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Payments & FinTech Lawyer

Volume: 5 Issue: 10
(October 2011)


The announcement by the European Commission (EC) to open an anti-trust investigation into whether the European Payments Council (EPC) has been blocking new, mostly nonbank, players from entering the European online payments market has not taken the industry by surprise. / read more

Google has launched its long-awaited mobile wallet while Visa Europe announced it is developing a mobile peer-to-peer payments system. / read more

Online banking fraud losses have fallen for the second year in a row, according to new figures the UK Cards Association released on 5 October. Total fraud losses on UK cards fell to £169.8 million between January and June 2011, 9% less compared with losses in the first six months of 2010. / read more


UK / read more

Cloud computing is forecast to grow significantly over the next few years with one forecast, by, predicting that the global cloud computing market will grow from $38 billion in 2010 to $121 billion in 2015. A number of reasons are put forward for this growth based on the advantages that cloud computing can offer. These advantages include a pay as you go pricing model where the business user pays for the amount of IT consumed which can lead to significant costs savings. In addition, it is understood that cloud computing solutions can be deployed significantly quicker than traditional IT solutions. However, despite the many claimed advantages it would seem that financial services companies are slow adopters of cloud computing. A likely reason for this are concerns around data security, which is supported by a report last year, of 82 of the largest banks, investment houses and insurance companies, which found this to be the main reason for lack of adoption of cloud computing. / read more

Ahead of this month's Gambling Payments Intensive 2011, E-Finance & Payments Law & Policy speaks to Darren Hodder, Director at Fraud Consulting Ltd, about the management of payment faud and innovations in the gambling sector, one of the biggest targets of financial fraud worlwide. / read more

The mobile payments market is attracting the attention of businesses across a range of industries, and numerous ventures have already been launched or announced this year. Ben Regnard-Weinrabe, Mark Taylor, Thomas Robinson, Bénédicte Denis, Sébastien Gros and Richard Reimer, of Hogan Lovells, look at the regulatory environment that companies wishing to offer mobile payments services across the EU must navigate. While the financial services regime is generally harmonised, there are still differences between jurisdictions, as they will show by discussing examples from the UK, France and Germany. / read more

Whether Bitcoin should be considered as electronic money is not clear under French law. In the course of a lawsuit that currently opposes a French bank to one of its clients, the French Court of Commerce is about to give its opinion on this tricky question. For the last couple of few months, Bitcoin has upset both the financial world as well as many online businesses. Based on open source peer-to-peer software, it allows users to carry out transactions anonymously, without any banking or state intermediaries and without taxes or fees. Since nobody exactly knows in which box this type of transaction fits, Bitcoin is the new itching powder of the payments industry, according to Benjamin May and Marie, of Aramis Société d'Avocats. / read more

Following the success of the Data Protection in the Financial Services Sector 2011 event, in central London, on 12 October, E-Finance & Payments Law & Policy spoke with one of the key speakers, Alfredo Della Monica, Counsel at American Express and responsible for the company's EMEA data protection issues. / read more

After a year of wide-ranging discussions on a new legal framework for e-payments in Russia, a Federal law that establishes a regulatory payment structure has been adopted. Alexander Barmin, Victoria Bryxa and Alexander Shishlov, of SNR Denton in Moscow, analyse the new legislation and discuss a number of new issues arising in the online payments market in Russia. / read more

The Financial Crimes Enforcement Network, of the US Department of the Treasury recently issued two highly impactful regulations affecting money services businesses, including businesses located outside the United States. Chris Daniel, Ky Tran, Stanton Koppel and Todd Beauchamp, of Paul Hastings, analyse the new regulations and their impact on the American financial services industry, and whether US businesses as well as non-US money services will be affected by the new rules. / 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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