Key developments of interest over the last month include: the European Parliament’s ECON Committee adopting draft reports on the European Commission’s PSR and PSD3 legislative proposals; ESMA consulting on 'reverse...more
The Bank of England has published a discussion paper on its proposed approach to developing a regulatory regime for systemic payment systems using stablecoins and related service providers. The BoE’s paper follows the...more
Consumers and service providers should take note of some of the enhanced risks upon an e-money institution’s insolvency. Technology is rapidly changing the way customers and businesses interact with financial systems....more
Key developments of interest over the last month include: the UK Payment Systems Regulator’s proposals on mandatory reimbursement for APP fraud; the Central Bank of Ireland’s announcement of a review of the Consumer...more
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority (together, the supervisory authorities) have published a discussion paper proposing measures to supervise and enhance the resilience of...more
HM Treasury has opened a consultation on managing the failure of systemic digital settlement asset firms, including stablecoin firms. In April 2022, the U.K. government confirmed that it will bring the issuing of or the...more
Assertive regulators are bringing greater clarity and new challenges as they step up oversight of fintech innovation. As the fast-growing fintech industry thrives, the sector has begun to attract greater regulatory...more
ISO 20022 payment messages: Pay.UK and BoE collaboration The Bank of England (BoE) and Pay.UK have published a joint press release announcing collaboration on ISO 20022 payment messages. The BoE and Pay.UK are implementing...more
Recent regulatory developments focussed on the payments sector. Reports on a BoE update on its policy for omnibus accounts in its RTGS service, and an LSB update on the CRM Code for APP scams. ...more
Omnibus accounts for payment systems operators and prefunding accounts: BoE update - The Bank of England (BoE) has updated its webpage on payment and settlement to add the following new sections to the information provided in...more
ISO 20022 migration: BoE revised approach The Bank of England (BoE) has updated its webpage on ISO 20022 with the following information. - ISO 20022 migration: BoE revised approach - The Bank of England (BoE) has updated...more
ISO 20022: BoE confirms go-live in April 2022 will be on like-for-like basis - The Bank of England (BoE) has confirmed that it plans to go-live with the new messaging standard for UK payments, ISO 20022, in April 2022 on...more
CHAPS enhanced ISO 20022 messages: BoE industry review - The Bank of England (BoE) has published an industry review of the CHAPS enhanced ISO 20022 messages....more
Bank for International Settlements selects Bank of England as the UK centre to host new FinTech hub. On 30 June 2020, the Bank of England announced that it had been selected to host a centre of the Bank for International...more
The BoE is seeking feedback on the Introductory Phase of the ISO 20022 migration, that will create a common language for payments data globally. In 2018, the Bank of England (BoE) consulted on the adoption of ISO 20022 — a...more
The Bank of England has published a consultation on adopting ISO 20022, the global messaging standard for payments which was first introduced in 2004 by the International Organization of Securities Commissions. Ten...more
The Bank of England and the Payment Systems Regulator have announced that the New Payment System Operator is now responsible for the operation of BACS and Faster Payments, two U.K. retail payment systems. The NPSO is expected...more
The consolidation of UK payment system operators marks another big step in delivering on the New Payments Architecture. What happened?...more
Bank of England announces that, for the first time, a non-bank payment services provider has accessed the UK payments system directly. The Bank of England has announced that a regulated payment services provider (PSP) has...more
The Payment System Operator Delivery Group, an independently chaired body set up by the Payment Systems Regulator and the Bank of England, has published a recommended Delivery Plan for the consolidation of the operators of...more
The Bank of England published a consultation paper proposing the introduction of a draft Code of Practice and Supervisory Statement on governance in recognized payment system operators. The final Code and the Supervisory...more