GIACT and Hudson Cook Break Down NACHA’s New Account Validation Rule
In recent years, banking fraud in France has surged, driven by advanced technology and the integration of payment methods and mobile banking. We do a deep dive into the legislation to help our clients stay informed and...more
In this blog, we take a look at some new jargon and key terms that you might come across in your transactions or industry discussions in the coming months. Trade & Export Finance - Uniform Rules for Transferable Electronic...more
Key developments of interest over the last month include: Queen's Speech 2022 announces forthcoming Financial Services and Markets Bill; European Commission consultations and calls for evidence on PSD2 review and open...more
There has been a recent flurry of EU developments relating to a number of ongoing initiatives relevant to firms in the retail banking and payments sectors, including some movement on the European Commission's review of PSD2...more
The new strong customer authentication (“SCA”) requirements under the Payment Services Directive (EU) 2015/2366 (“PSD2”) went live on 14 September 2019. While the new requirements apply only to payment service providers such...more
The Bank of Israel recently led several important developments in the Israeli payments market. These developments are designed to encourage competition in the payment services market and to advance the implementation of...more
The open banking requirements under the Payment Services Directive (EU) 2015/2366 (“PSD2”) are now in force, under which an account servicing payment service provider (“ASPSP”) must grant an authorised third party service...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
On 18 July 2019 the European Banking Authority (EBA) published a report on the EU regulatory perimeter, national regulatory status and EU national regulators' (NCAs') authorisation approaches for FinTech firms conducting...more
Partners Julia Smithers Excell and Stuart Willey, and associate Laura Kitchen of global law firm White & Case take a deep dive on the latest publications from EU and UK regulators aimed at providing supervisory clarity on the...more
The European Commission has published a report to the European Parliament and the Council of the European Union on the implementation and impact of the second Electronic Money Directive, known as 2EMD. 2EMD establishes a...more
The European Banking Authority published final draft Regulatory Technical Standards on the cooperation and exchange of information between national regulators where an authorized payment institution would like to provide...more
(As anticipated) the European Counsel has invited the Commission “to strengthen controls of non-banking payment methods such as electronic/anonymous payments, money remittances, cash-carriers, virtual currencies, … and...more
It’s being widely reported in Europe this evening that, after tomorrow’s extraordinary meeting of the European Union’s Justice & Home Affairs Council meeting, the European Council will ask the Europe Commission to “present...more
On July 24, 2013, the European Commission issued legislative proposals to update and complement the current EU legal framework on payment services to develop further an EU-wide single market by promoting more competition,...more