Topic: Payment services

The appeal board of EU financial regulators has confirmed natural persons cannot challenge EBA decisions not to open investigations into member state regulators, saying the EBA’s own-initiative investigatory power is “entirely discretionary”.

25 July 2022

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

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

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

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

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

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

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

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

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