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Payments & FinTech Lawyer

Volume: 7 Issue: 11
(November 2013)


The EU Council of Ministers published amendments to the proposed Payment Accounts Directive on 28 October, which includes the obligation that PSPs provide consumers with access to ‘a payment account with basic features’ in the Member State in which they are operating and excludes online e-payment account providers from the scope of the Directive. / read more

Consultation closed on the Central Bank of Kenya’s draft National Payment System Regulations 2013 on 18 October, which would require all electronic retail payment service providers to operate open systems ‘capable of becoming interoperable with other payment systems in [Kenya] and internationally,’ threatening the dominance of Safaricom, operator of mobile money service M-Pesa. / read more

The Payment Card Industry Security Standards Council (PCI SSC) published on 7 November Version 3.0 of the Payment Card Industry Data Security Standard (PCI DSS), drawing comments that some areas of security remain neglected by PCI DSS. / read more


Recently, the UK Government has identified cyber crime as a Tier 1 threat to national security, which is the same rating given to terrorism. The Financial Times reported in July 2013 that MI5 and GCHQ sent letters to all the FTSE 350 companies in Britain with an offer to assess each company's cyber defences. This new initiative has been labelled the Cyber Governance Health check and will expand on the current Cyber Security Strategy. This follows a report by KPMG, which said that all of the FTSE 350 companies are currently leaking data that can be used to obtain and control intellectual property, participate in fraudulent activities and ultimately ruin the reputation of a company. / read more

On 24 July, the Commission published a proposal to regulate interchange fees for card-based payment transactions. Andrea De Matteis of De Matteis Studio Legale, predicts the potential impact on consumers and competition. / read more

Amendments to the proposed Payment Accounts Directive could mean that almost all providers of accounts will be obliged to accept customers for 'basic' accounts regardless of their financial history. Proposed amendments published by the EU Council of Ministers on 28 October 2013 extend the scope of the proposed Directive, making an exception only to exclude online e-payment accounts providers. / read more

The regulatory structures which regulate industry participants in the fields of online payments, e-money and associated stored value facilities are unified by common themes, arguably the most important of which are consumer protection, AML, and the allowance of innovation. Jonathan Kutner and Jeffrey MacDonald, of global payment provider and processor hyperWALLET Systems Inc., compare how three jurisdictions - the UK, the US and Singapore - approach e-payment regulations in relation to these three themes. / read more

In August the German Federal Ministry of Finance issued a public opinion on Bitcoin, which deem the virtual currency 'private money' and as 'units of account' according to the German Banking Act. Dr. Christian Schmies and Heinrich Nemeczek of Hengeler Mueller, Frankfurt, discuss the implications of such a definition. / read more

From humble beginings as a matrix barcode for the Japanese car industry, QR codes are being touted as a major proximity technology for mobile payments, illustrated by the successful rollout of a QR-based mobile payments card by Starbucks. Brian Doyle, Managing Director of Yodo Inc., a Canada-based mobile payments platform provider that has developed a QR-based product called Yodopay, explains the possible role for QR codes in driving mobile payments forward and shares his views on why QR codes are better than NFC. / read more

Recent news stories have reported on the increasing ways in which the data collected about individuals is being used by companies in the financial services sector. For instance, in June it was reported that Barclays Bank had amended its terms and conditions in order to make effective use of its collected 'big data.’ Such headlines may cause concern, but big data can be harnessed to aid customers of financial services. Sue Gold of Osborne Clarke analyses the uses of big data by the financial services sector, and reviews the concerns involved. / 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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