The UK’s consultation on deregulating commercial agents could have knock-on impacts on payment services and create regulatory divergence from the EU....more
8/20/2024
/ Agents ,
Consultation ,
Deregulation ,
E-Commerce ,
EU ,
European Commission ,
Online Marketplace ,
Payment Services Directive ,
Payment Systems ,
PSD2 ,
UK
The paper identifies potential gaps in protections for consumers, with a focus on consumer-to-business payments via the Faster Payments System.
In November, Pay.UK, the retail payments authority, released a summary paper...more
As contactless transactions boom, EU regulators publish draft guidelines on the interplay between the GDPR and PSD2.
Last year, more than half of all payments in the UK were made by card and contactless methods, while cash...more
11/4/2020
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Data Protection ,
EU ,
European Data Protection Board (EDPB) ,
Financial Institutions ,
General Data Protection Regulation (GDPR) ,
Member State ,
New Guidance ,
Payment Systems ,
Personal Data ,
PSD2
European Commission confirms SCA measures should apply to EU consumers purchasing from UK websites in the event of a no-deal Brexit.
Complex payment processing chains comprise multiple entities operating behind the scenes...more
While the payments industry scrambles to meet new standards for APIs, the FCA grants an extension for SCA compliance.
In an effort to evaluate the readiness of banks to comply with the revised EU Payment Services Directive...more
8/25/2019
/ APIs ,
Dear CEO Letter ,
E-Commerce ,
Electronic Payment Transactions ,
Enforcement Actions ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Internet Retailers ,
Payment Services Directive ,
PSD2 ,
UK
GDPR and PSD2 are two legal initialisms that have both generated a great deal of press coverage in recent months, but they are seldom considered together.
There were around 122 billion non-cash payments in the European...more
The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive.
The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion...more
In recent years, PE firms have been paying to play in the payment processing sector. From Worldpay and Nets, to Bambora and Paysafe, payment processing companies have proven to be attractive investments for European PE....more
Latest milestones in the transformation of the payment services market: final text of the RTS and the member states’ implementation of PSD2.
Key Points:
..The EC has adopted the final text of the RTS, which includes...more
The European Banking Authority (EBA) has published its consultation document on security measures for operational and security risks under the revised Payment Services Directive (PSD2).
The WannaCry ransomware attack that...more
On April 28th, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report about Fintech and the influence of technology on the future of the financial sector. The report, prepared by Cora...more
New directive disrupts the EU payments regulatory regime. A series of Client Alerts will follow ongoing developments related to PSD2.
Key Points:
..By expanding the accessibility of customer account information,...more