Publications and events

Wolfsberg Group Guidance on Mobile and Internet Payment Services

Earlier this year, the Wolfsberg Group, a group of the largest international financial institutions, published its Guidance on Mobile and Internet Payment Services. The aim of the paper is to assist financial institutions in their risk assessments for the wide range of companies that offer mobile and internet payment services.

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Wolfsberg Group Guidance on Mobile and Internet Payment Services Read More »

New York supervisor speech on bitlicense for virtual currencies

A week ago, the New America Foundation organised a meeting on the topic of virtual currencies and regulation in New York. During the meeting, a speech was given by Benjamin M. Lawsky, Superintendent of Financial Services, New York State Department of Financial Services (DFS). He outlined the current thinking on the envisaged bitlicense for virtual currencies in New York.

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New York supervisor speech on bitlicense for virtual currencies Read More »

ECB publishes assessment guide for the security of Internet payments

Last week, the European central bank published the assessment guide for the security of Internet payments. The guide contains a list of the assessment questions that assists payment service providers with the implementation of the European requirements for the security of Internet payments. Payment Service Providers must demonstrate their compliance with these requirements by January 2015.

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ECB publishes assessment guide for the security of Internet paymentsRead More »

ECB publishes assessment guide for the security of Internet payments Read More »

European parliament votes for extended SEPA migration period

Yesterday the European parliament formally approved the European Commission proposal that allows Payment Service Providers six more months in which they may process payment transactions in euros in non-SEPA-formats. The regulation will apply retroactively from 31 January 2014.

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European parliament votes for extended SEPA migration period Read More »

EMA response to the SecuRe Pay recommendations for the security of mobile payments

Last friday, we published our response to the draft recommendations for the security of mobile payments. These draft recommendations were developed by the European Forum on the Security of Retail Payments, SecuRe Pay. This is a group of EU supervisors that are working together to establish a harmonised EU/EEA-wide minimum level of security.

In our response we outlined the following issues:

  • A risk analysis is an appropriate basis for assessing the circumstances when strong authentication is required. A broader approach would take into account a range of factors.

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EMA response to the SecuRe Pay recommendations for the security of mobile paymentsRead More »

EMA response to the SecuRe Pay recommendations for the security of mobile payments Read More »

Strong customer authentication: a flexible approach

In July this year, the European Commission published a proposal for a revised Payment Services Directive (PSD). The proposal requires ‘strong customer authentication’ when someone makes an electronic payment transaction. This validates identity by at least two of the following factors: knowledge, possession and inherence. These are independent, in that the breach of one does not compromise the reliability of the others, and the process also protects the confidentiality of the authentication data.

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Strong customer authentication: a flexible approach Read More »

Chinese, French and Dutch regulators outline their positions on bitcoin

This week, a number of regulators have provided more insight into their stance on bitcoin, the digital exchange mechanism. In general, the view is that bitcoins are not regulated and anyone who chooses to use them for purposes of exchange bears a risk in doing so.

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Chinese, French and Dutch regulators outline their positions on bitcoinRead More »

Chinese, French and Dutch regulators outline their positions on bitcoin Read More »