Included in this issue: PSR speech on regulatory challenges ahead; New report explores how payments could be affected by the UK’s exit from the EU; Mizuho Bank carries out blockchain document sharing and digital currency trial; and more...


UK

PSR consults on draft terms of reference for review of payment system operators' role in preventing push payment scams

The Payment Systems Regulator (PSR) has published draft terms of reference explaining how the PSR intends to carry out its work to consider the potential for payment system operators to minimise the consumer harm caused by authorised push payment (APP) scams. The PSR's proposed work follows a super-complaint made by Which? that raised concerns regarding protection for people who are tricked into transferring money to a fraudster.

Payment Systems Regulator, 28 February 2017

PSR speech on regulatory challenges ahead

The Payment Systems Regulator has published a speech by the Managing Director of the PSR, Hannah Nixon, on regulatory challenges ahead. The speech focuses on initiatives that the PSR has undertaken over the past two years and future challenges.

PSR, 23 February 2017

Recent High Court decision involving FOS

The case provides a useful indication of the approach that the court may take when considering arguments made in judicial review appeals concerning FOS determinations. In particular, the judgment suggests that the court will be unsympathetic to attempts to interpret the concept of "regulator's standards", as set out in DISP 3.6.4R, too broadly.

New report explores how payments could be affected by the UK’s exit from the EU

Payments UK has published a new report that looks at the practical implications for payments arising from the UK’s exit from the EU. The report examines the impact which Brexit could have on consumers, businesses and payment service providers. It highlights key payment topics for consideration, such as: the Payment Services Directive, passporting, the Single Euro Payments Area and UK access to euro payment systems.

Payments UK, 28 February 2017

FinTech Week 2017: celebrating Britain’s status as global FinTech hub

The Chancellor has announced that FinTech Week 2017 will take place in April and will showcase the sector’s successes, aim to attract more investment into Britain and share global regulatory expertise. Planned events include:

  • Innovate Finance’s Global Summit (April 10-11)
  • The government’s first International FinTech Conference (April 12)
  • Financial Conduct Authority (FCA) International Innovate Seminar (April 12)

Designed to bring together industry, government and regulators, the second UK FinTech Week will build on the success of last year’s event, and will focus on the issues affecting Britain’s world leading sector, including investment, access to skills and business support to FinTech start-ups.

26 February 2017

Barclaycard strikes new wearable deals for contactless jewellery and watches

Barclaycard have announced more partnerships to integrate payment functionality into wearable devices. DCK Group and Tappy Technologies have partnered with Barclaycard to produce wearable products for contactless payments. DCK Group will add the Barclaycards bPay chip to its jewellery items which are offered in some of the UK's leading high street retailers and Tappy Technologies will incorporate the chip within watches.

Finextra, 24 February 2017

Worldwide

EBA final draft RTS specifying requirements on strong customer authentication under PSD2

The EBA has published a report which discusses its final draft regulatory technical standards on strong customer authentication and common and secure communication under Article 98 of the Directive on payment services in the internal market ((EU) 2015/2366).

EBA, 23 February 2017

Citigroup launches API for corporate treasurers

Citigroup has launched an API solution for payment initiation, payment status, and account balance inquiries at corporate treasury workstations and enterprise resource platforms. Citi has worked with a core group of clients to pilot the API service, which they have integrated into their treasury processes to deliver payments real time to Citi, and collect information on the status of their payments. Citi says the new API meets treasurer's evolving needs for easy access to payment data without the need to build applications or interfaces to connect to proprietary banking portals.

Business Wire, 28 February 2017

Mizuho Bank carries out blockchain document sharing and digital currency trial

Japan's Mizuho says it has successfully completed trials that use distributed ledger technology for cross-border document sharing and a custom digital currency. The banking group first outlined plans to work with US firm Cognizant on the document sharing initiative a year ago in an effort to minimise counterparty risks, speed up settlements, improve contractual performance, and enhance regulatory reporting. Mizuho says that the experiment successfully confirmed that a tamper-proof distributed database can be used to create an effective platform for information sharing among multiple group companies, offering cost savings and better usability.

Cryptocoins news, 28 February 2017

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

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Fiona Ghosh

Fiona Ghosh

Partner, Commercial
United Kingdom

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Bruce Kilpatrick

Bruce Kilpatrick

Partner, Head of Competition
London

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William James

William James

Partner, Corporate
London

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