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Payments & FinTech Lawyer

Volume: 6 Issue: 6
(June 2012)


The financial crisis and the uncertainty about the future of the Euro puts progress of ambitious European payment integration plans, such as the Single European Payments Area (SEPA), increasingly under pressure. "The Spanish bail out and discussions about deeper Eurozone integration may slow down SEPA," said Michael McKee, Partner at DLA Piper in London, while Mark Taylor, Partner with Hogan Lovells, thinks that "the focus and priority of regulators and governments is inevitably drawn elsewhere. There is a risk that this may lead to a slower rate of progress." / read more

The European Commission (EC) proposed on 4 June new rules to enable secure crossborder electronic transactions across Europe as part of its Digital Agenda. The proposal requires countries within the EU to recognise the validity of e-ID cards from other Member States and requires those Member States that opt-in to set up independent supervisory bodies to evaluate verification technology for e-signature and website authentication. / read more

Consumers are increasingly using cash to make payments in store in order to keep track of their spending, the British Retail Consortium (BRC) said on 8 June. "Customers are more likely to be paying with cash", said Tom Ironside, Director Business and Regulation at the BRC. "They have less money. They are buying things only as and when they need them, and spending less each time." / read more


India / read more

App-commerce, e-coupons, virtual goods, mobile payments; there are many new forms of business succeeding online right now. These new forms are being adopted by very different operators to target several markets in a variety of sectors but they all have one thing in common: anyone wanting to operate them in the UK or the rest of the European Union needs to understand the rules on electronic money. / read more

Electronic invoicing has become common practice in the United States and an increasing number of companies in the UK and throughout Europe are delivering bills electronically. Bryan King, an independent e-billing consultant who previously worked for Linklaters, Lovells and Clifford Chance, discusses the latest developments in relation to electronic billing and examines the differences between the US and European e-billing experience. / read more

The invention of the smart phone has presented businesses, especially retail banks, with direct channels to better engage with and empower customers in their everyday lives. A lack of trust has blighted the financial services industry since the financial crisis, so the possibilities inherent within mobile channels present a real opportunity for banks to rebuild this trust through positive communication. Roger Peverelli, Partner at VODW, and Reggy de Feniks, Partner at 9senses, discuss the current trends in the uptake of mobile channels within the financial services industry and examine how the smart phone reshapes the retail banking ecosystem. / read more

Michiel Willems spoke to Jake Berry, Member of Parliament for Rossendale and Darwen, and a former City solicitor, on the government's role in developing and regulating the mobile phone industry, broadband issues and the future of the UK's online infrastructure. / read more

In the final instalment of the two-part article on the mobile payments industry in the UK, Jonathan Bye and Carlo R.W. de Meijer, of the Royal Bank of Scotland, analyse the other side of the coin - the inhibitors to widespread consumer adoption of mobile payment technologies, the lack of standardisation and the regulatory hurdles and significant collaboration attempts that may very well stifle competition within the industry. / read more

In the first of a two part series, Michiel Willems and Sophie Cameron, spoke to Darren Hodder, Director at Fraud Consulting Ltd, about what appears to be a significant increase in fraud and cybercrime, the use of fraud statistics, and the role of businesses in developing robust fraud strategies. / read more

Crowdfunding, the collective pooling of resources to support efforts such as the funding of new business, is not new. However with the support of the internet, crowdfunding has been transformed and sites are popping up more and more, particularly in the United States, dedicated to crowdfunding. Following the amendment of the US Securities Act in April of this year raising capital through crowdfunding is set to really make a difference, as Bennet Kelley, Founder of the Internet Law Center, discusses. / 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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