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Payments & FinTech Lawyer

Volume: 4 Issue: 2
(February 2010)


The Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD), which will come into force in the US on 22 February, is likely to increase the cost of credit cards for US consumers. / read more

PayPal - the payment processor owned by eBay - has blocked personal payments and transfers to and from Indian accounts for an indefinite period, as of 6 February. / read more

The Italian Cabinet approved a Legislative Decree that will implement the EU Payment Services Directive (PSD) on 22 January - nearly three months after the official deadline. / read more


The payment industry is based on data - whether data related to the execution and settlement of payments or data related to customers and merchants. Much of this data involves personal data and is of interest not only to businesses in the transactional and analytical value of such data but also to regulators, as is evidenced by the US Treasury's requests for payment data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in order to counter terrorist financing. The circumstances in which such data may be used are also the subject of a number of developments in the EU. / read more

The application of biometric technologies to e-payments varies in different areas of the world: from Japan - where the use of biometric devices to authenticate ATM users' identity is common - to the UK, where most biometric information is classified as 'personal sensitive data' under the Data Protection Act, rendering the conditions for its use more stringent. In developing countries, in particular, biometric enabled technologies have the potential of bringing financial services to consumers who cannot read or do not own a bank account. William Malcolm and Thomas Brown, Senior Associates at Pinsent Masons LLP, analyse the challenges and potential success of the use of biometric technology in e-payments. / read more

In the US, small businesses contribute enormously to job creation but are extremely reliant on credit card financing to support their activity. The recession came as a heavy blow for many of those businesses and for the banks who were the main source of financing. Frank B. Martien, a Partner at First Annapolis Consulting, examines the evolution of the relationship between small businesses and credit cards in the US. / read more

Far-reaching consequences of the global recession have led consumers to seek what they think are more secure and reliable financial products, especially in the case of payment products. Paul Templeman, Chief Executive Officer of PsiPay, examines how the 2009 Payment Services Directive has made the offer of payment services more competitive. / read more

Despite EU legislation being in place, e-money services are still slow to develop. Several directives, between 2000 and 2009, have attempted to give a clear framework to these types of services, in order to reassure consumers and boost competition. However, Adam Mitton, Senior Associate at Harbottle & Lewis LLP, shows that there is still uncertainty regarding the definition and scope of some types of financial services. / read more

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) made negative headlines when it was revealed the organisation shared sensitive EU banking information with US authorities, without having informed the EU Commission and other relevant institutions. Vinod Bange and Leanne Hooper, of Speechly Bircham, discuss recent developments and examine the EU-US data sharing agreement. / 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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