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Payments & FinTech Lawyer

Volume: 4 Issue: 5
(May 2010)


News

Visa Europe has given in to EU recommendations to decrease its card fees, reaching a non-legally binding agreement with the European Commission on 26 April. Multilateral interchanges fees (MIFs) ≠ agreed fees charged by a cardholder's bank to a merchant's bank for each sales transaction at a merchant outlet with a payment card ≠ will be reduced by 0.2%. The fee is usually 0.5 to 2% per transaction, between six and 22 euro cents. / read more

The Payment Card Networks Act (PCNA) ≠ part of the Canadian Government's 2010 budget implementation Bill (C-9) ≠ is currently under review by the Finance Committee, having been passed in second reading by the House of Commons, the Lower Chamber of the Canadian Parliament, on 3 May. / read more

The Indian Government has approved a framework for delivering financial services in rural areas by using mobile technology. An Inter Ministerial Group (IMG), formed in 2009, presented its recommendations to a Committee of Secretaries, which accepted the proposals on 1 April. The IMG framework creates 'mobile linked no-frills accounts' by Indian banks. / read more


Features

The Single Euro Payments Area (SEPA) is part of the European Commission's vision to establish an EU market for payments with a national and cross-border level of competition, where there is to be no difference between a domestic and cross-border payment. The first SEPA compliant cross-border scheme - the SEPA Credit Transfer scheme (SCT) - was introduced in January 2008, with implementation required by the end of this year. However, to date, this pan-European vision for the payments market has been slow to make progress. Instead, the uptake has, in general, been seen in the cross-border payments market only, such that a form of 'mini-SEPA' has been emerging. The European Commission has recently commenced discussions on how to get SEPA moving again. / read more

The changing landscape of payment processing services in Europe has had an impact on 'traditional banks', notably with the introduction of alternative payment processors, known as payment institutions (PIs). Fred Bar, Managing Director for Euro Services at VocaLink, discusses the impact of PIs on the payments market, how traditional banks have reacted to their arrival and how the relationship between the two types of organisations is unfolding. / read more

In April 2010, the UK adopted the Bribery Act, which will come into force by the end of the year. The new law will affect many financial institutions and businesses. David Leppan, Founder of World Check - a risk managing company - discusses the impact of the law on the e-finance industry in the UK. / read more

Despite agreeing to open up its electronic payments market to international operators in 2006, after joining the World Trade Organization (WTO) in 2001, China still has made no move to effectively act upon its commitment. Matthew Nicely and Mark Ludwikowski, of Thompson Hine LLP, examine how the US is attempting to break up the Chinese payment monopoly by appealing to the WTO to enforce China's initial promise. / read more

Just when the financial world thought a 'Lehman Brothers' type scenario was over, other cases - bringing to light often criticised financial practices - have recently emerged, like the Goldman Sachs' scandal. George M. Mangion, Partner at PKF Malta, examines how industry crises and governmental regulation are coexisting after the recent financial meltdown. / read more

The mobile commerce industry is rapidly expanding. New commerce business models are being developed and their number is increasing. J. Dax Hansen and Matthew E. Senechal, of Perkins Coie, offer one approach to organising and classifying the many different mobile commerce business models, assess the legal issues applicable to particular business models and summarise some of the core and emerging US legal issues applicable to mobile commerce solutions. / read more

The creation of virtual worlds on the internet has also brought about the creation of virtual money, used as a currency to buy and sell goods on these virtual platforms. One of the main issues regarding these 'currencies' is their legal status and the ability for authorities to regulate them. Andrew Alleyne, a Partner at Fasken Martineau DuMoulin LLP, examines how virtual money fits in with real world regulation. / read more

The UK is building a 'green bank' - banking by mobile is the closest thing to green banking I can think of. While the idea of replacing your wallet with a mobile phone has yet to be adopted by mainstream America, Juniper Research predicts that the overall remote mobile payment market in North America will grow tenfold from $5.3 billion in 2008 to $54.9 billion in 2013. Why does that make mobile banking any greener than using online banking? / 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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