Topic: Payment services

Russia turns to blockchain-powered ledger following SWIFT ejection

Practitioners have expressed doubts over Russia’s blockchain-based “alternative” for the SWIFT payments network from which many of the country’s banks have been excluded since the invasion of Ukraine.

22 June 2022

EU begins PSD2 reassessment and open banking consultation

The European Commission has set the ball rolling on a review of PSD2, alongside a new consultation on its open banking and data sharing framework – but some industry voices have said its plans do not go far enough for open finance’s needs.

12 May 2022

UK competition regulator hands open banking to FCA

The UK’s competition regulator will cede control of its open banking unit to the Financial Conduct Authority, following criticisms of its governance and a bullying scandal last year.

29 March 2022

English Court of Appeal extends Quincecare duty

British banks have a duty to protect their customers from making payments to fraudsters, the English appeals court has ruled, overturning a landmark ruling from last year.

17 March 2022

Singapore court orders OCBC to release bank statements for Wirecard insolvency

In a rare move, a Singapore court has cleared the use of bank statements as evidence, in ongoing overseas legal proceedings relating to the collapse of the defunct German payment processor Wirecard.

06 January 2022

Fed governor casts doubt on plans for stablecoin regulation

Federal Reserve governor Christopher Waller has claimed that stablecoins should be left unfettered of traditional regulation, despite growing industry calls for treating stablecoin issuers like banks.

18 November 2021

Regulate stablecoins as traditional payment systems, global bodies say

Two global bodies have set out standards for stablecoins, proposing to regulate them like other financial market infrastructure such as payment systems and clearing houses.

06 October 2021

BoE clarifies settlement finality requirements for FMIs

The Bank of England has set out its approach to monitoring third-country systems designated under the UK’s Settlement Finality Regulations.

17 September 2021

If it walks like a bank…

In the last year, the banking sector has weathered the covid-19 crisis, but the demises of non-banks Archegos, Greensill and Wirecard have raised questions about the distinctions between bank and non-bank regulation. As fintechs continue to innovate, and alternative lenders offer an increasingly wide range of services, do regulators need to widen their perimeter?

14 July 2021

CBDCs get BIS seal of approval

The Bank for International Settlements has backed two-tier central bank digital currencies, with its head of research calling them “a concept whose time has come”.

24 June 2021

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