In this weeks edition of InContact: New Chair of FCA and PSR announced; Google combines Android Pay and Google Wallet into Google Pay; EBA final recommendations on outsourcing to cloud service providers and more... 

UK

New Chair of FCA and PSR announced

HM Treasury has published a press release that Charles Randell CBE has been appointed as the new Chair of the FCA and Chair of the Payments Systems Regulator (PSR), with effect from 1 April 2018. The FCA and the PSR have published separate press releases which confirm that the appointments are each for a five year term. Mr Randell replaces John Griffith-Jones in both roles, whose departure on 31 March 2018 was announced in July 2017.

HM Treasury, 5 January 2018

Worldwide

EBA Banking Stakeholder Group publishes response to PSD2 RTS consultation

The European Banking Authority (EBA) Banking Stakeholder Group has published its response to the EBA consultation (CP/2017/16) on draft regulatory technical standards (RTS) on co-operation between competent authorities in the home and host member states in the supervision of payment institutions operating on a cross-border basis under Article 29(6) of the revised Payment Services Directive (PSD2). The response agrees with the majority of the EBA's objectives outlined in the consultation, but makes a number of recommendations. These focus on enhancing the data that firms need to report and encourage competent authorities to agree responsibility for monitoring the implementation of any risk mitigation plan or supervisory actions required as a result of an inspection.

EBA, 3 January 2018

Google combines Android Pay and Google Wallet into Google Pay

Google has announced that it is merging its payment programmes, including Android Pay and Google Wallet, into a single brand named Google Pay, with the intention of simplifying purchases both online and on the high street. According to Google, Google Pay is already available on popular apps and websites including Airbnb, Dice, Fandango, HungryHouse, and Instacart.

Finextra, 9 January 2018

EPC updates interbank implementation guidelines for SEPA credit transfer scheme: December 2017

The European Payments Council (EPC) has published an updated version (2017 v.2.0) of its interbank implementation guidelines for the Single Euro Payments Area (SEPA) credit transfer scheme (SCT). The SCT inquiry processes will only become effective in November 2019, as stated in v1.1 of the 2017 SCT scheme rulebook.

EPC, 21 December 2017

EBA final recommendations on outsourcing to cloud service providers

The EBA published a report setting out its final recommendations on outsourcing to cloud service providers (EBA/REC/2017/03). The recommendations specify the supervisory requirements and processes that apply when financial institutions outsource to cloud service providers and build on the general outsourcing guidelines developed by the EBA's predecessor, the Committee of European Banking Supervisors (CEBS).

EBA, 20 December 2017