News & Analysis as of

Payment Systems

Billable Bitcoins: Why it Pays for Lawyers to Accept Cryptocurrency

With bitcoin and other cryptocurrencies reaching shocking new prices seemingly every day, some people have finally started putting the new payment systems to real use – paying lawyers. Earlier this fall Nebraska became the...more

US Federal Reserve Board Vice Chairman for Supervision Randal Quarles Delivers Remarks on Prudent Innovation in the Payment System

by Shearman & Sterling LLP on

Vice Chairman for Supervision of the US Federal Reserve Board Randal Quarles provided remarks at the 2017 Financial Stability and Fintech Conference regarding innovation in the payments system. Vice Chairman Quarles noted...more

Financial Regulatory Developments Focus - December 2017

by Shearman & Sterling LLP on

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

Federal Reserve Vice Chairman for Supervision Speaks About “Prudent Innovation in the Payment System”

On November 30, 2017, Federal Reserve Board Vice Chairman for Supervision Randal Quarles delivered remarks at the 2017 Financial Stability and Fintech Conference sponsored by the Federal Reserve Bank of Cleveland, the Office...more

Retail payments oversight framework: Summary

by Dentons on

We previously provided a summary of the new federal oversight framework for retail payment systems (the Oversight Framework) proposed by the Department of Finance Canada (the Department) in a paper titled, “A New Retail...more

Patent Invalidation Paves the Way for Automated Fare Collection Systems

by Holland & Knight LLP on

Next generation automated fare collection systems (AFC) typically characterized by open architecture designs, open payment approaches, and contactless card readers, are being installed in an increasing number of public...more

Summary Of Post-Trial Briefs Filed In Grubhub Misclassification Case

by Fisher Phillips on

The parties in the Grubhub misclassification case are back in court on Monday, October 30, delivering their final closing arguments to the judge. We’ve written about the trial extensively. To sum it up, though: a former...more

[Event] 1st Annual FinTech Update - November 9th, Chicago, IL

by Vedder Price on

Chicago is at the center of a new and growing industry. This complimentary program is designed as a concise briefing on the latest developments in the FinTech industry for C-Suite executives....more

Federal Reserve Outlines Next Steps for Payment Systems Improvement

In early September 2017, the Board of Governors of the Federal Reserve System (Federal Reserve) published, Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey, a...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber’s got more than a spot of bother on its hands in London after this morning’s announcement that the company’s largest market in Europe won’t renew the ride-hailing service’s license to operate in the city (citing “a lack...more

Consultation on a new retail payments oversight framework

by Dentons on

On July 7, 2017, the Department of Finance Canada (the Department) proposed a new federal oversight framework for retail payment systems (the Oversight Framework) in a consultation paper titled, “A New Retail Payments...more

Federal Reserve Publishes Updates on Payment System Improvement Efforts

by Ballard Spahr LLP on

Earlier this week, the Federal Reserve issued a paper entitled “Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey”. The paper is intended to provide payment...more

Final Rule for MACRA's Second Year (2018) Expected in November 2017

by Baker Donelson on

On June 20, the Centers for Medicare & Medicaid Services (CMS) released a proposed rule entitled, "Medicare Program; CY 2018 Updates to the Quality Payment Program." CMS proposed changes for the second year (2018) of the...more

Final Medicare Payment Regulations Expected for Physician Providers, Hospitals and Home Health Agencies in Fall 2017

by Baker Donelson on

The Centers for Medicare & Medicaid Services (CMS) released several annual Medicare proposed payment rules over the summer that are expected to be finalized this fall for 2018. On July 13, CMS released the proposed 2018...more

CMA Publishes Finalized Versions of Regulated Payment System Appeals Rules and Guide

On August 18, 2017, the Competition and Markets Authority (“CMA“) published the final version of its rules of procedure (CMA65) which governs appeals made under section 79 of the Financial Services (Banking Reform) Act 2013...more

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

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