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PayPal fined £5.2m over failure to block malicious users
In an embarrassing moment, PayPal has been forced to pay a £5.2 million ($7.7 million) settlement over alleged sanctions violations including allegations that it processed payments for a man involved in the black market for nuclear weapons technology. PayPal, which is owned by eBay, is alleged to have facilitated thousands of pounds worth of transactions involving [...]
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Payment Systems Regulator begins £75 trillion UK payment industry oversight
On April 1st,, in what will be a landmark date for UK financial regulation, The Payment Systems Regulator (PSR), the new economic regulator for payment systems, has confirmed how it will regulate the industry. It has also published a policy work programme setting out priorities for the year ahead. The PSR’s aim is to make payment systems [...]
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Digital tipping point: Banks must focus on innovation to harness opportunities
A major new report sets out key recommendations for the banking industry and urges regulators to give consumers certainty that their money is equally well-protected wherever they choose to bank. Banks must concentrate on harnessing a range of digital technologies or risk losing customers to a new wave of competitors, according to a new report [...]
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EU Parliament approves interchange fee caps
The European Parliament has voted in favour of a bill to cap credit and debit card interchange fees. The bill, which will come into force in October this year, will cap interchange fees at 0.2% of the transaction value for consumer debit cards and at 0.3% for consumer credit cards. Member states will also have [...]
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EPC lays out framework for handling CNP transactions
The European Payments Council (EPC) has unveiled a blueprint for the establishment of an interoperable card and terminal infrastructure to process card-not-present (CNP) transactions across SEPA. The proposals are published in the latest version of the Sepa Card Standardisation Volume, devised by the EPC in conjunction with the Cards Stakeholders Group (CSG). The document includes [...]
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