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Payments & FinTech Lawyer

Volume: 4 Issue: 3
(March 2010)


The UK Financial Services Authority (FSA) announced on 8 March that it will not impose bank liquidity rules for lenders yet, saying it would be 'premature to increase liquidity requirements across the industry'. The FSA confirmed that 'tougher standards' would not be enforced as of yet in the UK, since 'all firms [are] experiencing a market-wide stress'. / read more

Google, PayPal, Equifax, VeriSign, Verizon, CA and Booz Allen Hamilton announced on 3 March the creation of a non-profit organisaton - the Open Identity Exchange (OIX) - which will be devoted to 'building trust in the exchange of online identity credentials'. / read more

Credit card company Visa and the Japan Net Bank (JNB) have commenced a virtual debit card programme for online merchant payments, the country's first. / read more


In our editorial back in March 2008, we commented on the growing support for e-invoicing. Two years on, the take up of e-invoicing has continued to grow. Last month, for example, Tesco announced its decision to implement e-invoicing to accommodate all its suppliers in all their respective countries of operation. E-invoicing is becoming increasingly accepted and a growing trend for businesses. E-invoicing offers efficiency and cost-savings (up to €243 billion per year in Europe) but many smaller businesses still perceive it as administratively burdensome in comparison to paper invoicing, particularly in relation to cross-border transactions. / read more

The National Fraud Authority, established in 2008, is the UK Government's strategic organisation on counter-fraud activity. In January, it published the UK's most comprehensive estimate of the cost of fraud to the country. Dr. Bernard Herdan, the National Fraud Authority's Chief Executive Officer, discusses the importance of the fraud estimate and the work undertaken to get a true picture of fraud and find ways to combat this crime. / read more

Mobile payments are predicted to grow globally at 68% by 2012. The new Nokia Money service is bringing financial inclusion to the many hundreds of millions of people in emerging markets who have no bank account. Mobile money is also raising new regulatory opportunities to support the inevitable convergence of telecoms and financial services. Gerhard Romen, Director of Mobile Financial Services at Nokia, outlines the developments and examines the key issues facing the development of mobile payment technology. / read more

Romania recently adopted a law to account for all the interests at stake in the case of an insolvency procedure, safeguarding not only the interests of debtors and their employees, but also those of creditors. Alexander Rusu and Alina Melcescu, of bpv Grigorescu, examine in detail the content of this new law. / read more

The UK Government has launched a consultation to assess how consumers use their credit and store cards and how financial companies and banks market these services. Suzanne MacDonald, Partner and Head of Financial Services Regulation at TLT Solicitors LLP, considers the key proposals, what they mean for the credit and store card industries, and asks whether government intervention is justified. / read more

In March, the Payment Services Directive came into force in Italy. Implemented four months late, the new Italian law will change the regulation of the Italian payments industry. Prof. Avv. Maria Chiara Malaguti, Attorney at Mazzoni e Associati, discusses what impact the new rules will have. / read more

Achieving a common regulatory framework for payments is progressively being done in the EU, through the creation of a Single Euro Payments Area (SEPA). In turn, the SEPA infrastructure is being used as a stepping-stone for the development of mobile and internet financial services on a European scale. Gerard Hartsink, Chairman of the European Payments Council, examines the progress in creating European e-payment schemes. / 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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