Topic: Payments openbanking

On 14 November 2023, the European Payments Council published:

On 7 November 2023, the FCA published the findings from its multi-firm review on anti-fraud controls and complaint handling in firms, with a focus on authorised push payment (APP) fraud.

On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to supervise larger nonbank companies that offer services like digital wallets and payment apps. The issuance of this proposed rule should not come as a surprise, as the CFPB has provided several hints in recent months that it would be looking to use its authorities to conduct supervisory examinations of nonbanks operating consumer payment platforms, including through the issuance of a proposed rule to define larger participants operating in this market.

On 31 October 2023, the Payment Systems Regulator (PSR) published a report on authorised push payment (APP) fraud performance.

On 24 October 2023, the Wolfsberg Group published updated Payment Transparency Standards, which replace the 2017 standards to reflect changes in payment methods, infrastructure and landscape.

On 16 October 2023, the Dutch Central Bank (De Nederlandsche Bank, DNB) published for comment a draft Q&A on supervisory boards at payment institutions and electronic money institutions (EMIs). The draft Q&A provides firms with guidance on the circumstances DNB requires a supervisory board at a payment institution or EMI.

On 12 October 2023, the Payment Systems Regulator (PSR) published an updated penalty statement.

On 9 October 2023, the Financial Stability Board (FSB) published its inaugural annual report on key performance indicators (KPIs) for meeting the targets for cross-border payments and a consolidated report on progress under the FSB’s Roadmap for enhancing cross-border payments.

On 18 September 2023, the Dutch Central Bank (De Nederlandsche Bank, DNB) launched a public consultation on the draft ‘Good Practices Intra-Group Relationships’ applicable to e-money institutions and payment institutions. The consultation is open until 17 November 2023.

On 2 October 2023, HM Treasury published a Policy Statement ‘Payment service contract termination rule changes: Implementation, timings and next steps’.