Global Fintech & Digital Assets Blog

Tag Archives: PSD2

SAMA Updates Payment Services Provider Licensing Regime in the KSA

The updates are part of SAMA’s efforts to promote an innovation-based financial technology ecosystem in the KSA. By Salman Al-Sudairi, Brian A. Meenagh, and Homam Khoshaim Last month, the Saudi Arabian Monetary Authority (SAMA) issued an update to the recently implemented Payment Services Provider Regulations (PSPR), which was introduced in January 2020 to regulate Payment … Continue Reading

Open Finance: The Next Frontier in Fintech?

Call for input: Industry needs to engage as the FCA moves forward on its transformative vision for open finance. By Stuart Davis and Brett Carr Imagine a world in which you could access your bank accounts, credit cards, mortgage, pensions, savings accounts and ISAs, brokerage account, home and car insurance, life insurance, and other financial … 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

Readiness for PSD2: APIs Fall Short, but More Time for SCA

While the payments industry scrambles to meet new standards for APIs, the FCA grants an extension for SCA compliance. By Christian F. McDermott, Jagveen Tyndall, and Amy Smyth In an effort to evaluate the readiness of banks to comply with the revised EU Payment Services Directive (PSD2), Tink, a banking platform and data provider, has … Continue Reading

SCA: Storm Clouds Approaching?

Stripe-commissioned report projects that Europe’s online economy risks losing €57 billion when SCA goes into effect on 14 September. By Christian F. McDermott A recent report released by 451 Research and commissioned by Stripe, the online payment processing business, has found poor levels of readiness for the requirements of Strong Customer Authentication (SCA). The report … Continue Reading

FCA Outlines Key Deadlines for PSD2 Compliance

As several PSD2 deadlines approach, PSPs must comply with reporting and notification requirements, as well as with their GDPR obligations. By Christian F. McDermott, Fiona M. Maclean, and Jagveen Tyndall Though the majority of the provisions relating to the revised EU Payment Services Directive (PSD2) came into force in the UK on 13 January 2018, … 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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