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Payments & FinTech Lawyer

Volume: 4 Issue: 1
(January 2010)


News

Iceland's President, Ólafur Ragnar Grímsson, declared on 5 January that he will not sign parliament backed Act No. 96/2009, a Bill which arranges the terms under which Iceland should pay back nearly £2.3 billion to the UK Government and €1.2 billion to the Netherlands, after the countries compensated hundreds of thousands of savers in 2008, when Icelandic bank Icesave went bankrupt. / read more

MasterCard Worldwide introduced new requirements to its Site Data Protection (SDP) Programme for merchants, according to its 15 December 2009 Global Security Bulletin. The changes will only affect Level 1 merchants - those who suffered an account data compromise or have more than six million transactions annually - and Level 2 merchants - having more than one million but up to six million transactions annually. / read more

The Australian Securities and Investments Commission (ASIC) issued guidance notes on the implementation of the National Consumer Credit regime (NCC), on 18 December 2009. The notes are part of an extensive series of guidance documents released by ASIC to help the credit industry prepare for major reforms affecting the credit licence process as of spring 2010. / read more


Features

New research relating to consumer attitudes and use of prepaid cards was recently released. The research by TNS Research International UK involved a survey of 3,000 people nationally, representative of age, gender and geographic location. The headline finding of the TNS research is that both awareness and take-up of prepaid cards in the UK has been disappointing. / read more

The past 12 months have seen some far-reaching legal and commercial changes in the electronic payments market. These developments will increase the range of e-payment methods available to consumers and the number of businesses in the e-payments sector, and have resulted in new technological innovations in the e-finance market, which serve business needs and assist consumer choice. Thomas Brown, Senior Associate at Pinsent Masons, discusses why 2009 could be seen as the year when the e-payment market expanded to displace traditional payment methods, like cash and cheques. / read more

Recently, events in Dubai have led the media to question the strength and organisation of the unique financial hub. The dynamic behind Dubai's ongoing success and its subsequent 'crisis' remain complex, as examined by Brett Sherrard, a Solicitor at Pinsent Masons LLP. / read more

The UK payment strategy has been shaped for the past few years by major redevelopments in the way we see and use payment facilities. Peter Finlayson, Director of Policy at the UK Payments Council, goes over the changes that have affected the UK payment sector in the past few years and outlines future innovations. / read more

The Canadian online banking industry is in constant movement and is modernising rapidly. Joseph Iuso, CEO of UseMyServices Inc - an instant online debit payment platform - examines some developments, identified as potential market changers and revenue generators in the Canadian banking and finance sector, and evaluates their potential impact on the online banking industry within the next five to 15 years. / read more

US credit card legislation has undergone some significant changes, following consumers' complaints about how credit card companies applied increasing interest rates or used deliberately obscure language. Michelle W. Cohen, a Partner at Thompson Hine LLP, examines the new Credit Card Accountability Act and evaluates how the legislative changes will affect US consumers. / 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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