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Payments & FinTech Lawyer

Volume: 5 Issue: 6
(June 2011)


Three major US banks have come together to create an online platform that would enable users to transfer money to each other via their online bank account using an email address or a mobile phone number. / read more

UK banks are developing a system that would allow British customers to transfer money between accounts from different banks by using their mobile phones. / read more

The Chinese Government launched the China Payment and Settlement Association (CPSA) on 23 May, a payment clearing association set up to develop China's payments industry. / read more


USA / read more

On 23 May 2011, major cross-border European web merchants and their representative ecommerce member organisations gathered in Barcelona to discuss the E-Payments Merchant Initiative ('the EMI') and issued a second draft version of the positioning paper on online payments in Europe ('the Paper'). The EMI is a merchant-led initiative that aims to improve the quality of online payment services. The final version of the Paper will be published mid-June 2011. / read more

Europe and Asia are far ahead of the US when it comes to the development and implementation of mobile payments. A whole market of new actors have appeared in this industry, from Google's recent 'Wallet' payment service to rival giants Facebook and Paypal. In this perspective, the role of banks is in danger of being redefined by other, newer and more aggressive mobile providers, who could take away the intermediary status of banks in the financial sector. Richard K. Crone, CEO and Founder of Crone Consulting, explains why banks in the US need to act quickly to secure a place in the ever-growing mobile payments market. / read more

As banks review their business following the financial crisis, card processing has been identified by some as having potential for greater revenue generation. To date, banks have approached two different strategies for card processing: many banks have outsourced their card processing, as the function has been viewed as a commodity, generating little additional value. By contrast, other banks have chosen to keep this function in-house, but in doing so, have become weighed down by multiple legacy card systems that reduce their ability to innovate. / read more

Mobile payments are on the rise in the developing world and provide an alternative for many unbanked communities. However, even if the development of a mobile payment and transfer system for the 'unbanked' is essential, there are still some challenges to creating and positioning such a business, like creating consumer awareness and, ultimately, trust. Ignacio Mas, Senior Advisor at the Bill & Melinda Gates Foundation, explains how and why financial services and banking infrastructure are spread out across the developing world through the use of mobile phones. / read more

On 30 April 2011, the Second Electronic Money Directive of the European Union (2EMD), was implemented in the UK through the Electronic Money Regulations 2011 (EMRs). 2EMD repealed the original Electronic Money Directive and is likely to cause significant shifts in the prepaid landscape in the UK and across Europe. At the same time, the sleeping giant of the payments world, m-payments and, particularly, the 'holy grail' of mobile payments, mobile NFC (near field communication i.e. 'contactless' or 'tap-and-go'), appears to be stirring. Kate Johnson, Solicitor at Osborne Clarke, examines how 2EMD will change the regulatory landscape for electronic money in the UK and across Europe and how may this affect the development of mobile NFC payment initiatives. / read more

The global financial crisis has left banks in Asia Pacific relatively unscathed. In the retail space, strong balance sheets have given leading domestic banks the opportunity to acquire other institutions, achieve scale and invest in new services. Payments are at the heart of these activities. Here, Richard Davies, Director of APAC at Logica's Global Products Business, examines the developments in payment infrastructures and looks at the strategic direction the region's banks are taking. / read more

These days, there is a fair amount of excitement being generated around new entrants to the electronic payments space. In the US, the long-awaited turn toward mobile payments may have finally arrived and the market for e-billing, e-invoicing and data management in the financial sector seems to have exploded. Most of the participants in these areas have been start ups or spin offs of other enterprises, and all seem to be in search of investment money and strategic partners. The 'gold rush' is somewhat reminiscent of the dot-com boom of the late 1990s and many of the current entrepreneurs were not active when the earlier boom burst. The last ten or so years has produced a new crop of investment sources - private equity funds and venture investors searching for the tech/financial services combo as well as technology-oriented companies looking for new but compatible market expansion. Brian Smith, Partner at Latham & Watkins, examines the issues surrounding the creation of a company focused on financial services. / 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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