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Payments & FinTech Lawyer

Volume: 5 Issue: 3
(March 2011)


The European Commission's (EC) plans to regulate the European payments landscape are facing growing opposition from the European banking and payments industry. / read more

The Italian State Police has entered into a three-year collaboration with SIA-SSB, an Italian-based organisation which provides IT services for payment systems worldwide, to combat online attacks against the company's IT infrastructure. / read more

Two leading telecommunication operators in Japan and South Korea have agreed to create a cross-border near-field communication (NFC) infrastructure to promote 'mobile payments, mass-transit ticketing and promotional coupons'. / read more


EU / read more

In October last year, we discussed the proposal for a mandatory end-date for migration to the Single European Payment Area (SEPA). Further interesting developments in relation to SEPA have been seen at the end of last year and the beginning of this year. The EU Commission, in December 2010, published a proposal for an EU regulation establishing technical requirements for credit transfers and direct debits in euros. On 14 March 2011, the European Payments Council (EPC), representing the European banking industry in relation to payments, published its annual activity report 2010 - 'Driving Forward the SEPA Vision'. / read more

Near field communication (NFC) payments have been around for some time now, and their uptake has been slowly developing and penetrating increasing business areas. E-Finance & Payments Law & Policy talks to Sirpa Nordlund, Mobey Forum's recently appointed Executive Director, regarding the challenges of NFC systems as well as their potential for the future development of payments. / read more

The US Senate approved the Durbin Amendment to the Restoring American Financial Stability Act in May 2010, thereby changing the regulatory framework for the fees that card networks charge for payment transactions. Steve Bartlett, President and CEO of the Financial Services Roundtable, explains why this piece of legislation could potentially jeopardise the future of the card industry. / read more

Figures show that despite 50% of consumers admitting to worrying about card fraud, a bigger proportion does not take sufficient measures to protect their card and bank details. Andy Morris, Financial Crime Solution Consultant at ACI Worldwide, a payment services organisation which recently released a survey on online banking fraud around the world, looks at the changing nature of financial crime as well as at the arsenal of counter-measures available to financial institutions and their customers in the fight against banking e-crime. / read more

The second e-Money Directive, which liberalises the creation and provision of e-money in the EU, has been praised for its future contribution to the facilitation of e-commerce. The consequences of the Directive authorising non-bank institutions to issue e-money are still unclear but Tom Frederikse, Partner at Clintons, discusses the Directive's scope as well as its expected impact on e-money in the EU. / read more

It is generally believed the era of cash is slowly coming to an end, as the use of electronic cards has been stronger than ever before and corporate cards are also on the rise. Frank B. Martien, Partner and Head of Commercial Card Practice at First Annapolis Consulting, explains how businesses travellers and the travel industry can benefit from the use of corporate cards. / read more

Despite criticism that the breaking up of the UK Financial Services Authority (FSA) would threaten the influence of the UK financial system in the European Union, the regulatory reform is going ahead imminently. The reform will divide the FSA's responsibilities between the Bank of England and some newly created, more targeted organisations, which will focus on accountability, transparency and consumer protection. Clare Burman, Director of the Financial Services and Funds Group at Field Fisher Waterhouse LLP, in London, discusses how this regulatory change will affect the market in practice. / read more

26-27 May 2011 | Dexter House, Central London / 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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