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Payments & FinTech Lawyer

Volume: 1 Issue: 5
(February 2007)


The Council of the European Union's Economic and Financial Affairs Council has approved a text for the Payment Services Directive (PSD), described as a 'decisive milestone' by EU Commissioner, Charlie McCreevy. / read more

Thieves hacked into computers and stole account information from The TJX Companies, Inc., including more than 45.7 million customer payment cards, in a data security breach which APACS, the UK Payments Association, believes to be the biggest ever in terms of people affected. / read more

Citibank and mFoundry have launched Citi Mobile, a free mobile banking service planned for promotion to all Citibank clients on all mobile carriers, including a Spanish version, following an April pilot in California. / read more

The US Federal Trade Commission held a seminar on Consumer Generated and Controlled Health Data (CGHD) on 7 May, to examine the potential risks and benefits of CGHD. The French data protection authority, the CNIL, also held a workshop on connected health and wellness devices on 28 May, during which the CNIL distributed its new publication on ‘the connected body,’ featuring articles on the ‘quantified self,’ including the regulatory challenges posed by the collection of data generated by the human body. / read more


On 27 March, the EU took a step closer to establishing the Single Euro Payments Area ('SEPA'), after the Council of Ministers of Economic and Financial Affairs reached an agreement on the Payment Services Directive (the 'PSD'). The European Parliament is expected to carry out its first vote on the draft Directive at the end of April, with Member States being required to implement the PSD into national law by 1 November 2009. / read more

The recent Digital Money Forum, held in London, represented the event's tenth anniversary. The broad consensus from attendees was that technology and regulatory advances will finally make the 'war on cash' a reality. Dave Birch, Director of Consult Hyperion and organiser of the annual Digital Money Forum, sets out the key issues discussed and predicts future industry developments. / read more

Recent high-profile data security breaches, such as the one involving global retailer, The TJX Companies, Inc., have ensured that US state legislators continue to formulate laws to address the problem. A Massachusetts proposal would, if introduced, have the most far-reaching security breach regulatory impact to date, requiring commercial entities to reimburse banks, on behalf of affected consumers, for costs incurred in connection with a breach. Agnes Bundy Scanlan, Laurie Burlingame and Jacqueline Klosek of Goodwin Procter LLP, examine the proposal and the industry reactions to it. / read more

European member states face challenges in implementing the Consumer Credit Directive, as some EU markets have developed consumer credit products and services faster than others. Lucy Walker, a senior associate with Osborne Clarke, examines the Directive's key proposals, its current status and the views of member states. / read more

Part B of Australia's Electronic Funds Transfer Code, which is currently being reviewed, deals with the use of stored value facilities and digital cash products. Scott Coulthart, principal with Legal IT Lawyers, Brisbane, examines the effect that proposed changes would have on digital cash and its users. / read more

The Unlawful Internet Gambling Enforcement Act, appended to the SAFE Port Act in October last year, is designed to identify and block payments between US residents and internet casinos. Linda J. Shorey, Holly K. Towle and Sean P. Mahoney, of K&L Gates, highlight the unintentional consequences that the UIGEA could have on the e-payments industry. / read more

About Payments & FinTech Lawyer

The monthly publication covering legal, regulatory and policy developments relating to the fast-moving payments and FinTech sectors. Key topics include mobile payments, e-money, prepaid and other payment cards, online banking, digital currencies such as Bitcoin, card fraud and other cyber crime, RegTech, robo-advice, P2P lending, and crowdfunding, as well as regulatory regimes such as the Second Payment Services Directive (PSD2), the Payment Accounts Directive, and the Fourth Anti-Money Laundering Directive / read more

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