Regulation RSS
FinTech booming – payments infrastructure compliance remains in the dark ages
The UK FinTech report, commissioned by HM Treasury and published last month, confirmed something we’re pretty much all agreed upon: “The UK is a global capital for FinTech”. Within FinTech, the payments space in particular has been boosted by new entrants, with an average of £20 billion in annual revenue now generated across payments software, [...]
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Preparing for PSD2: exploring the business and technology implications
The aims of the European Commission’s revised Payment Services Directive (PSD2) are clear. It is designed to enhance consumer protection and convenience, improve the security of payment services and promote innovation and competition. While these aims are simple to express, the implications of PSD2 for payments industry participants, both established and new, are wide-ranging and complex. [...]
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Financial Stability Board to put FinTech under the lens
Innovations in FinTech have been added to the list of things the Financial Stability Board worries about by Mark Carney, head of the international group of policymakers and regulators. The governor of the Bank of England told G20 finance ministers that the FSB would start to examine whether the growing fintech sector presents any risk to [...]
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Banks should sell their stake in UK payments infrastructure
The Payment Systems Regulator (PSR) has published the provisional findings of its market review into the ownership and competitiveness of the payments infrastructure that supports the payments systems; Bacs, Faster Payments System (FPS) and LINK. The PSR is now seeking feedback on the report. These payment systems are currently owned by a relatively small number [...]
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Interchange regulation begins to take effect in Europe
As of December 9, interchange regulation, which caps rates in Europe are now capped at 30 bps for credit cards (commercial cards excluded) and 20 bps for debit and prepaid cards.
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