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Payments & FinTech Lawyer

Volume: 3 Issue: 11
(November 2009)


The Eurosystem - the European System of Central Banks, supervised by the European Central Bank - published its first Oversight Report on 'payment, clearing and settlement' infrastructures in Europe on 12 November. / read more

EFPLP is organising a half-day morning workshop on data protection in the financial services sector at the London offices of Sidley Austin LLP on 19 January 2010. The workshop will focus on the data security challenges faced by financial institutions. Issues examined during this workshop will include bank secrecy obligations, outsourcing and data transfers, offshoring, and data provision for regulatory compliance. / read more

Bangladesh launched its first online payment system on 2 November, making e-payment transactions possible for the country's consumers. The Bangladesh Bank - the country's Central Bank - issued a Circular to all commercial banks in Bangladesh confirming that financial transactions, such as online bill payments and online fund transfers, are now possible. The Circular confirmed that payment-processing relating to online shopping is covered as are credit card transactions. / read more


The recently published PriceWaterhouseCoopers (PwC) report Precious Plastic 20101 (the Report) on prevailing consumer credit habits in the UK and potential future trends provides insightful analysis of the current UK consumer credit market. As might be expected, due to the global economic crisis over the last two years, the Report comments on the unprecedented pressures on lenders. The headlines include a current stagnation in total household borrowing, a fall in credit card borrowing and the number of cards in circulation, significant declines in new lending, erosion of consumer confidence in relation to their ability to handle debt, and historic highs of bad debt. / read more

The Payment Services Directive - the directive which creates a harmonised framework for payments in Europe - has been implemented in the UK through the Payment Services Regulations (PSRs). Rosalind Beaumont, Public Affairs Manager at the UK Payments Council, discusses to what extent the PSRs have affected UK payment practices and infrastructures. / read more

The e-payment framework in China is beginning to take shape with legislation on its way to regulate epayment services and, most importantly, e-payment providers. Natasha Xie, a Partner at Jun He Law Offices and Emma Huang, Human Resources Coordinator at Nissan, examine recent attempts to promote the development of e-payment platforms in China. / read more

Consumers around the world are demanding more accountability and more transparency from the financial institutions they deal with, as a result of the ongoing financial recession. Jeremy Fraser, a Partner at Brodies LLP, discusses how banks and other financial institutions are progressively attempting to respond to these demands. / read more

A recent decision from the Competition Appeal Tribunal has reconsidered the ban on payment protection insurance, on the basis that this type of financial product could be 'convenient' for some consumers. Suzanne MacDonald and Nicola Kingaby, of TLT Solicitors, discuss the implications of the Tribunal's decision on consumers and providers of payment protection insurance. / read more

France is in the process of developing a 'near field' communication infrastructure to promote the use of mobile payments, focusing on storing payment applications in users' SIM cards. David Birch and Neil Livingston, of Consult Hyperion, discuss the implications of this new contactless technology, using the example of France. / read more

With the Single Euro Payment Area (SEPA) direct debit scheme a reality, as of 1 November, questions arise as to the willingness of some European Member States to make such cross-border payment schemes a reality. Gerard Hartsink, Chairman of the European Payments Council, takes a look at some legal and political issues surrounding the implementation of SEPA. / 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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