Yesterday, the European Central Bank released a draft version of the Recommendations for payment account access services for public consultation. These recommendations were developed by the European Forum on the Security of Retail Payments, SecuRe Pay (the “Forum”). In the Forum all the EU supervisors work together with the aim to foster the establishment of a harmonised EU/EEA-wide minimum level of security.
The draft report lists a number of Recommendations which seek to ensure that the Third Party Providers of Payment Account Access Services and the involved Governance Authorities (scheme owners) meet the following requirements: …
Today, the ECB released a comprehensive set of Recommendations for the security of internet payments, following a two-month public consultation carried out in 2012. The Recommendations represent the first achievement of the European Forum on the Security of Retail Payments (SecuRe Pay), a voluntary cooperative initiative between relevant authorities from the European Economic Area (EEA) – supervisors of payment service providers and overseers in particular.
The FSA released a consultation on regulatory reform that outlined a number of questions and issues related to the new governance roles in UK supervision of financial institutions. The EMA briefly responded to this consultation to propose a practical way to facilitate the transition to the regime with the Financial Conduct Authority as the new regulator.
In July 2012, HM Treasury published the document: Setting the strategy for UK Payments as part of a consultation on the best models for the strategy development of the payment industry. The document outlined three options:
improve the functioning of the existing Payments Council,
introduce a new public body to set strategy across the UK payments industry: the Payments Strategy Board,
introduce a utility type statutory regulator for the payments industry.
The EMA response to the consultation outlined that the representation of innovative payment service providers can be improved considerably. …
The European Central Bank (ECB) is consulting on standards to increase the security of internet payments in the European Union. It has drafted recommendations that developed by the European Forum on the Security of Retail Payments, SecuRe Pay. This Forum of regulators and supervisors was set up in 2011 as a voluntary cooperative initiative between authorities.
The report outlines security recommendations and best practices such as the principle of strong authentication. …
The EMA response to the Green paper stresses that the EMA is not in favour of regulatory intervention with respect to interchange fees. Regarding possible access to the bank account by third party payment service providers, the EMA recognises that it would enable significant innovation by third party providers and the offering of added value services. …
In October 2011 the Financial Services Authority consulted the market on the new levy/fee structure for 2012/2013. The Ema responded with a brief remark as to the application of fees on dormant accounts.
We organised this conference on 29 and 30 November 2011 at the Crowne Plaza, Brussels ‘Le palace’.
Crowne Plaza, Brussels ‘Le palace’
The conference focused on how e-money and payment institutions are changing and the new opportunities for industry and challenges for regulations that this creates.
What did the conference address?
The conference reviewed the evolution of e-money and alternative payment products over the last few years and invited issuers and payment service providers to describe developments that are likely to emerge. The EU regulatory model was compared to that of the US, Japan, Australia and the recently adopted Russian legislation.
We addressed topics that are currently the focus of regulatory discussion, such as the review of AML legislation, the outsourced business model, the use of agents and distributors, as well as passporting.
The conference brought together the industry and regulators with an interest in Emoney and innovative payments to discuss developments and shared challenges.
Speakers included:
Alex Hoffman, PayPal France
Ben Steyn, Skrill
Caroline Gardner, FCA
Des Hellicar-Bowman, Vincento
Fabienne Weibel, PayPal
Jane Zavalishina, Yandex Money LLC
Javier Martell, Boku Inc
John Burns, FCA
John Plank, National Crime Agency
Mahmed Yurtcicek, Banking Regulation and Supervision Agency of Turkey
Mark Watkins, Voicecash
Michael Muller, PaysafeCard
Mike Smith, Raphaels Bank
Paul Townsend, WorldPay (Envoy Services)
Peter Howitt, Transact Network Limited
Philippe Pelle, European Commission
Ray Brush, PrePay Solutions
Dr Rhys Bollen, Australian Securities & Investments Commission
Shri G Padmanabhan, Reserve Bank of India
Stan Rubin, Ukash
Taiji Inui, NTT Data Corporation, Bank of Japan
Tobias Mackie, European Commission
Tobias Shreyer, PPRO GmbH
A printable version of the conference programme can be downloaded as a .pdf file (421.30Kb)
