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Can you turn regulatory and payment scheme compliance into a competitive advantage?

Regulatory compliance has long been viewed as a mandatory component and a ‘cost’ of doing business as a financial services provider, whether you are an issuer, programme manager or payment services provider. However, the regulatory landscape has evolved and while compliance remains a primary focus, there is now an opportunity to gain a larger foothold in the payments value chain and… Continue reading >>

Digital currency regulator should be global body

Regulation of the digital currency marketplace would need to be co-ordinated by a global body such as the Basle-based Bank for International Settlements, according to the Reserve Bank of Australia. The Reserve Bank stated in a response to the Australian Senate Economics References Committee Inquiry into digital currencies that “digital currencies represent an interesting development in the payments and financial… Continue reading >>

Payment Systems Regulator takes aim at Vocalink

The Payment Systems Regulator, which launched on Wednesday, will open up access of the infrastructure underpinning financial transactions, from mobile payments to house purchases. The largest lenders, such as Lloyds, Royal Bank of Scotland, Barclays and HSBC, own and control the main systems, such as Faster Payments, which are used to make money transfers. Hannah Nixon, managing director of the… Continue reading >>

PayPal fined £5.2m over failure to block malicious users

In an embarrassing moment, PayPal has been forced to pay a £5.2 million ($7.7 million) settlement over alleged sanctions violations including allegations that it processed payments for a man involved in the black market for nuclear weapons technology. PayPal, which is owned by eBay, is alleged to have facilitated thousands of pounds worth of transactions involving goods and services going to… Continue reading >>

Payment Systems Regulator begins £75 trillion UK payment industry oversight

On April 1st,, in what will be a landmark date for UK financial regulation, The Payment Systems Regulator (PSR), the new economic regulator for payment systems, has confirmed how it will regulate the industry. It has also published a policy work programme setting out priorities for the year ahead. The PSR’s aim is to make payment systems work well for the people… Continue reading >>

Digital tipping point: Banks must focus on innovation to harness opportunities

A major new report sets out key recommendations for the banking industry and urges regulators to give consumers certainty that their money is equally well-protected wherever they choose to bank. Banks must concentrate on harnessing a range of digital technologies or risk losing customers to a new wave of competitors, according to a new report by the British Bankers Association… Continue reading >>

EU Parliament approves interchange fee caps

The European Parliament has voted in favour of a bill to cap credit and debit card interchange fees. The bill, which will come into force in October this year, will cap interchange fees at 0.2% of the transaction value for consumer debit cards and at 0.3% for consumer credit cards. Member states will also have the flexibility to define lower… Continue reading >>

EPC lays out framework for handling CNP transactions

The European Payments Council (EPC) has unveiled a blueprint for the establishment of an interoperable card and terminal infrastructure to process card-not-present (CNP) transactions across SEPA. The proposals are published in the latest version of the Sepa Card Standardisation Volume, devised by the EPC in conjunction with the Cards Stakeholders Group (CSG). The document includes new functional and security requirements… Continue reading >>

Digital top priority for global banks

The drive by banks to implement new digital technologies has overtaken regulatory worries as the highest priority for global banking executives, according to new research from the Economist Intelligence Unit. The EIU survey finds that implementing digital strategies (46%) is now a bigger priority for bank management than responding to regulation (35%). Regulatory pressure has given way to changes in… Continue reading >>

American Express loses antitrust lawsuit – appeal imminent

The longtime chief executive of American Express,Kenneth Chenault, refused for years to settle an antitrust case with the US government, vowing to fight even as the company’s top rivals cut deals. This long term strategy has now proven ill advised as the company has lost its anti trust lawsuit. On Thursday, a US District Court judge sided with the Justice Department,… Continue reading >>