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EU prepaid wallets and cards may need to change fees
A New EU directive coming will make it illegal to surcharge for Debit and Credit cards. In the UK the government has extended this to include American Express and PayPal. In 2010 alone consumers spent £473m on such charges, according to estimates by the UK Treasury. A side affect though of his new directive is that loads [...]
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An update on the implementation of the SEPA Instant Credit Transfer scheme
In less than five months, the EPC’s SEPA Instant Credit Transfer (SCT Inst) scheme will be operational. The implementation of this new and optional scheme – the exact starting date of which is 21 November 2017 – is a hot topic within the European payment community. It is also a challenging one, as the published the rulebook in [...]
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Impact of the Interchange Fee Regulation on the European cards market – 18 months on
It is now almost 18 months since the introduction of the Interchange Fee Regulation. IFR covered a good deal more than the interchange fee caps and included substantial changes to the business rules for cards acceptance and processing frameworks. So, has implementation been effective and more importantly have there been unintended consequences? asks Peter Jones, Managing [...]
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New trade body UK Finance launches
From today, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. UK Finance will represent over 300 firms in the UK providing credit, banking, markets and payment-related services. Its members offer a wide range of financial and advisory services across both mutual and corporates, representing [...]
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The 4th EU Anti-Money Laundering Directive becomes active
73% of financial crime professionals in UK financial services believe that the 4th EU Anti-Money Laundering Directive will make it easier for firms to prevent money laundering a survey of nearly 200 professionals has revealed. The Future Financial Crime Risk 2017 report, highlights that asset managers were especially positive about the advantages, with over 80% [...]
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