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New UK regulator will supervise Visa and MasterCard
The UK government is planning to put supervision of MasterCard and Visa alongside the UK’s main interbank payment systems under the remit of the new Payment Systems Regulator (PSR), which has been tasked with promoting competition within the payments industry. Major payment networks such as Visa and MasterCard, interbank systems such as Bacs, CHAPS, Faster [...]
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Cross Border Acquiring interchange concessions – new risks for acquiring?
The recent card scheme cross border acquiring (CBA) concessions have created a new model for cross-border acquiring. By default they have become the European Commission’s ‘Plan A’ as a result of the delayed cards regulation sign-off. Merchants have once again outmanoeuvred banks and have won major benefits from the interchange caps and the significant changes [...]
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US debit card interchange cap to remain unchanged
According to news out of the US, the Federal Reserve Board says it will leave its debit card interchange cap for large issuers unchanged despite finding that some of their important expenses either declined last year or had changed little from levels found by an earlier survey. A major retailer trade group said the findings show [...]
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ECB accelerates SEPA for cards plans
Now that SEPA direct debits and credit transfers are firmly established in Europe, the European Central Bank (ECB) is aiming to speed up SEPA for cards. In a new report, the ECB says that attention must now be focused on the harmonisation of cards. In 2012 there were around 40 billion card payments in the [...]
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EBA warns of IT risk
The European Banking Authority (EBA) and other EU supervisory authorities have warned banks to reinforce IT controls and audits on third-party technology providers with relation to operational and IT risk. The Joint Committee of the European Supervisory Authorities (ESAs) says that concerns over the persistence, intensity and sophistication of information technology-related operational risks and cyber risks at financial institutions have [...]
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