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Payments & FinTech Lawyer

Volume: 2 Issue: 7
(July 2008)


A US Judge has dismissed Discover Financial Services' (DFS) claims that MasterCard and Visa conspired to organise their card networks in a way that restricts competition, due to DFS' failure to provide sufficient evidence. / read more

E-Finance & Payments Law & Policy is organising a half-day Commercial Payments Workshop on 23 September, hosted at the London offices of Sidley Austin LLP in conjunction with Commercial Payments International (CPI). / read more

The Payment Card Industry Security Standards Council (PCI SSC) issued a summary of changes to the 12 requirements of its PCI Data Security Standard (PCI DSS), which it says will allow payment card companies additional flexibility in addressing security challenges. / read more


Commercial payments cover a large and growing array of products and services aimed at facilitating payments for businesses. The broad range of products includes, for example, traditional travel and expense charge cards, corporate funded prepaid cards, e-invoicing and electronic payments as part of the Treasury function of a business. According to Commercial Payments International (CPI), it is estimated that the global market in commercial payments will grow from $80 trillion currently to $110 trillion by 20121. / read more

Vodafone is now offering money transfer services for mobile phones in a number of developing markets. Mark Clemison, Vodafone Group's Money Laundering Reporting Officer, explains how its code of practice operates to ensure that all companies offering - and partners involved with - Vodafone's money transfer services comply with antimoney laundering regulations. / read more

The European Commissioner for the Internal Market and Services, Charlie McCreevy, welcomed an agreement between the European Payments Council and the Global System for Mobile Association at the end of June to promote the use of mobile payment services. Jose Saras, a Senior Associate with Preiskel & Co LLP, examines how the agreement will operate within the framework of the Single Euro Payments Area, the Payment Services Directive and the Electronic Money Directive. / read more

In February 2007, the Office of Fair Trading asked the Competition Commission to investigate whether features of the payment protection insurance (PPI) market distort competition between providers. Suzanne MacDonald and Nicola Kingaby, of TLT Solicitors, examine the Commission's findings as well as the Financial Services Authority's new rules preventing PPI from being bundled with insurance products. / read more

Since the 'credit crunch' started to impact banks, regulators have been championing the use of 'stress tests' by banks to identify and avoid liquidity problems. Anne M. Conaty, a Senior Associate at Berwin Leighton Paisner LLP, examines the main principles highlighted in a Bank for International Settlement report, 'Principles for Sound Liquidity Risk Management and Supervision'. / read more

PhonepayPlus signed a Memorandum of Understanding (MOU) with the Gambling Commission earlier this year, designed to tackle regulation of remote gambling using premium rate telephone services. Ted Lean, Director of Legal at PhonepayPlus, details how the MOU will work and when the PhonepayPlus Code will regulate gambling services. / read more

Despite the introduction of chip and PIN in the UK, fraud involving UK cards is on the rise, as fraudsters can use ATMs and point of sale terminals based overseas, which rely on the fact that UK cards retain a magnetic stripe to allow consumers to use their cards in countries that have not implemented chip and PIN. David Birch, a Director at Consult Hyperion, explains how this occurs and assesses future authentication methods and their likelihood of success. / 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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