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Payments & FinTech Lawyer

Volume: 8 Issue: 3
(March 2014)


News

The People’s Bank of China (PBOC) has suspended the issuance of virtual credit cards and mobile payments until further notice because of safety concerns. The Deputy Chief of the Department of Settlement of the PBOC, Zhou Jinhuang, explained in a press interview on 14 March that m-payments and virtual credit cards are not covered by existing laws and regulations and so China’s central bank must assess the risks faced by customers using these new products and services. / read more

The Financial Conduct Authority (FCA) published on 5 March a ‘Call for Inputs’ from industry on issues facing the payments sector to aid in shaping the role of the payment systems regulator (PSR), operational as of 1 April 2015. / read more

The UK’s Payments Council announced on 10 March that its mobile-to-mobile payments service, which allows users to send money using just the recipient’s mobile number and which has been created in collaboration with numerous major banks, will be called Paym and launch this spring. / read more


Features

Javier Santamaría, Chair of the European Payments Council, discusses the reasons behind the additional transition period for migration to SEPA and provides details on the EU legislative process that must be concluded for the additional transition period to take effect. / read more

In February the Bank of England published a report on ‘Waking Shark II’ – a desktop ‘war game’ scenario aimed at testing the readiness of the banking sector to cyber-risk in real-time. In this article, Steven Francis, Partner at Reynolds Porter Chamberlain, shares his thoughts on Waking Shark II and examines what factors might create difficulties for banks in forming a coordinated response to cybercrime. / read more

Since August 2011, the mobile network operator Econet Wireless has offered its mobile payment service, Ecocash, in Zimbabwe. Despite handling a large number of transactions since its inception, Ecocash is arguably for the most part unregulated. This could soon change, as competition in Zimbabwe’s m-payments market is beginning to emerge in the shape of Telecel and its Telecash product, while the country’s banks have called for the regulation of the m-payments/m-banking sector. Vulindlela B. Sibanda and Sharon Bwanya, of Mawere & Sibanda Legal Practitioners, explain the current situation in the Zimbabwean mobile payments sector, and discuss the likelihood of m-payment regulation in the near future. / read more

On 5 February 2014, the European Central Bank (‘ECB’) published its opinion on the proposal for a directive on payment services in the internal market (COM (2013) 547/3) (‘PSD2’), following a request from the Council that it examine the draft text of the legislation. In this article, John Worthy and Clare Burman of Field Fisher Waterhouse LLP consider the ECB's comments and how they are likely to impact on the final text of PSD2. / read more

Launched in 2008 by a group of banks, retailers, and vendors to address the user authentication issues inherent in face-to-face payments, mobile wallets, and online, the Natural Security Alliance has developed a standard for authentication in online and face-to-face transactions, which works without, it says, compromising security or privacy. André Delaforge, Marketing Manager at the Natural Security Alliance, explains why a strong authentication standard is indispensable for markets and institutions, and describes the main characteristics of such a standard. / read more

As of 1 January 2014, a supervisory framework was incorporated in to the existing Dutch Financial Supervision Act (Wet op het financieel toezicht; the ‘DFSA’) pursuant to which the activities of payment processors are regulated in the Netherlands. Payment processors will have to comply with provisions, which apply to (a) all financial undertakings falling within the scope of the DFSA and (b) to provisions that apply to payment processors only. Adam Pasaribu, Advocaat at Bird & Bird LLP, provides an outline of the supervisory framework. / 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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