Included in this issue: CMA publishes consultation on regulated payment systems appeals rules and guide; Card payments more than double in 10 years; Visa launches $100,000 FinTech challenge for Middle East and North Africa and more...
CMA publishes consultation on regulated payment systems appeals rules and guide
The CMA has published a consultation on draft rules of procedure to govern appeals that may be made to it under section 79 of the Financial Services (Banking Reform) Act 2013 in respect of certain decisions made by the PSR under the Act.
PSR paves the way for competition in payment systems infrastructure
The Payment Systems Regulator (PSR) has published its final decision confirming reforms to the UK payment systems infrastructure to deliver better and more innovative services for customers. This follows a review published in December 2016 of the way payment systems infrastructure is procured and provided. Payment systems infrastructure is the network by which payments are cleared and settled. This network allows us to transfer funds and make payments to other people and organisations. For example, without this network, salaries could not be paid into bank accounts, cards would be unable to withdraw cash from ATMs and we would be unable to purchase items from retailers, including online purchases.
Card payments more than double in 10 years
The number of purchases using debit and credit cards has more than doubled in the past 10 years, as contactless payments and online retail have driven a change in the way consumers pay, a new report from the UK Cards Association shows. Debit and credit cards were used to make 16.4 billion purchases in 2016, up 146% from 6.7 billion in 2006. Growth in the number of card transactions has outstripped the rise in the amount spent, showing consumers’ increasing preference for using cards instead of cash for lower value payments. Last year the average value of a card transaction fell to £43.47, its lowest level in 15 years.
EIOPA responds to Commission's FinTech consultation
The European Insurance and Occupational Pensions Authority (EIOPA) has responded to the European Commission consultation on 'FinTech: A more competitive and innovative European Financial Sector', saying EIOPA will continue to monitor digitalisation developments and address key aspects through its Consumer Trends and Financial Stability reports.
BBA and Payments UK respond to Commission consultation on FinTech
The British Bankers' Association (BBA) and Payments UK (PUK) have issued a joint response to the European Commission's consultation 'FinTech: A more competitive and innovative European financial sector'. The BBA and PUK broadly welcome the co-ordination of the EU FinTech agenda, but warn that due to the extensive amount of work progressing at pace across the EU, there is a risk of duplication and error if there is not proper co-ordination.
LSB publishes findings from Standards Development Project on digital
The Lending Standards Board has published a report containing summary findings of its Standards Development Project on digital and have identified several examples of good practice which firms may wish to take into consideration when developing capabilities.
Visa launches $100,000 FinTech challenge for Middle East and North Africa
Visa has announced that its Everywhere Initiative, an innovation program designed to encourage the development of the “next big thing” in payments, will expand into the Middle East and North Africa (MENA) region. Beginning 21 June, Visa invites eligible participants in the MENA region to submit their business solutions that apply to one of the three briefs. Visa’s Everywhere Initiative is part of a global implementation that is strategically important to the global payments company’s goal of fostering the growth of next generation payment technologies. Currently, it has nearly fifteen hundred participating FinTech start-ups across North America, Latin America, Europe and Asia.
EBA response to EC consultation on FinTech
The European Banking Authority (EBA) has submitted a response to the European Commission's Public Consultation on FinTech: a more competitive and innovative European financial sector Document on Retail Financial Services. In the response, the EBA conveys its views on a subset of the Commission's questions, and focuses on the work the EBA has done so far on FinTech. Separately, the EBA is currently developing a Discussion Paper on FinTech issues that fall more into the EBA's remit and will publish its views in the coming months.
Partner, Head of Competition