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Payment System Access
Cautious Optimism Greets U.S. Faster Payments Plan
12th Aug 2019 | Written by:
The new faster payment system announced by the U.S. Federal Reserve has largely garnered praise, despite calls for details on how it will sit alongside existing offerings.
Finland: Ministry of Justice Consults on Benefits and Challenges of Applying GDPR
8th Aug 2019 | Written by:
On August 7, 2019, the Finnish Ministry of Justice published a consultation seeking responses on the experiences and challenges faced while applying the General Data Protection Regulation (GDPR) in...
Czech Republic: Ministry of Finance Issues Consultation on Amendments to Payment Systems Act
7th Aug 2019 | Written by:
On May 21, 2019, the Ministry of Finance issued a public consultation on amendments to the Payment Systems Act in light of the adoption of Regulation (EU) 2019/518 on cross-border payments (the...
U.S. Federal Reserve To Build Real-Time Payments System
6th Aug 2019 | Written by:
The U.S. Federal Reserve has announced it will establish a round-the-clock real-time payment settlement system, following Congressional debates over whether or not to leave the project to industry.
E-Money Trailblazer Enters Administration After FCA Enforcement Action
5th Aug 2019 | Written by:
E-money firm ipagoo has collapsed after being ordered by UK regulators to stop providing payment services, with customers facing an anxious wait to find out whether they can recover funds.
Finland: Financial Supervisory Authority Consults on Updated Regulations on Management of Operational Risks in the Financial Sector
2nd Aug 2019 | Written by:
On August 2, 2019, the Financial Supervisory Authority (Finansinspektionen - FSA) issued a consultation on the draft updated rules and regulations on the management of operational risks in...
Aussie Faster Payments Platform To Fine Sluggish Banks
1st Aug 2019 | Written by:
Australia’s faster payments operator has responded to demands from the central bank to force members to up their services to consumers and businesses, with possible fines for those who drag their...
Ukraine Eyes Radical Shake Up of Payments Regulation
31st Jul 2019 | Written by:
Ukraine’s top financial regulator has embarked on a campaign to liberalise the country’s payments market that will allow non-banks to issue electronic money and payment cards for the first time.
Italy: Central Bank Publishes Information for Accessing Payment Accounts under PSD2
30th Jul 2019 | Written by:
On July 30, 2019, the Bank of Italy published information on new services for accessing payment accounts under the revised Payment Services Directive (PSD2)....
Federal U.S. Regulators Discourage De-Risking In Joint Statement
29th Jul 2019 | Written by:
As bank de-risking continues to plague the worldwide financial system, U.S officials are encouraging regulated institutions to assess risk on a case-by-case basis, rather than making blanket...
UK: PSR Calls for Views on Research into Cash Access, Use and Acceptance
25th Jul 2019 | Written by:
On July 24, 2019, the Payment Systems Regulator (PSR) released a consultation paper seeking views in relation to its research into cash access, its use by consumers and acceptance by small...
Senate Banking Committee To Take Up Cannabis Banking Issue After All
19th Jul 2019 | Written by:
The long-smoldering issue of legal cannabis businesses lacking access to banking and payment services will take center stage in a key Senate committee hearing next week, the scheduling of which...
UK: OBIE Releases Review of Open Banking Explaining Its Purpose, Progress and Potential
17th Jul 2019 | Written by:
On July 16, 2019, the Open Banking Implementation Entity (OBIE) published a report titled “Open Banking: Preparing for lift off”, which reviews the way open banking has evolved in the year...
IMF Backs E-Money Reforms As Barrier To Tech Dominance
16th Jul 2019 | Written by:
The International Monetary Fund (IMF) has backed moves to allow e-money providers to settle payments directly through central banks, touting the payments technology as a potential barrier to market...
UK: Payment Systems Regulator Consults on Its Proposed Approach to Profitability Analysis
12th Jul 2019 | Written by:
On July 11, 2019, the Payment Systems Regulator (PSR) published consultation paper MR18/1.6 on its proposed approach to the profitability analysis, forming part of its market review into the supply...
Israel: Central Bank Publishes Position Paper on Banks' Mobile Payments Application Activity
10th Jul 2019 | Written by:
On July 9, 2019, the Bank of Israel released a policy paper in which it states its position in relation to the issue of banks’ payments application activity....
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