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Payments & FinTech Lawyer

Volume: 1 Issue: 6
(March 2007)


EU MEPs have approved the proposed text for the Payment Services Directive (PSD) with its legislative passage expected to be finalised within a matter of weeks. / read more

Internet auction site eBay said it would 'vigorously' defend itself against an antitrust class action lawsuit, re-filed in April in the District Court for the Northern District of California, alleging that eBay, through its wholly-owned subsidiary PayPal, used illegal tie in and steering practices to improperly 'monopolize' the forms of payment that sellers can use on eBay. The class action was originally filed in March in the Western District of Texas. / read more

The Massachusetts Bankers Association (MBA) is being joined by at least two other groups in a class-action lawsuit against global retailer, TJX Companies Inc., following a major data security breach. / read more


There is no doubt as to the development and growth in new payment methods globally, such as prepaid cards, mobile payments and internet payment systems, however there have been relatively few studies considering the existing international regulation of such new payment methods. One important recent report, which has considered these new payment methods on an international basis, is the Financial Action Task Force Report on New Payment Methods.1 The FATF Report is interesting and topical, not only because it examines the issues of anti-money laundering and terrorist financing, which is a critical concern in relation to these new payment methods, but also because it demonstrates the international diversity of products and regulation. / read more

LogicaCMG recently conducted a survey assessing the practical and operational aspects affecting major eurozone banks in processing SEPA-compliant payments. In this article, we provide an overview of the findings of the report, written by Simon Bailey, director, payments, LogicaCMG. / read more

The recent emergence of new payment methods has led the European Commission to implement a review of the E-Money Directive, which is designed to regulate and facilitate the e-money market. In this article, the second in a two-part series, John Casanova and William Long, of Sidley Austin LLP, highlight issues examined during the Commission's review, including requirements on e-money institutions, restrictions on business activities and the Commission's view on how to reform the E-Money Directive while ensuring consistency with the Payment Services Directive. / read more

Countries are increasingly requiring prepaid card issuers to adopt a risk-based approach to the possibility of abuse by money launderers and terrorist financers, rather than prescribing preventative measures that companies should take. Patrice Motz, executive vice president of Premier Compliance Solutions, highlights a practical approach to identifying and managing that risk. / read more

Mobile payments are a reality in many countries including the United States and could evolve into a 'digital wallet' replacing cash, the holy grail of the payments industry. Dan Schutzer of the Financial Services Technology Consortium explains the current status of mobile payments technology and sets out possible next steps for the 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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