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Payments & FinTech Lawyer

Volume: 7 Issue: 5
(May 2013)


The EC proposed on 8 May a Directive to increase the transparency and comparability of payment account fees, simplify account switching and improve cross-border access to basic payment accounts, which has been met with ‘serious concerns’ from the European Banking Federation. / read more

In a 22 April ruling, the US District Court for the Southern District of Texas rejected a warrant request by the FBI to install spying software on a computer belonging to an unknown individual, who was suspected of attempted identity fraud, on the grounds that the suspect’s IP address was outside the US and due to concerns about excessive intrusion. / read more

Visa Europe (VE) announced on 14 May that it will heavily reduce its inter-bank fees for processing cross-border credit card payments by between 40 to 60 percent, in a move seeking to satisfy EC antitrust concerns. / read more


On 26 March 2013, in a significant policy change from its previously proposed strategy, HM Treasury published 'Opening up UK payments,' a consultation on its proposal to establish a competition-focused, utility-style regulator for retail payment systems. Al Mangan, Managing Associate at Addleshaw Goddard LLP, examines the new model put forward. / read more

A global retailer's recent lawsuit is the first to challenge fines assessed by credit card companies under the Payment Card Industry Data Security Standards1 ('PCI DSS'). / read more

In the wake of the Dodd-Frank Wall Street Reform and Consumer Protection Act and in light of the rapid pace of innovation in the online and mobile payments industry, those involved in payment systems need to understand the US regulatory scheme for privacy and data security under which they operate. Additionally, those involved in the payments process need to understand which regulators have regulatory, examination, and enforcement authority with respect to each law, as Elizabeth E. McGinn, James T. Shreve and Alexander D. Lutch of BuckleySandler LLP discuss. / read more

In April of this year, the Financial Conduct Authority (FCA) published its 2013 Risk Outlook and business plan, which sets out areas that the newly created FCA will focus on over the course of this financial year. One of these areas of focus is technology risk, and the FCA has designated a number of technology-driven risks as requiring its attention in the short term. John Worthy, a Partner at Field Fisher Waterhouse, describes the technology risks highlighted in the FCA's report and examines what we can expect from the FCA. / read more

Recent action by the Federal Trade Commission against a third party processor found to be processing transactions for a merchant engaged in wrong-doing, indicates the necessity of processors employing adequate due diligence and monitoring to avoid being liable for merchant actions. Barrie VanBrackle of Manatt, Phelps & Phillips LLP, examines best practices to avoid such scenarios. / read more

A decision of the European Patent Office's Technical Boards of Appeal (Decision T 0844/09 of 5 February 2013) has granted PayPal a European patent for its verification process, which checks whether a person is authorised to use a financial account. / read more

Anti-money laundering (AML) is currently a hot topic in Ireland with the recent amendments to Irish legislation, international standards and proposed amendments to European legislation, as well as increasingly active oversight and enforcement from the Central Bank of Ireland. Robert Cain, a Partner in Arthur Cox's Financial Services Regulatory practice, discusses the recent changes, the Central Bank of Ireland's criticisms of AML controls in Ireland, and further amendments on the cards. / read more

Recent proposed guidance released by the Federal Financial Institutions Examination Council (FFIEC), in connection with financial institutions' use of social media, has sparked much conversation within the banking industry about the impact on social media strategies. How are banks using social media and to what degree? / 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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