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Regulators move to halt global payments fragmentation
Central bank regulators have proposed changes to stop the global payments system from fragmentation as banks scale back cross-border networks, blaming the cost of new regulation. Banks have long maintained links with other banks across the world, known as correspondent banking, to allow companies to pay bills and people to send money home to their families. Tougher rules [...]
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EU agrees to adopt revised Payments Services Directive (PSD2)
The European Parliament has agreed to the European Commission revised Directive on Payment Services or the so called Payments Services Directive (PSD2). This new law, proposed by the European Commission in July 2013, enhances consumer protection, promotes innovation and improves the security of payment services. PSD2 is the latest in a series of laws recently [...]
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Banks struggle with cross-jurisdictional regulatory compliance
Fenergo, a provider of Client Lifecycle Management solutions for institutional banks, has published key findings from new research commissioned from the Aite Group which suggests that financial institutions are struggling to manage regulatory compliance and entity data management obligations across multiple jurisdictions. The research finds that the Anti-Money Laundering Directive IV (AMLD IV) is perceived by [...]
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Cyber security: breach, breach, breach
In the past 24 hours there have been three more cyber security incidents in the industry, highlighting once again the dangers of complacency in the industry. Here is a blow by blow account: FXCM – Online foreign exchange trading firm FXCM announced it has been the victim of a cyber security attack that exposed access to sensitive customer [...]
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US EMV migration will take years
Its October the 1st. The deadline for US merchants to accept secure chip-enabled credit and debit cards,the US EMV migration, may take years for the conversion to be fully implemented. “Realistically, we should expect the adoption of chip cards in the US to take a few years,” says Gartner analyst Avivah Litan. Banks are issuing chip [...]
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