Regulation RSS
Payment Systems Regulator sets out plans to regulate £75trn industry
The Payment Systems Regulator (PSR) has set out how it proposes to regulate the £75trn payment systems industry when it becomes fully operational in April. Payment systems enable consumers to spend and transfer money. The Treasury is currently consulting on which systems will fall under the PSR’s remit, but has proposed the following: Bacs, CHAPS, [...]
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Multilateral Interchange Fee (MIF) regulations impacting German banks
TSYS has released its white paper titled “How Issuers in Germany Can Replace Threatened Interchange Fees.” The paper explores the financial threat to German issuers of proposed changes to the Multilateral Interchange Fee (MIF) regulations in the European Union, and outlines initiatives to support additional revenue growth. The report looks at the current payment card [...]
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Visa and MasterCard bow to Canadian pressure on interchange
Visa and MasterCard have bowed to pressure from Canadian regulators by agreeing to set a 1.5% cap on interchange rates in Canada for the next five years, a reduction of around 10%. The agreement comes after a four-year battle between the schemes and the Canadian Competition Bureau. By agreeing to the cap, which will come [...]
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ECB identifies 4 key payment systems as systematically important
The European Central Bank (ECB) has flexed its muscles in the payment systems oversight area for the first time through the exercise of new powers by identifying 4 payment systems that it feels are systematically important, which places them under stricter oversight standards than other payment systems, with sanctions and corrective measures for system operators in case [...]
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EPC launches new SEPA scheme management bodies
The European Payments Council (EPC) is to set up a host of new bodies to manage the Single euro payments area (SEPA) scheme and are calling for independent candidates to join the process. After a 15 year slog, the migration deadline for SEPA credit transfers and direct debits in the euro area finally arrived in August. [...]
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