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Autralian regulator voices concerns over cloud risks

The Australian Prudential Regulation Authority (APRA) has released an information paper on prudential considerations and key principles in relation to outsourcing involving shared computing services, including the cloud. The information paper uses the term ‘shared computing services’ (whether labelled cloud or otherwise) to differentiate arrangements which involve the sharing of IT assets (including hardware, software and/or data storage) with other parties,… Continue reading >>

European payments regulation driving change

European payments regulation, such as the original Payment Services Directive (PSD) of 2007 and Single Euro Payment Area (SEPA), have already caused significant change within the banking and payment industry. Business models, propositions and customer relationships have all been affected – and more regulation is expected. PCM considers three areas: the security of internet payments, card interchange regulation and the PSD2…. Continue reading >>

Payments Council re-brands to Payments UK

Having lost some of its teeth, the Payments Council will relaunch as Payments UK, a new trade association launched Monday 29 June. The new association will provide “a single, authoritative voice for the UK payments industry” at home, across Europe and the globe. Payments UK succeeds the Payments Council, which delivered world-leading innovations such as Paym, the Current Account Switch… Continue reading >>

Payments Systems Regulator urges deeper innovation

Hannah Nixon, the newly appointed managing director of the UK’s Payments Systems Regulator has bemoaned a lack of innovation in the back-end infrastructure of payments, and warned that she will step in if industry does not up its game. Speaking at a conference in London, Nixon cited Paym, Apple Pay and Barclaycard’s new bPay as examples of innovations that are making… Continue reading >>

French Ministers scrap minimum card payments limit

The French finance minister has announced plans to abolish the fixed rate commission that banks charge one another to process card payments – currently in place regardless of the customer’s transaction amount. Going forward, just the variable commission, which is based on a percentage of the purchase value, will stay. As it stands, the presence of the commission fee convinces… Continue reading >>

US EMV migration: Chip and signature is a joke!

“The fact that we didn’t go to PIN is such a joke,” says Mike Cook, Walmart’s assistant treasurer and a senior vice president, in reference to the USA’s current EMV migration where chip and PIN or chip and signature are equally acceptable. “Signature is worthless as a form of authentication,” continues Cook, with Walmart preferring a Chip and PIN mandated… Continue reading >>

Federal Reserve to require same day payments

The Federal Reserve Board announced it is taking public comment on whether to require member banks to move to same day payments. The request for comments comes after NACHA voted to mandate faster payments among the 12,000 US financial institutions. The Fed’s proposal incorporates NACHA changes into its new payment rules, making its FedACH Same Day service a mandatory service… Continue reading >>

FCA rejects EBA guidelines on online payments

The UK has rejected the chance to sign up for new European Banking Authority (EBA) guidelines on online payment security, making the FCA one of only three EU countries to resist the change. The new guidelines, which are due to come into force from 1 August, require firms to include stronger customer authentication, where customers making payments must provide non-reusable security details…. Continue reading >>

MasterCard face EU Antitrust complaint over fees

MasterCard is reportedly poised to receive an antitrust complaint from European Union watchdogs probing card-payment fees, according to three people with knowledge of the case. Regulators may send a statement of objections to MasterCard before the end of July, said the people, who asked not to be named because the case isn’t public. Such filings in antitrust probes are usually… Continue reading >>

Banks rethink business models as PSD2 comes into effect

According to the PSD2 and XS2A – regulation or opportunity report, Europe’s banks are engaged in a do-or-die effort to prepare for the 2016 introduction of new payments regulations that are expected to usher in a wave of fresh competition and innovation across the sector. The revised Payment Services Directive (PSD2) is being introduced by the European Commission to further open the markets… Continue reading >>