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Payments & FinTech Lawyer

Volume: 8 Issue: 10
(October 2014)


HM Treasury launched a consultation into the designation of payment systems for regulation by the Payment Systems Regulator (PSR) on 14 October. The UK’s PSR will be responsible for regulating payment systems that are designated by HM Treasury; the regulation will become effective from 1 April 2015 when the PSR becomes fully operational. / read more

The Superintendent of New York’s Department of Financial Services (DFS), Benjamin Lawsky, announced on 6 October that he plans meetings with financial institutions to discuss cybersecurity, adding that DFS will have a particular focus on cybersecurity in 2015. / read more

The EU Council of Ministers’ presidency published on 12 September its compromise text for the Second Payment Services Directive (PSD2), inter alia recommending that payment service providers (PSPs) use ‘strong customer authentication’ including when ‘[registering] sensitive payment data to be used in a wallet solution.’ / read more


Few can have missed the announcement of Apple Pay, Apple’s new mobile payment and digital wallet service that will enable users to make contactless payments through their Apple iPhone 6 or iWatch device. Industry speculation is rife as to the impact Apple Pay will have on the mobile payments sector, and whether it will indeed be a game-changer. However, at present Apple Pay is only set to launch in the US, with an EU launch likely to follow. In this article, Fiona Ghosh and Laura Scaife of Addleshaw Goddard LLP examine some of the potential regulatory issues for Apple Pay in any European launch as well as the commercial factors behind Apple Pay’s potential success. / read more

The UK’s new Payment Systems Regulator (‘PSR’) will be operational by 1 April 2015 as an independent subsidiary of the Financial Conduct Authority (‘FCA’). Lucy Frew and Lina Monten-Lister of Kemp Little LLP consider the insights provided on the PSR by Hannah Nixon, its Managing Director, at a roundtable discussion held in September. / read more

In September, the staff of the Federal Trade Commission’s (‘FTC’) Bureau of Consumer Protection submitted comments to the Consumer Financial Protection Bureau (‘CFPB’) in response to the CFPB’s ‘Request for Information’ (‘RFI’) issued in June 2014. The RFI sought comment on the use of mobile financial services by consumers and ‘economically vulnerable populations’ to access products and services, manage finances, and achieve their financial goals. The FTC staff asserts that mobile technologies can benefit consumers in many ways, most notably by making financial transactions convenient. With ease, consumers can check their bank balances and make purchases. For ‘unbanked’ consumers, having charges placed on their mobile phone bills can be especially helpful. By Michelle Cohen of Ifrah Law. / read more

We now have at our fingertips a great choice of mobile payment solutions (‘Solutions’) enabling us to make contactless payments, person-to-person (‘P2P’) payments, payments remotely over the internet or GSM, and even to create a virtual version of the wallet in our back pocket - but what distinguishes a successful Solution? In an increasingly competitive market evolving at such a rapid pace, businesses looking to launch a credible Solution have to make a significant investment in time and resource, so what can the players in this space, new and old, do to set their Solution apart? Miah Ramanathan and Ben Regnard-Weinrabe of Paul Hastings (Europe) LLP, look into the ingredients of a successful Solution and whether these are more easily achieved through collaboration between players in the market or going it alone. / read more

Like many countries across the world, France has been grappling with the issue of how to handle virtual currencies, in particular Bitcoin. In July, the French Senate produced a report entitled ‘Regulation in the face of innovation: public authorities and the development of virtual currencies,’ which analysed the benefits and risks of virtual currencies and made proposals as to their legal status. Benjamin May and Agathe Lara of Aramis Law discuss the report and France’s position with respect to the regulation of virtual currencies. / read more

Australia has found that rapidly evolving technologies and new market participants are testing its regulatory regime, which primarily dates back to the 1990s. Tony Coburn of Herbert Smith Freehills discusses why it may be time to reconsider the current requirement for offerors of some payment services to hold an Australian Financial Services Licence (‘AFSL’). / read more

Nola Rooney Bencze and Justin Pierce Berutich of Buchanan Ingersoll & Rooney PC, discuss in detail the situation in the US in regards to who bears the brunt of losses associated with fraudulent commercial bank transfers and the case law illustrating the importance of tailored security procedures. / read more

The National Payments Corporation of India (‘NPCI’), which is a Reserve Bank of India (‘RBI’) authorised Payment Systems Operator, recently executed agreements with thirteen major Indian telecom companies for the provision of Immediate Payment Services (‘IMPS’) on the National Unified Unstructured Supplementary Service Data (‘USSD’) Platform, extending the service to Indian banks. The RBI had first recognised and authorised NPCI as the Payment Systems Operator under the Payment and Settlement Systems Act 2007 for IMPS on 12 October 2010. By Salman Waris of Seth Dua & Associates. / 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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