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Payments & FinTech Lawyer

Volume: 5 Issue: 11
(November 2011)


US-based First Data has become the first payment processor - and the 11th organisation in total, after the likes of Accenture and JP Morgan Chase & Co - to have its binding corporate rules (BCRs) approved by the UK Information Commissioner's Office, nearly four years after it launched the process. / read more

The UK Government announced on 3 November it is teaming up with 26 banks and businesses to create a new personal identity system for making transactions and payments on the internet. / read more

The European Payments Council (EPC) has fiercely criticised the influence of lobbyists in Brussels, who, according to EPC Chairman Gerard Hartsink, are 'fabricating issues'. / read more


US / read more

Many businesses, including those in financial services and payments, are waiting expectantly to see what is included in the draft proposals for the new EU data protection legal framework, which is expected to be published by the European Commission at the end of January 2012. / read more

Last year's legal reform of key elements of the financial sector, following the economic crisis, has changed the way some sectors do business, in the US. In particular, under the Durbin Amendment - a piece of legislation that reforms the debit card interchange fee system and promotes competition for payment processors - issuers of general purpose reloadable prepaid cards can structure their card programs to avoid the Amendment's interchange fee and transaction routing requirements, as Chris Daniel, Kevin Petrasic, Ky Tran-Trong and Stanton Koppel, of Paul Hastings, explain. / read more

In recent weeks, Rogers, a major Canadian telecommunications company, applied for a banking license under the Canadian federal Bank Act. The application was made public on the federal government's 'Canada Gazette'. If approved, the new bank operation would operate under the name 'Rogers Bank' in English Canada and 'Banque Rogers' in Quebec. Public response to the application must be submitted to the Office of the Superintendent of Financial Institutions (OFSI) by 24 October. Martin P.J. Kratz, QC, Partner at Bennett Jones LLP, discusses why and how companies not traditionally associated with the provision of financial services are seeking to expand their offering in those particular markets. / read more

When it comes to requirements relating to security, there has always been a grey area between security requirements and legal and regulatory requirements. Many security professionals find themselves in the midst of regulatory compliance efforts without the assistance of legal input. The key question in these circumstances is whether the business is taking 'legal risk' into account as security professionals make their decisions and take security-related actions. One of the relevant security requirements for online businesses is the Payment Card Industry Data Security Standard (PCI DSS). In the first part of this article, Dr Sam De Silva, Partner at Manches LLP, provides a legal background and overview of PCI DSS. / read more

Is it only a matter of time before the the non-regulated payments systems come to an end? The likes of 'alternative' payment methods such as virtual currencies, Bitcoins or peer-to-peer currencies may be more flexible and unregulated but it is precisely this flexibility that could be the downfall for the networks they operate on and for the consumers who use them. John France, Managing Director of eWise's European Payments Division, discusses why he believes the end of unregulated payment methods could be sooner than we think. / read more

Mobile banking and online services are more and more used by consumers in the UK but have still not reached the criticial level that would ultimately lead to mass-adoption. Paul Berney, Chief Marketing Officer and Managing Director for Europe, the Middle East and Africa at the Mobile Marketing Association, discusses the market's current state of play and examines the future of mobile banking services. / read more

The German Government has proposed changes to the anti-money laundering (AML) regime for German banks and e-money institutions ('EMIs'), and for German distributors of e-money issued by foreign banks and EMIs. / read more

The more sophisticated the technology used in the internet gaming industry gets, the more advanced the levels of fraud become. From card fraud to identity theft and misrepresentation, providers have had to adapt the way they manage their businesses, their customer identification procedures and their fraud prevention tools. Andre Malinowski, Senior payment Consultant at Innopay, examines the main challenges the online gaming industry faces when it tackles the issue of fraud. / 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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