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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 >>

European Commission agree on Payments Services Directive

Back in 2013, the European Commission set out proposals for a Payments Services Directive 2 (PSD2) in an effort to improve cross-border payments, tackling what it says is still a fragmented market in areas such as cards, mobile and online. Following “trilogue” negotiations between the Commission, the European Parliament and the Council of Ministers, an informal deal has now been… Continue reading >>

Cyber security is the EU’s digital frontier

Cyber security is a precondition to promoting innovation also in the area of payments. The European Union Agency for Network and Information Security (ENISA) is a centre of expertise for cyber security in Europe. ENISA supports the European Union (EU) and the Member States in enhancing and strengthening their capability and preparedness to prevent, detect and respond to network and… Continue reading >>

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 >>