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UK banking body moves to regulate bitcoin

During 2014 we saw several occasions of significant political figures from the UK having a bitcoin friendly stance – is this all set to change in 2015. UK Shadow Minister Chi Onwurah and Chancellor of the Exchequer, George Osborne both showed their appreciation towards the potential of bitcoin. Osborne in specific commissioned the Treasury to produce a programme of work on cryptocurrencies. It looked like UK politics were… Continue reading >>

Target fails to get lawsuit overturned

US retailer Target has failed to overturn the lawsuit brought against them by financial institutions over losses associated with last year’s data breach after a US judge has given  the go-ahead to proceed with the case. Target had tried to get the suit dismissed but US District Judge Paul Magnuson ruled that three of the four claims made by the five plaintiff banks… Continue reading >>

EPC updates the SEPA Credit Transfer and SEPA Direct Debit rulebooks

The European Payments Council (EPC), representing the European banking industry in relation to payments, has published updated versions of the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Rulebooks. The SCT Rulebook version 8.0, SDD Core Rulebook version 8.0 and SDD Business to Business (B2B) Rulebook version 6.0 and associated implementation guidelines will take effect on 22 November 2015. In… Continue reading >>

Virtual currencies set to disrupt major markets within 5 years

Virtual currencies are likely to be a major disruptive force within five years, according to a new study published by Technology Strategies International. The report titled, The Future of Virtual Currencies, recommends that organizations that are in the path of this disruptive wave starting preparing themselves now. Since the genesis block of Bitcoin appeared in January 2009, more than 1,700… Continue reading >>

Multilateral Interchange Fee (MIF) regulations impacting German banks

TSYS has released its white paper titled “How Issuers in Germany Can Replace Threatened Interchange Fees.” The paper explores the financial threat to German issuers of proposed changes to the Multilateral Interchange Fee (MIF) regulations in the European Union, and outlines initiatives to support additional revenue growth. The report looks at the current payment card market in Germany and compares… Continue reading >>

EMV chip transaction figures published by EMVCo

Official figures released by the global technical body EMVCo show that nearly 30% of all card-present transactions conducted globally between July 2013 and June 2014 used EMV chip technology. The data represents all EMV chip card-present transactions – both contact and contactless – as processed by EMVCo’s members, American Express, Discover, JCB, MasterCard, UnionPay and Visa. To qualify as an… Continue reading >>

JP Morgan denies second cyber hacking reports

Having strongly denied a second round of cyber hacking as reported in the New York Times, the embattled bank has released figures on the breach. On Thursday, citing “several people” with knowledge of an investigation, the New York Times reported that hackers with links to Italy or southern Europe had breached bank servers. However JPMorgan spokeswoman Patricia Wexler has told Reuters: “The… Continue reading >>

World Payments Report 2014

Non-cash payments volumes are expected to grow 9.4% to reach 366 billion transactions in 20131, fueled by strong growth in developing markets and the use of credit (up 9.9%) and debit cards (up 13.4%[1]). With the continued acceleration of electronic and mobile payments growth and ongoing regulatory pressures, the payments industry is seeking to find new and innovative ways to… Continue reading >>

EBA warns of IT risk

The European Banking Authority (EBA) and other EU supervisory authorities have warned banks to reinforce IT controls and audits on third-party technology providers with relation to operational and IT risk. The Joint Committee of the European Supervisory Authorities (ESAs) says that concerns over the persistence, intensity and sophistication of information technology-related operational risks and cyber risks at financial institutions have increased since its last biannual… Continue reading >>

Domestic schemes – set for domination?

The launch of RuPay in India and plans for a Russian payment network indicate a resurgence in domestic schemes, but at what cost to the international players? While Europe’s banks and regulators are still mulling over the possibility of a third debit scheme in Europe to rival Visa and MasterCard, India and Russia are getting down to business, albeit for… Continue reading >>