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Payments Industry 2016 In Focus: Main Stories And Trends
23rd Dec 2016 | Written by:
A landmark year for the global payments sector, 2016 was characterised as much by legal reforms as by seismic shifts in the political landscape. Regulators in the UK launched unprecedented new...
Greece Shelves E-Wallet Betting Restriction
21st Dec 2016 | Written by:
A Greek government plan to outlaw anonymous payments via e-wallets for activities including betting and gambling has been abandoned, to the relief of e-money payment providers and former state...
Dutch Court Upholds Sanctions Against Processor
16th Dec 2016 | Written by:
A Dutch court has confirmed the legality of an enforcement action by the Gaming Authority against a payment service provider that processed transactions for an illegal gambling operator.
India: RBI Removes Additional Factor of Authentication for Contactless Payments
9th Dec 2016 | Written by:
The Reserve Bank of India (RBI) has released a draft circular proposing to ease the authentication process for payments of up to Rs2,000 using contactless cards based on near field communication ...
FATF Raps Switzerland On Prepaid, Cash Risks
7th Dec 2016 | Written by:
International watchdogs have criticised the Swiss authorities over the country’s approach to prepaid cards and cash in connection with financial crime.
UK: Key Implications of Digital Economy Bill 2016-17 for Payments Industry
22nd Nov 2016 | Written by:
Elizabeth Munoz Perez
On July 5, 2016, the UK government introduced the Digital Economy Bill 2016-17 before parliament. This bill would provide notifications to payment services providers and ancillary services...
Ukraine Suspends Russian Payments Systems
24th Oct 2016 | Written by:
Ukraine’s central bank has ordered the financial sector to sever ties with Russian payment systems, as the country’s government boosts sanctions against its neighbour.
Nigeria Suspends Foreign Card Payments As Currency Pressure Mounts
21st Oct 2016 | Written by:
Banks in Nigeria restricted card payments in foreign currency this month as they sought to comply with the regulator’s directions on exchanges rates, in the latest disruption to the country’s...
UK: PSR Survey on Access to Payment Systems for PSPs
14th Oct 2016 | Written by:
The Payment Systems Regulator (PSR) is conducting a survey to collect evidence on how well access to payment systems (both direct and indirect) is working for payment service providers (PSPs).As a...
Swiss: Report on Illicit Financial Flows from Developing Countries
12th Oct 2016 | Written by:
The Swiss Federal Council has published a report on unfair and unlawful financial flows from developing countries. The report provides an overview of measures to counter the cross-border movement...
Simplifying Payment Routing Data
29th Sep 2016 | Written by:
SWIFT has published a paper discussing opportunities for banks to use the Business Identifier Code (BIC) and to centralise the internal routing of payments. The paper identifies opportunities to...
Same Day ACH Launched for U.S. Bank Accounts
26th Sep 2016 | Written by:
The Electronic Payments Association (NACHA), the administrator of the Automated Clearing House (ACH) network, has announced the launch of the first phase of same-day payments and settlements for...
Serbia: National Bank Clarifies Position on PayPal
21st Sep 2016 | Written by:
The National Bank of Serbia (NBS) has clarified that Serbian legislation is aligned with EU regulations on the operations of foreign electronic money institutions through the Law on Payment...
Nigeria: Regulator Concerns on Exposure of Banks on Payment Solutions
21st Sep 2016 | Written by:
The Central Bank of Nigeria (CBN) has published a warning about the exposure of banks on payment solutions due to operational failures. Dipo Fatokun, the director of the Banking and Payment System...
Greece Pushes E-Payment Adoption After Cash Cutbacks
16th Sep 2016 | Written by:
Expansion of electronic payments is a top priority for Greek authorities, experts have said, as lawmakers look to take advantage of the booming industry to clamp down on tax avoidance.
Westpac Refunds A$20m to Customers for Foreign Transaction Fees
8th Sep 2016 | Written by:
The Australian Securities & Investments Commission (ASIC) has announced that Westpac Banking Corporation has refunded approximately A$20m to around 820,000 customers for not disclosing clearly...
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