Included it this weeks issue of InContact: PSR announces next steps for protecting victims of APP scams, European Commission speech outlines goals of FinTech action plan, ESMA speech on measured approach to FinTech and more...
PSR announces next steps for protecting victims of APP scams
The Payment Systems Regulator (PSR) has published a press release announcing developments in its proposal to introduce a contingent reimbursement model (CRM) relating to authorised push payment (APP) scams. The CRM is a process that sets out the circumstances when the victims of APP scams would get their money back and whether it would come from either their PSP (the sending PSP) or the PSP that received the money on behalf of a fraudster (the receiving PSP). Reimbursement would be contingent on whether these PSPs had met the required standards, and whether the victim had taken a requisite level of care.
BoE speech on impact of technology on payments
The Bank of England (BoE) has published a speech by Sir Jon Cunliffe, BoE Deputy Governor for Financial Stability, on changes to the payments landscape and the impact of technology on payments. In the speech, Sir John refers to the need to ensure that the banks and the payments system as a whole are robust and have the resilience to withstand very severe risks, and highlights two related developments to change in the technologies supporting money:
- The growing use of non-cash technologies for small value payments, and
- The change to the way people manage and use payment accounts at banks.
ECB speech on RTS on strong customer authentication and common and secure open standards of communication under PSD2
The European Central Bank (ECB) has published a speech by Yves Mersch, executive board member, on the timely implementation by payment service providers (PSPs) of the regulatory technical standards (RTS) on strong customer authentication and common and secure open standards of communication under the revised Payment Services Directive (PSD2). In the speech Mr Mersch urges PSPs to implement the RTS and other PSD2 related requirements as soon as possible, well before they are obliged to do so, since the security requirements during the transitional period are necessary to mitigate threat scenarios including unusual payments patterns and potential fraud cases.
European Commission speech outlines goals of FinTech action plan
The European Commission has published a speech given by Vice President Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, which includes an outline of the goals of the Commission's FinTech action plan. Mr Dombrovskis explains that the action plan will propose over 20 new measures intended to achieve a more innovative and competitive EU financial sector.
ESMA speech on measured approach to FinTech
ESMA has published a speech by Steven Maijoor, ESMA Chair, on taking a measured approach to FinTech. Mr Maijoor explains that there are two strands to ESMA's measured approach to FinTech. The first strand involves monitoring innovations diligently and intelligently. The second strand is to take action in a measured way (that is, to carefully consider how best to act, weighing risks and benefits in an objective fashion).
Commission vice-president Dombrovskis gives debrief at the roundtable on cryptocurrencies
A press release has been published by the European Commission on vice-president Dombrovskis at the roundtable discussion with key authorities who shared their views on cryptocurrencies. The roundtable was held with the aim of feeding into the upcoming action plan on FinTech, and the EU's position for a possible discussion at G20 level.
EBA compliance table for PSD2 major incident reporting guidelines
The European Banking Authority (EBA) has published a compliance table showing which competent authorities comply or intend to comply with the EBA’s guidelines on major incident reporting under Directive (EU) 2015/2366 (PSD2). All EU Member States have indicated that they comply or intend to comply, with the exception of Romania, which has not responded.