal Law on the National Payment System (the Law). The Law restricts cross-border money transfers from Russia to countries barring the...more

Creation of Roundabout and Operationalization of Compliance

by Thomas Fox on

Readers of this blog know of my love for progressive rock music and that my favorite prog rock group is Yes. You might understand how thrilled I was when the Wall Street Journal (WSJ), of all places, ran an interview with...more

Medicaid Supplemental Payments under The American Health Care Act

Currently, state Medicaid programs have flexibility in developing payment policies, including utilizing supplemental payments and non-federal supplemental payment mechanisms. Supplemental payments pay providers above what...more

Hogan Lovells Global Payments Newsletter - February 2017

by Hogan Lovells on

Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more

State Money Service Business Laws—Tips to Avoid Unnecessary Expense and Unexpected Liability

The payments ecosystem has become increasingly diverse in recent years, including not only processors and ISOs, but various types of payment facilitators, bill pay services, virtual wallets and digital currencies. New...more

Regulation Round Up - February 2017

by Proskauer Rose LLP on

The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

The Legal Status of Bitcoin in the United Arab Emirates

by Latham & Watkins LLP on

This is the first in a series of articles considering legal issues relating to bitcoin, cryptocurrencies and blockchain in the UAE. In this article we focus on the legal status of bitcoin and address the question of whether...more

AML Rules for Payment Industry Proposed by European Union Regulators

by Ballard Spahr LLP on

The Joint Committee of the European Supervisory Authorities (ESA) issued on February 10, 2017 draft rules regarding certain anti-money laundering (AML) and counter-terrorism steps for Member States of the European Union (EU)....more

Weekly Update Newsletter - February 2017 #2

by PilieroMazza PLLC on

SMALL BUSINESS ADMINISTRATION - Civil Monetary Penalties Inflation Adjustments The Small Business Administration has issued an interim final rule amending its regulations to adjust for inflation the amount of certain...more

HM Treasury consults on the implementation of PSD2

by DLA Piper on

On 2 February 2017, HM Treasury published a consultation paper on the implementation of PSD2 explaining the scope and key changes compared to PSD. The consultation outlines the Government's proposed approach to implementation...more

UK PSD2 implementation gathers pace - draft regulations published

by Hogan Lovells on

HM Treasury has today published a consultation paper and draft Payment Services Regulations 2017 for a short 6 week consultation period ending on 16 March 2017. The consultation paper states that the Government aims to...more

United Arab Emirates – the New Digital Payments Regulatory Landscape

by Latham & Watkins LLP on

New Regulations balance innovation in the payments sector with safety, security and maintaining the public’s trust in the UAE payment ecosystem. After a long period of consultation, on 1 January 2017 the Central Bank in...more

United Arab Emirates – the New Digital Payments Regulatory Landscape

by Latham & Watkins LLP on

New Regulations balance innovation in the payments sector with safety, security and maintaining the public’s trust in the UAE payment ecosystem. After a long period of consultation, on 1 January 2017 the Central Bank in...more

January EU Competition Newsletter

by Bryan Cave on

Digital and Pharma Merger Cases Raise Worry of Enforcement Gap in EU Merger Control - On 7 October 2016, the EU Commission launched a public consultation ("the Consultation") on the functioning of certain procedural and...more

Cannabis Banking – (Perhaps) There Is An App For That

Simply stated, voter approval of Prop. 64 did not solve the California Cannabis Industry’s banking problem. It does not matter that cannabis – recreational or medicinal – is legal in California. In order to participate in the...more

New e-payment licensing regulations in the UAE

by Dentons on

On 1 January 2017, the Central Bank of the United Arab Emirates issued the Regulatory Framework For Stored Values and Electronic Payment Systems (Regulations). The overarching goal of the Regulations is to help facilitate the...more

New Kazakhstan Law on Payments and Payment Systems: Key Novelties

by Morgan Lewis on

The law targets new payment systems and markets and improves the existing payment rules. In fall 2016, a new Law titled On Payments and Payment Systems (the Law), took effect in Kazakhstan. Upon the Law’s enactment, the...more

US Federal Reserve Board Secure Payments Task Force Seeks Comments from Industry Participants

by Shearman & Sterling LLP on

The Secure Payments Task Force, a 160-member task force convened by the US Federal Reserve Board to advance the safety, security and resiliency of the national payment system, requested comments from payment system industry...more

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