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Payment Systems Financial Services Industry

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

Hogan Lovells

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

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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

Hogan Lovells

UK APP fraud: What in-scope PSPs need to know about the new mandatory reimbursement regime

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Over the past few years, the Payment Systems Regulator (PSR) and Bank of England (BoE) have published a huge number of consultations, guidance documents and specific directions outlining the requirements under the new regime...more

A&O Shearman

HM Treasury Consults on Regulating Buy Now Pay Later

A&O Shearman on

HM Treasury has begun consulting on draft legislation regulating Buy Now Pay Later. HM Treasury is proposing to bring forward secondary legislation that would bring BNPL into Financial Conduct Authority regulation as soon as...more

Arnall Golden Gregory LLP

Fiserv’s Georgia MALPB Charter: Implications for the Payments Industry

Fiserv’s journey to obtain a Merchant Acquirer Limited Purpose Bank (“MALPB”) charter in Georgia stands out for its speed and efficiency. After submitting its application in January 2024, Fiserv received its charter on...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

Hogan Lovells

UK APP fraud mandatory reimbursement regime: Next steps for PSPs and overview of key publications

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With the new mandatory reimbursement requirements for Faster Payments and CHAPS now in force, we provide a quick reference guide to the key publications to date. As in-scope payment service providers (PSPs) move into the...more

Alston & Bird

The UK Introduces a New Reimbursement and Compliance Monitoring Regime for Authorised Push Payment Scams

Alston & Bird on

Our UK Financial Services Group examine the UK’s new mandatory reimbursement rules that will require payment service providers (PSPs) to reimburse victims of scam transactions....more

McGlinchey Stafford

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

McGlinchey Stafford on

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

Arnall Golden Gregory LLP

Illinois Interchange Fee Prohibition Act: The Bill and the Backlash

On May 29, 2024, Illinois rocked the payments world by passing the Interchange Fee Prohibition Act (“IFPA”) into law. With an effective date of July 1, 2025, the law would upend the way in which interchange is calculated in...more

Goodwin

A New Safeguarding Regime: Five Points for Payments and E-money Firms

Goodwin on

For any UK fintech business involved with payments of electronic money (e-money) and any (experienced) investor in these businesses, safeguarding client funds is a key regulatory issue....more

Troutman Pepper

The Evolving Landscape of B2B Payments: Regulatory Trends and Financial Practices Explained — Payments Pros – The Payments Law...

Troutman Pepper on

In this episode of Payments Pros, host Josh McBeain is joined by Caleb Rosenberg, a member of the firm’s Consumer Financial Services practice group, to discuss the complexities of business-to-business payments and the...more

Hogan Lovells

UK Open Banking: PSR consultation response on Phase 1 expansion of Variable Recurring Payments

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The Payment Systems Regulator (PSR) has published a response to its December 2023 consultation (call for views) which set out initial proposals on how the PSR could support the expansion of Variable Recurring Payments (VRPs)...more

A&O Shearman

UK Financial Conduct Authority Consults on Changes to the Safeguarding Regime for Payments and E-Money Firms

A&O Shearman on

The U.K. Financial Conduct Authority had published a consultation on proposals to address weaknesses in the safeguarding regime for payments and e-money firms. The FCA explains that there remain poor practices across the...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

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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

Payments and e-money: UK FCA consults on two-stage reforms to safeguarding regime

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The FCA believes that there is a continuing problem with poor safeguarding practices across the industry due to poor implementation of the current regulatory framework under the Payment Services Regulations 2017 (PSRs) and...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

A&O Shearman on

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

Hogan Lovells

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

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The Payment Systems Regulator (PSR) has issued its final guidance to support payment service providers (PSPs) in assessing whether an APP scam claim raised by a consumer is not reimbursable under the new Faster Payments...more

A&O Shearman

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

A&O Shearman on

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

A&O Shearman

UK Payment Systems Regulator Publishes Response to Call for Views on Expanding Variable Recurring Payments

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The U.K. Payment Systems Regulator has published a response to its call for views on proposals for the expansion of variable recurring payments. VRPs allow customers to safely connect authorised payment providers to their...more

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