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Payments & FinTech Lawyer

Volume: 9 Issue: 2
(February 2015)


News

The UK Treasury published on 28 January a call for evidence on data sharing and more open data in banking, which in particular seeks comment on how an open standard for application programming interfaces (APIs) could be delivered in the sector, enabling third parties to access banks’ customer data, in order to produce services utilising that data. / read more

The UK’s Financial Conduct Authority (FCA) published on 3 February a review of its regulatory regime for investment and loan-based crowdfunding, following the regime’s implementation last April; the review inter alia highlights the FCA’s concerns around disclosures made by crowdfunding platforms about risk. / read more

According to a statement issued by the China Banking Regulatory Commission on 12 February, the implementation of new cyber security regulations that would require overseas suppliers of technology to Chinese banks to hand over the source code, be audited by Chinese authorities and adopt Chinese encryption algorithms, has been postponed. / read more


Features

The text of Europe’s 4th Money Laundering Directive (‘4MLD’) was agreed by the European Parliament and the European Commission in December 2014 and published on 13 January 2015. The shape of the 4MLD and its possible impact can now be readily anticipated. Simon Airey and Francesca Ingram of DLA Piper discuss some of the more controversial aspects of the 4MLD and the possible impact it may have on financial services businesses. / read more

The UK Payments Council, as part of its work in delivering world class payments for the UK, announced in December 2014 that it is committed to exploring options around the use of richer data. Already, research has indicated a range of uses for richer data in payments, as well as benefits such as potentially reducing costs for government. Tim Yudin, Director of Collaboration and Change at the Payments Council, describes the use of richer data in payments and the way ahead for the successor to the Payments Council. / read more

Back in October 2014, a routine session in a China State Council meeting came to the conclusion that the bank card acquisition and settlement market in China should be opened up to allow domestic and foreign investors to apply to establish bank card acquisition and settlement businesses in China. While foreign bank card network companies reacted positively to this news, Vincent X. Wang, Partner at Davis Wright Tremaine, asks in this article if this development is really worth celebrating, and analyses in doing so both the context of the move and the impact that such an opening up of the bank card network could have on the existing market players, such as China UnionPay and third party payment processors active in China. / read more

The UK Financial Conduct Authority’s Innovation Hub, part of its wider ‘Project Innovate’ programme, has been up and running now for a full calendar quarter. David Futter and Fiona Ghosh of Addleshaw Goddard’s Digital Innovation Team take the opportunity to reflect on the regulator’s objectives and progress made so far, and also explain why they expect that the Innovation Hub is here to stay. / read more

In their World Payment Report 2014, RBS and Capgemini outline key areas of focus for the payments industry in the medium and longer term, which includes real-time payments. While overall the Eurozone is behind in this area, the Euro Retail Payments Board (‘ERPB’) recently stated the need for the Eurozone to focus on real-time payments, and invited the European Payments Council (‘EPC’) to participate. Carlo R.W. de Meijer and Petra Plompen of RBS discuss the challenges of working towards real-time payments in the Eurozone. / read more

Before Christmas, the trilogue between the European Commission, the European Parliament and the Council resulted in the final compromise text for a Regulation on Interchange Fees for Card-Based Payment Transactions (the ‘MIF Regulation’). This text has now been approved by representatives of both the Council (on 21 January 2015) and MEPs (on 27 January 2015). By John Worthy and Clare Burman of Fieldfisher, London. / read more

During NACHA’s annual payments conference in March 2014, NACHA, jumping on the bandwagon of immediate gratification, announced its proposal for same day settlement of ACH transactions. What that means is that banks would be required to make funds available to consumers on the same business day, if a transaction is flagged as a ‘Same Day ACH.’ It is important to note that the proposal governs only settlement - the movement of funds between financial institutions. It does not cover authorisations or posting (crediting of funds to a recipient’s account). By Barrie VanBrackle, Partner at Manatt, Phelps & Phillips LLP. / read more

Oriol Pons, Innovation Strategist at BeeOne, the digital innovation unit of Erste Hub, and board member of the Mobey Forum, a global industry association empowering banks and other financial institutions to lead in the future of mobile financial services, provides his views on the digital banking evolution and what banks need to do to embrace the opportunities inherent in digital. / 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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