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Payments & FinTech Lawyer

Volume: 9 Issue: 4
(April 2015)


The UK’s new Payment Systems Regulator (PSR), which launched on 1 April, published on 25 March its Terms of Reference for its first two market reviews, which it will conduct later in 2015; one is a review ‘into the supply of Indirect Access to payment systems’ and the other a review ‘into the ownership and competitiveness of infrastructure provision.’ / read more

The UK government announced on 18 March, in its response to its call for evidence on digital currencies, that it will apply AML regulations to UK digital currency exchanges, with the aim of fostering innovation and combating criminal use. / read more

New rules relating to data protection within mobile payments, issued by the Italian Data Protection Authority (the Garante), came into force in Italy on 1 April. The rules stem from a Garante Resolution of 22 May 2014, and apply to merchants, telecommunications providers, and technology aggregators and hubs. / read more


On 18 March HM Treasury announced a package of measures - in ‘Banking for the 21st Century: driving competition and choice’ (the ‘HMT Paper’) - that aim to promote further competition in the banking sector. Nikki Johnstone and Ben Regnard-Weinrabe of Paul Hastings discuss the specific proposals put forward in the HMT Paper. / read more

While the dust has settled slightly after the announcement of Apple Pay, the product is set to launch in Europe at some point in 2015, according to media reports. Yet this is far from the only major event on the payments horizon; for example the European Banking Authority issued its final guidelines on the security of internet payments in December 2014, to come into force in August this year. Fiona Ghosh, Partner at Addleshaw Goddard and newly appointed member of the E-Finance & Payments Law & Policy Editorial Board, takes a look at both Apple Pay as well as some of the other recent and upcoming developments that are of considerable importance to the payments industry. / read more

Korea’s financial technology (‘FinTech’) sector is forecast to grow substantially in the near future, and aspects of the sector - such as e-payment systems - are currently a hot topic in the country. Given the potential, Kwang Bae Park of Lee & Ko examines the current regulatory climate for FinTech in Korea, the movement towards deregulation, and whether certain types of FinTech business, such as P2P lending, are possible in Korea. / read more

The UK Financial Conduct Authority’s (‘FCA’) Chief Economist’s Department has recently released a research paper looking at how annual summaries, text alerts and mobile banking (‘m-banking’) apps impact on the personal current account industry in the UK. Notably, the FCA has, inter alia, found that m-banking apps appear to reduce the amount of unarranged overdraft charges incurred by customers. Tim Wright, Partner at Pillsbury, reviews the research paper and its findings, and looks at how this might shape future FCA policy in this area. / read more

On 10 March the European Payments Council (‘EPC’) and the Cards Stakeholders Group (‘CSG’) published Version 7.05 of the Single Euro Payments Area (‘SEPA’) Cards Standardisation Volume for consultation. Dr. Nathalie Moreno, Partner at Charles Russell Speechlys LLP discusses the proposed infrastructure and the focus on remote payments. / read more

The National Payment Commission of India (‘NPCI’) has implemented a ‘Unified Payment Interface’ (‘UPI’) to help consolidate payment systems in India. The UPI uses a single application programming interface (‘API’) - with a series of supporting APIs - to allow users to utilise their mobile phone as the primary device for all payments. The initiative could significantly bolster the use of m-payments in India, as Satish Padhi and Vaibhav Parikh of Nishith Desai Associates explain. / read more

With the Second Payment Services Directive (‘PSD2’) expected to be finalised this summer, Eimear O’Brien of Berwin Leighton Paisner LLP provides a practical guide to PSD2 for firms operating in the payments industry. / 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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