Included in this issue: Praise for new online payment safeguards; Blockchain gold trading platform to be launched by Royal Mint; Bitcoin trading above $500 for 6 months and more...
Praise for new online payment safeguards
Two new safeguards to protect people paying and banking online have been announced by the payment industry and welcomed by the Payments Systems Regulator. Consumers will be able to double check they are paying the right person before completing an online transaction, giving extra protection when the new plans come into force by 2020.
BBC News, 29 November 2016
Chair outlines EBA's approach to developing RTS on strong customer authentication under PSD2
The EBA has published an introductory statement from the EBA Chair, delivered at a scrutiny hearing held by The Committee on Economic and Monetary Affairs (ECON). The purpose was to update on the work of the EBA under the revised Payment Services Directive, especially in relation to its mandate to produce Regulatory Technical Standards (RTS) on strong customer authentication and secure communications. There were three main categories of concerns that were addressed:
- Monetary thresholds proposed in the draft RTS
- Communication interface and direct access
- Exemptions to SCA
EBA, 29 November 2016
Blockchain gold trading platform to be launched by Royal Mint
The Royal Mint has revealed it will soon begin a partnership to build a "digitized gold offering" using blockchain technology. The innovative new product will launch in 2017, providing an easier, more cost-effective alternative to buying and trading spot gold.
The Royal Mint, 29 November 2016
Strategy to make UK payments fit for the digital age
The Payment Strategy Forum has revealed a new strategic plan for the UK payments industry intended to make sure it is fit for the 21st century. This takes into account new regulations like PSD2 and the process of digitalisation and includes moving the UK to a common message standard by the end of H2 2017 as part of an ambitious roadmap.
Banking Technology, 29 November 2016
Consultation on regulatory fees for 2017/18 from PSR
The Payment Systems Regulator (PSR) has published a consultation paper on PSR regulatory fees for 2017/18. CP16/53 closes for responses on 16 January 2017 and the FCA has also published a related webpage.
PSR, 24 November 2016
PSR board meeting minutes for September 2016
Minutes of the Payment Systems Regulator board meeting on 14 September 2016 have been published. Key items of interest include:
- Bank of England's real-time gross settlement consultation
- Future role of the Payments Strategy Forum and the PSR
- Changes to the PSR Enforcement Governance Committee
- Competition Decision Committee enforcement
PSR, 23 November 2016
Bitcoin trading above $500 for 6 months
Bitcoin has been trading above $500 for a record six consecutive months as of 28th November. This marks a promising trend for cryptocurrency advocates after periods of significant volatility previously.
Coin Desk, 28 November 2016
SEPA rulebooks, rules and guidelines updated for November 2016
The European Payments Council (EPC) has published new versions of its SEPA scheme rulebooks. In a press release the EPC explains these will take effect from 19 November 2017 so that participants have a year to adapt their systems to ensure compliance. Existing rulebooks have also been updated to make administrative changes only which take effect from 24 December 2016.
EPC, 24 November 2016
Partner, Head of Competition