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PSR: New Payment System Operator formed
The Payment Systems Regulator (PSR) and Bank of England (BoE) have announced that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to deliver against the mandate that the regulators tasked it with. Following the appointment of Melanie Johnson as its first chair, work will continue at pace to deliver the New [...]
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FIDO Alliance jumps into PSD2 Screen Scraping debate with letter
Conversations are ongoing between the European Commission (EC) and the European Banking Authority (EBA) around the Regulatory Technical Standard (RTS) for Strong Customer Authentication (SCA) under the Payment Services Directive 2 (PSD2), specifically with regards to Screen Scraping. Screen Scraping is the practice where third-party Payment Initiation Service Providers (PISPs) and Account Information Service Providers [...]
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Chinese regulator mandates mobile payments clearing house
China’s central bank and regulator has mandated online and mobile payment groups to operate through a centralised clearing house, a move likely to undercut the dominance of Ant Financial and Tencent by forcing them to share valuable transaction data with competitors. China is the world leader in mobile payments, with transaction volumes rising nearly five-fold [...]
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PSR bares its teeth issuing public censure on Cheque & Credit Clearing Company
The Payment Systems Regulator (PSR) has imposed a public censure on Cheque & Credit Clearing Company Ltd (C&CCC) following its failure to comply with the PSR’s General Directions. As part of the PSR’s regular compliance monitoring, it became aware that C&CCC had stopped publishing minutes of some of its board meetings held after February 2016. [...]
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Creating an integrated European market for Payment Initiation Services
The revised Payment Services Directive (PSD2) was adopted with payment innovation and safety to the fore. One of its purposes is to regulate at the European Union (EU) level practices and players currently unregulated in the EU. Among other things, PSD2 regulates the role of Payment Initiation Services (PIS) providers (PISPs). PISPs facilitate the use of online banking to [...]
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