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Payments & FinTech Lawyer

Volume: 6 Issue: 2
(February 2012)


The European financial services industry has welcomed the migration deadline for the Single European Payments Area (SEPA). The European Parliament (EP) adopted on 14 February the 'Regulation Establishing Technical Requirements for Credit Transfers and Direct Debits in Euros' (CTDD), which includes the legally binding deadline of 1 February 2014, as proposed by the European Council in 2011. For non-euro countries, such as the UK, this is 31 October 2016. / read more

Fifteen of the world's largest financial institutions , including the Bank of America, Fidelity Investments and PayPal, have teamed up with a number of web companies to form a technical working group called '' (Domain-based Message Authentication, Reporting & Conformance), the companies announced on 30 January. / read more

Google has temporarily disabled the provisioning of pre-paid cards for its mobile wallet, as of 11 February 2012, after researchers found a number of security flaws in the application. / read more


Australia / read more

Further to our editorial in December 2011, the European Commission on Wednesday 25 January 2012 finally released its official proposal for an EU Regulation on Data Protection (the 'Regulation'). The Regulation will have a significant impact on financial services and payments businesses either established in the EU or that have EU customers. The official proposal makes a number of changes from the 'leaked' text that was released towards the end of last year in a number of the controversial areas, including enforcement, territorial scope and security. The rest of the proposal to a large extent remains the same. / read more

The European Commission's Green Paper is open for consultation until 11 April 2012 and seeks to ask stakeholders how a fully integrated payments market might be achieved. Highlighting a number of obstacles to integration, the Green Paper presents an opportunity for players to influence EU policy on the future regulation of the payments market. John Worthy and Nick Pimlott, of Field Fisher Waterhouse, discuss the obstacles and share their thoughts on integration. / read more

The European legislator has established mandatory deadlines for migration to the Single European Payments Area (SEPA) in February 2012, which will set a real date for European and global integration to the European payments market. Gerard Hartsink, Chairman of the European Payments Council, explains the new SEPA regulation and the decision making process behind the European Commission. / read more

The mobile phone and especially the smartphone have become a crucial part of many people's lives and a crucial component of many businesses. Enabling users to tweet, call, blog and text, the smartphone represents opportunities for payment providers and those requiring payment services to develop their existing portfolio of payment methods. Mark Taylor, Mark Reynolds and Ben Regnard-Weinrabe, of Hogan Lovells, look at the main considerations for businesses looking to undertake a new mobile payments venture. / read more

Alongside the continued growth of online retailing, online fraud is similarly on the rise. Shane Fitzpatrick, Managing Director of Chase Paymentech Europe, explains the findings behind recent independent research aimed at exposing the realities of online fraud and evaluates the risks posed by fraudulent activity to mid-sized and large companies. Chase also examines the fraud prevention options available to companies looking to combat fraud risk more effectively, whilst maintaining a loyal customer base. / read more

After much debate and delay the Bribery Act 2010 finally came into force in July 2011. Amid a number of prosecutions, prosecutors and regulators are working together to tackle bribery and corruption. Simon Airey and Debra Baynham, of DLA Piper's Compliance and Investigations division, discuss the impact of the Act so far and what this means for businesses in 2012. / 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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