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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 >>

The future of payments: A European Commission view

“Everything changes but change itself. You cannot step twice into the same river, for other waters and yet others go flowing ever on,” observed Heraclitus of Ephesus (circa 535 – 475 before common era). This certainty is the live bait that provokes analysts to release imagination and engage in scenario building to explain how, in their view, the future could… Continue reading >>

EPC publish SEPA Direct Debit rulebook update

The European Payments Council (EPC), representing the European banking industry in relation to payments, today published a further iteration of the SEPA Direct Debit (SDD) Rulebooks, i.e. the SDD Core Rulebook version 9.0 and the SDD Business to Business (B2B) Rulebook version 7.0. The SDD Core Rulebook version 9.0, the SDD B2B Rulebook version 7.0 and associated implementation guidelines will… Continue reading >>

EU agree caps on debit and credit card interchange fees

Following the release of the final compromise text for the proposed Regulation on interchange fees for card-based payment transactions (the MIF Regulation) on 19 January 2015, European countries have finally endorsed the legislation (21 January 2015). The European Commission originally proposed the MIF Regulation in July 2013, but it has taken considerable time for the various EU governments and the… Continue reading >>

Supreme Court rejects debit card interchange challenge

The Supreme Court handed US banks a victory as it declined to consider a challenge by a group of retailers to Federal Reserve regulations setting fees for processing debit-card transactions, debit card interchange. The high court’s action on Tuesday, which came in a brief written order, removes uncertainty for the banking industry by ending a three-year federal court battle over… Continue reading >>