Europe’s economic crisis has spurred governments to tackle the shadow economy
Europe’s economic crisis has been a powerful driver for many European governments to take measures against the shadow economy as they look to consolidate budgets and foster recovery, according to a report published today by Visa Europe. In 2013, Europe’s shadow economy is set to be worth €2.1tr, or the equivalent of 18.5 percent of Europe’s economic activity. While this signals a ten-year low for the shadow economy, the report shows that it is still a cash-based phenomenon across Europe driven predominantly by undeclared work and under-reporting.
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42% of Irish firms yet to begin preparations for SEPA
IBEC, the group that represents Irish business, today published the results of a new survey on Irish firms’ preparedness for the Single Euro Payments Area (SEPA). Four in ten (42%) companies have not started preparing for SEPA, which comes into effect on 1 February 2014, and one in two (49%) are not aware of the impact SEPA will have (see attached pdf for full report and survey results).
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Government plans to open up banking sector take a step forward
The Government today launched a consultation setting out proposals for introducing a new system of competition-focused regulation for payment systems. This forms part of the Government’s work to create a more competitive, consumer-focussed banking sector.
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ECB publishes first SEPA Migration Report and warns against risks of late migration
The European Central Bank (ECB) has today published its first Report on the Migration towards the Single Euro Payments Area (SEPA), which describes the state of play of the migration process in euro area countries towards the creation of a single market for credit transfers and direct debits in euro across Europe, and provides guidance on the management of the transition process.
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US Treasury issues guidance on virtual currencies - regulatory details remain unclear
FinCEN, the Financial Crimes Network of the US Treasury, has turned its attention to virtual currencies after releasing a new guidance note on the management and usage of virtual currencies like Bitcoin, Facebook Credits and others. However, precise details of its scope of regulation remain undefined.
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80% of corporates yet to fully migrate to SEPA
European corporates continue to underestimate the work involved in complying with new SEPA regulations, which become mandatory on 1st February 2014.
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Banks believe Dodd-Frank 1073 will have negative impact
Fundtech, a market leader in global transaction banking solutions, today revealed the results of a recent survey on banks’ sentiments towards Dodd-Frank section 1073, which mandates transparency around costs, timing and repudiation for consumer cross-border transfers. The study exposed widespread sentiment that Dodd-Frank 1073 will have little benefit for consumers but will have far-reaching negative impacts on the payments business.
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NACHA issues final guidelines for use of QR codes for bill payment
NACHA – The Electronic Payments Association’s Council for Electronic Billing and Payment (CEBP) issued final guidelines for the use of Quick Response (QR) codes in consumer bill payment. The guidelines, developed in collaboration with CEBP members and refined through industry input, describe the use of QR codes in a variety of bill payment functions such as viewing bills, making bill payments, enrolling for eBills and setting up payees in online banking.
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Banks to face ‘regulatory onslaught’ over next five years
The sheer scale of the challenge banks face in the coming years became clear at the inaugural Ovum Banking Technology Forum held on 5th December. Banks are to be forced into transparency with new super-invasive regulations that will change and develop for the foreseeable future, according to PJ Di Giammarino, CEO of independent regulatory analysts JWG, speaking at the forum.
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One in five European businesses unaware of SEPA Direct Debit
One in five European businesses (21%) issuing debits is unaware of Single Euro Payments Area (SEPA) direct debits, finds a study from Steria, a leading provider of IT-enabled business services, prepared in collaboration with international strategy consulting firm Edgar, Dunn & Company (EDC). The report, based on an extensive survey of 300 businesses with 250 to 5,000 employees in France, Germany and the UK shows that organisations risk missing out on the benefits of migrating.
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Steria and Experian announce managed services for SEPA compliance
Steria, a provider of IT-enabled business services, and Experian, have announced today a partnership to deliver managed solutions in the SEPA compliant payments arena. The combined offering will offer corporate customers an end-to-end service that will take the pain out of managing SEPA, making the process more efficient and cost-effective.
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Belgium: A SEPA Success Story
In September 2012, the Belgian Steering Committee on the Future Means of Payment (the Steering Committee) published the fourth progress report towards SEPA in Belgium. Chaired by the National Bank of Belgium (NBB), the Steering Committee brings together all stakeholders impacted by the SEPA process: public administrations and government agencies, businesses, consumer associations and banks. The latest progress report towards SEPA in Belgium showcases - again - impressive results. BY JAN VERMEULEN
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legislation on card payments is not in line with consumers’ interests and expectations
The European Parliament’s Economic and Monetary Affairs Committee voted on its report on the European Commission’s Green Paper “Towards an integrated European market for card, internet and mobile payments”.
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PCI 11.2 Checklist and Toolbox
Merchants are getting ready for the upcoming changes to the internal scanning requirements for PCI compliance. This article provides a checklist on what you should have ready for these requirements.
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Financial Institution responds to retailers' debit rule complaint
A coalition of financial institution trade associations recently petitioned to file an amicus brief in a lawsuit filed by a group of retail associations balking at the Federal Reserve Board's rule implementing the Durbin Amendment.
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EBIC encourages European Commission to accept its self-regulatory initiative
The European Banking Industry Committee (EBIC) has put forward to the European Commission a final proposal for self-regulatory measures on transparency and comparability of personal current account fees. The proposal reflects the commitment of the banking industry to competition and increasing consumer confidence. It is aimed at complementing the provisions already laid down in the Payment Services Directive.
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Lawmakers say data breach regulations are needed
Cybersecurity experts say stricter laws are needed to spur companies into taking stronger action to protect their customers' information.
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Durbin seeks to adjust small bank interchange exemption
U.S. Sen. Dick Durbin (D-Ill.) wants to guarantee that the debit interchange fee cap is not doing harm to small banks by bolstering the exemption for such institutions.
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The European Payments Council Calls on European Lawmakers to Align Forthcoming SEPA Regulation with Bank Customer Requirements
The European Payments Council (EPC), representing the European banking industry in relation to payments, has today spoken out on the legislative process aimed at establishing mandatory deadlines for migration to the Single Euro Payments Area (SEPA). The EPC has called on European Union (EU) lawmakers to align the imminent ‘Regulation Establishing Technical Requirements for Credit Transfers and Direct Debits in Euro’ (commonly referenced as the ‘SEPA Regulation’), with the preferences of European payment service users. The EPC makes a specific request for a review of provisions within the legislative proposal addressing direct debit transactions.
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The European Payments Council Comments on the European Commission’s Investigation into its Standardisation Process for Online Payments
The European Payments Council (EPC), representing the European banking industry in relation to payments, today commented on the antitrust investigation launched by the European Commission against the EPC’s work in the area of SEPA-wide online payments.
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