Global Fintech & Digital Assets Blog

Tag Archives: payments

E-Money, Payment Services, and Insolvency

Consumers and service providers should take note of some of the enhanced risks upon an e-money institution’s insolvency. By Hongbei Li Technology is rapidly changing the way customers and businesses interact with financial systems. Fintech companies are a driving force behind the disruption of traditional banking and payment services, with regulatory innovation close behind. In … Continue Reading

Webcast: Insurtech Insights

Latham lawyers explore the latest insurtech trends and regulatory developments impacting the sector in Europe and Asia. Disruptive technology is revolutionizing insurance, enabling insurers to achieve growth by leveraging big data and creating innovative solutions to enhance customers’ digital experience. We are pleased to launch Insurtech Insights, a series of webcasts to discuss the most … Continue Reading

Webcast: Stablecoins, CBDCs, and the Future of Payments

Latham fintech lawyers and key industry leaders explore the progress and potential of CBDCs, use cases for stablecoins, and the global regulatory landscape. Many central banks around the world are currently considering central bank digital currency (CBDC). According to the Bank of International Settlements’ recent survey of 66 central banks, 80% of surveyed central banks … Continue Reading

Competition and Innovation in the UK’s New Payments Architecture

Call for input: market players need to engage with the process for the procurement of the NPA By Stuart Davis, David Little, Christian McDermott, Brett Carr, and Nathan Wilkins This Call for Input is part of the development of the Payment Systems Regulator’s (PSR) policy for the future regulation of the newly procured New Payments … Continue Reading

Singapore’s PSA Boosts Rapidly Evolving Payment Services Landscape

Upgraded legislation creates an enhanced regulatory framework for the new age of payments, including e-money and digital payment tokens.  By Farhana Sharmeen and Simon Hawkins After much anticipation, and following consultations with the industry at large, the game-changing Payment Services Act 2019 (PSA) has finally become operational. The PSA, which came into effect on 28 … Continue Reading

PSD2 & Brexit: EU Card Issuers Must Apply SCA to UK Website Purchases Post-Brexit

European Commission confirms SCA measures should apply to EU consumers purchasing from UK websites in the event of a no-deal Brexit. By Christian F. McDermott, Jagveen S. Tyndall, and Amy Smyth Complex payment processing chains comprise multiple entities operating behind the scenes to support everyday transactions. The strong customer authentication (SCA) requirements introduced by the … Continue Reading

Regulators Get Tough on Regulatory Outsourcing Failings

Latest FCA and PRA fines against a retail bank show little tolerance for poor outsourcing systems and controls. By Fiona M. Maclean, Christian F. McDermott, Laura Holden, and Charlotte Collins On 29 May 2019, the FCA and PRA announced that they had fined an independent UK bank for failing to manage its outsourcing arrangements properly … Continue Reading

FCA Publishes Policy Statement Extending Rules to Payment Services and E-Money Sectors

From August 2019, certain existing FCA rules and guidance will extend to payment service providers and e-money issuers in a signal that the FCA wants a consistent approach to consumer protection. By Rob Moulton, Brett Carr, and Frida Montenius The FCA has published a Policy Statement extending certain rules and guidance to the payment services … Continue Reading

Private Equity and Blockchain: New Infrastructure or New Asset Class?

By Andrew Moyle and Stuart Davis Growth in applications for blockchain and tokenisation, combined with an increasing number of initial coin offerings (ICOs), mean that buyout firms should note developments in this sector. Why Should PE Be Interested in Blockchain? A shared blockchain ledger could drive a single interface between a PE fund and its … Continue Reading

Payment Systems Regulator to Review Card Acquiring Market on Competition Concerns

The PSR is to consider whether there is effective competition in the market and makes clear that further reviews of the payments ecosystem could be triggered by its findings. By Brett Carr, Stuart Davis, and Christian McDermott The Payment Systems Regulator (PSR) has issued Draft Terms of Reference for a market review into the supply of … Continue Reading

FCA Supports Guidelines on the Open Banking Fall-Back Provisions Exemption

The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive. By Christian McDermott, Stuart Davis, Brett Carr, and Charlotte Collins The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion and draft Guidelines of 13 June 2018 on the Regulatory Technical Standards … Continue Reading

New Kid on the Block – New UK Payment System Operator Takes Over

The consolidation of UK payment system operators marks another big step in delivering on the New Payments Architecture. By Stuart Davis and Brett Carr What happened? Operational responsibility for the Bacs and Faster Payments systems, which process a combined £6.3 trillion worth of payments annually, has transferred to the New Payment System Operator (NPSO). The … Continue Reading

Cryptocurrencies and Prepaid Cards Face Closer AML Regulation in the EU

New EU anti-money laundering measures have been approved by European legislators. By Stuart Davis and Charlotte Collins The European Parliament and Council have finally signed off on the text of the fifth Anti-Money Laundering Directive (known as MLD5). Overview The new directive is of particular interest to the FinTech sector as, amongst other things, MLD5 … Continue Reading

Poised for Next Payments Boom

By Christian McDermott In recent years, PE firms have been paying to play in the payment processing sector. From Worldpay and Nets, to Bambora and Paysafe, payment processing companies have proven to be attractive investments for European PE. In our view, a wave of regulation in the FinTech sector will unleash further growth potential, and … Continue Reading

Opening Up Access to UK Payment Schemes

Bank of England announces that, for the first time, a non-bank payment services provider has accessed the UK payments system directly. By Andrew Moyle, Stuart Davis, Charlotte Collins, and Brett Carr The Bank of England has announced that a regulated payment services provider (PSP) has become the first non-bank direct participant in the UK’s Faster … Continue Reading

Swiss Regulator Publishes ICO Guidelines

Swiss regulator offers assistance in navigating the regulatory framework. By Andrew Moyle, Stuart Davis and Charlotte Collins The Swiss Financial Market Supervisory Authority (FINMA) has published a set of guidelines, setting out how it intends to apply its financial markets legislation in the context of initial coin offerings (ICOs). Despite the growing trend for ICOs … Continue Reading

Payments Innovation and Competition in Retail Banking Services Stay High on FCA Agenda for 2018

Driven by payments innovation and new regulation, 2018 is cited as the year for some of the most significant changes retail banking has seen. By Stuart Davis and Brett Carr At the Westminster Business Forum for Digital Payments, Adoption, Innovation and Policy Priorities, Graeme McLean (Head of Banking, Lending & Distribution at the FCA) appraised … Continue Reading
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