News & Analysis as of

Payment Systems Banking Sector

Mayer Brown

Recent Developments in the Payment Industry

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Join us for a new episode of Financial Services Focus with Mayer Brown Partner, David Beam, and Houlihan Lokey Managing Director, Kartik Sudeep. Beam and Sudeep discuss developments in the payments industry, including...more

A&O Shearman

Committee on Payments and Market Infrastructures Reports on Interlinking and Interoperability of Payment Systems

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The Committee on Payments and Market Infrastructures has published two reports to the G20 that offer key insights and recommendations on the interlinking and interoperability of payment systems to enhance cross-border...more

Eversheds Sutherland (US) LLP

Payment matters - October 2024

Upcoming global developments for the payment sector - Asia - 1. Hong Kong: Launch of Phase 2 of the e-Hong Kong Dollar Pilot Programme - On September 23, 2024, the Hong Kong Monetary Authority (HKMA) announced the...more

Hogan Lovells

Hogan Lovells PSD3 Impacts Report: Getting ahead of the evolving EU payments regulatory landscape

Hogan Lovells on

Given the sea change of payment services directive 2015/2366 (“PSD2”), one might expect the prospect of the proposed PSD3 and PSR to have psps groaning at the thought of yet more root and branch reg change projects. However,...more

A&O Shearman

UK Draft Payment Services (Amendment) Regulations 2024 Published

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HM Treasury has published a final draft version of the Payment Services (Amendment) Regulations 2024, enhancing efforts to address authorized push payment fraud. The draft Regulations amend regulation 86 of the Payment...more

A&O Shearman

UK Payment Systems Regulator Publishes Policy Statement Confirming the Maximum Level of APP Scam Reimbursement

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The Payment Systems Regulator has published a policy statement confirming the maximum level of Authorized Push Payment scam reimbursement. The statement follows the PSRs recent announcement confirming its decision to reduce...more

McGlinchey Stafford

Podcast: Deep Dive into Understanding Bank Partnerships in Payment Programs [More with McGlinchey, Ep. 73]

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In this latest installment of McGlinchey’s Deep Dive into Bank Partnerships Series, attorneys Amy Greenwood-Field, Aaron Kouhoupt, and David Tallman explore the complexities of payment programs involving partnerships between...more

White & Case LLP

Sector trends - September 2024: Payments

White & Case LLP on

Equity and debt cheques from financial sponsors fuel growth, with investment committee appetite across the full spectrum from Seed through to late stage / pre-IPO. The payments sector bucks the trend on IPOs. Current...more

A&O Shearman

UK Payment Systems Regulator Confirms Maximum Reimbursement Limit for Authorized Push Payment Scams Reimbursement

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On 25 September, the U.K. Payment Systems Regulator confirmed that the maximum reimbursement limit for victims of Faster Payments Authorized Push Payment scams will be £85,000. The PSR began consulting on reducing the...more

Hogan Lovells

APP fraud: UK PSR confirms reduced maximum level of reimbursement

Hogan Lovells on

After a short consultation period, the Payment Systems Regulator (PSR) has confirmed its decision to reduce the maximum level of reimbursement for the Faster Payments System (FPS) APP fraud mandatory reimbursement requirement...more

Hogan Lovells

APP fraud: UK PSR final policy on CHAPS mandatory reimbursement requirement

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The Payment Systems Regulator (PSR) has published a policy statement and final Specific Direction to banks and other payment firms participating directly or indirectly in CHAPS (the UK’s high-value payment system) to...more

A&O Shearman

UK Payment Systems Authority Consults on Draft Statement of Policy on its Cost Benefit Analysis Framework

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The Payment Systems Authority has published a consultation paper on a draft statement of policy on its cost benefit analysis (CBA) framework. The draft statement builds on and replaces the draft CBA framework published...more

A&O Shearman

UK Payments Regulator Consults on Reducing Maximum Level of Reimbursement for APP Scams

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Following feedback from industry and other stakeholders, the Payments Systems Regulator published a consultation paper on reducing the maximum level of reimbursement for the Faster Payments APP fraud reimbursement limit from...more

A&O Shearman

UK Financial Conduct Authority Reports on Payment Account Access and Closures

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This new report sets out four thematic findings from the follow-up work the FCA has carried out, which are as follows: The FCA summarizes its expectations of payment account providers, including in respect of the Consumer...more

Barnea Jaffa Lande & Co.

Israeli Capital Market, Insurance and Savings Authority Issues New and Revised Circulars

The emerging risks in the financial services market and the inception of the Regulation of Payment Services and Payment Initiation Law prompted the Capital Market, Insurance and Savings Authority (CMISA) to amend a series of...more

A&O Shearman

Regulatory monitoring: EU version Newsletter - July 2024

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1. Bank regulation - 1.1 Prudential Regulation - (a) General - (i) International - BCBS: Consultation on report regarding various technical amendments and FAQs - Status: Consultation - Deadline for the submission of...more

A&O Shearman

Regulatory monitoring - July 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) International - BCBS: Consultation on report regarding various technical amendments and FAQs - Status: Consultation - Deadline for the submission of...more

Hogan Lovells

APP fraud: UK PSR compliance / monitoring requirements and consumer comms guidance for October 2024

Hogan Lovells on

The Payment Systems Regulator (PSR) has published a policy statement (PS24/3) on compliance and monitoring under the Faster Payments System (FPS) APP fraud mandatory reimbursement requirement. The PSR has rowed back on some...more

Barnea Jaffa Lande & Co.

Israel: Opening Access to Payment Systems and Allocation of Identification Codes to Payment Service Providers

As part of its actions to increase competition in the payments market, and alongside the entry into force of the Regulation of Payment Services and Payment Initiation Law, 2023, the Bank of Israel has opened access to...more

Hogan Lovells

APP fraud: UK PSR draft guidance on distinguishing between APP scam claims and civil disputes

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The Payment Systems Regulator (PSR) is consulting on draft guidance to support payment service providers (PSPs) in their assessment of whether an APP scam claim raised by a consumer is not reimbursable under the new...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report Targets Games and Virtual Worlds - What Blockchain Game and Metaverse Companies Need to Know

The Consumer Financial Protection Bureau (“CFPB”) published a report on Banking in Video Games and Virtual Worlds (“Report”) that warns of greater scrutiny of and enforcements against the financial services offered in games...more

Hogan Lovells

APP fraud: UK PSR consults on CHAPS mandatory reimbursement requirement

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The Payment Systems Regulator (PSR) is consulting on a proposal to direct banks and other payment firms participating directly or indirectly in CHAPS (the UK’s high-value payment system) to reimburse their customers who have...more

A&O Shearman

UK Proposes Design of the Future Entity for UK Open Banking

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On April 19, 2024, the U.K.'s Joint Regulatory Oversight Committee published proposals on the design of the future entity for UK Open Banking. The JROC is composed of the Financial Conduct Authority, the Payment Systems...more

Goodwin

CFPB and European Commission Release Report Regarding “Critical” Priority Areas for Consumer Financial Protection Issues

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In April 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Commissioner for Justice and Consumer Protection of the European Commission (European Commission) announced that three meetings had been...more

Skadden, Arps, Slate, Meagher & Flom LLP

The UK’s Pursuit of Open Finance

In April 2024, the UK government reiterated its vision for open finance, with UK Economic Secretary Bim Afolami (MP) announcing the creation of the Open Finance Taskforce at the 2024 Innovate Finance Global Summit. The...more

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