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Alison Donnelly

Alison Donnelly
Alison Donnelly

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New Rules for Payment and E Money Institutions

[fa icon='calendar'] 29-Oct-2018 15:00:00 / by Alison Donnelly posted in Payment services, PSD2, FCA

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New rules for payment and e-money institutions 

Over the past couple of months, the FCA has been consulting on whether to apply the Principles for Businesses, and some other Handbook rules, to payment and e-money institutions and registered account information service providers. This marks another step in the FCA’s journey towards greater supervision of the non-bank payment services sector.  

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REP018, Open Banking and the InfoSec Challenges facing the Payments Industry

[fa icon='calendar'] 10-Sep-2018 09:55:00 / by Alison Donnelly posted in GDPR, Compliance, PSD2, E-money, Payment services

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Open Banking; not just for banks

[fa icon='calendar'] 17-Aug-2018 12:32:15 / by Alison Donnelly posted in Payment services, E-money, PSD2

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How is your business preparing for Open Banking? According to a HM Treasury paper published earlier this month, Open Banking ha s the potential to ‘boost UK GDP by more than £1 billion annually.’ The Paper heralds the advantages of openness and data sharing generally across sectors of the economy and discusses the government’s strategy to ‘put the UK at the forefront of the AI and data revolution.’ And indeed, the free flow of data has key advantages in terms of data analytics and personalising the sale of goods and services to customers.
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What the FCA really wants from e-money and payment institutions

[fa icon='calendar'] 11-Jun-2018 17:00:00 / by Alison Donnelly posted in Payment services, FCA, E-money

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With the vast majority of e-money and payment institutions successfully re-authorised, let’s take a look at how the FCA intends to monitor this growing population of firms.

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Introducing the New Payment Systems Operator

[fa icon='calendar'] 23-May-2018 16:24:01 / by Alison Donnelly posted in Payment services, E-money, FINTECH

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In a previous blog post, I took a look at the upcoming access changes to the UK’s RTGS system (the Clearing House Automated Payment System) and, in the blog post before that, the UK’s new payment architecture. In the latter, you might remember, we touched on the consolidation of three separate payment service operators (PSOs) – Bacs, Faster Payments Service and the Cheque & Credit Clearing Company – under a New Payments Service Operator (NPSO).

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How are the third party providers (TPPs) faring under PSD2?

[fa icon='calendar'] 09-Mar-2018 09:14:44 / by Alison Donnelly posted in Payment services, FCA, PSD2, E-money

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It’s been five months since the FCA’s doors opened to applications from the new payment service providers, often referred to as third party providers (TPPs), and two months since they could appear on the Register so it’s a good time to ask how many have seized the opportunity presented by the second payment services directive (PSD2).

The answer is: ‘not so many’.

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A new year; a new payments landscape?

[fa icon='calendar'] 12-Jan-2018 23:40:13 / by Alison Donnelly posted in Payment services, E-money, PSD2, FCA

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To some, 13 January and the implementation of the second Payment Services Directive (PSD2) will be a significant milestone in their business’s path. They will be joining the community of the regulated financial services sector, which means that their owners and managers take on significant additional liability and are subject to a new level of scrutiny. They will have to meet certain standards and requirements ranging from the information they must give their customers to the type of insurance they must hold (in the case of the payment initiation and account information service providers) to how they treat client money (for authorised payment and e-money institutions and small e-money institutions).

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MiFID II: stay focussed and keep perspective

[fa icon='calendar'] 02-Jan-2018 22:08:06 / by Alison Donnelly posted in FCA, Compliance

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The second Markets in Financial Infrastructure Directive (MiFID II), and its accompanying regulation the Markets in Financial Infrastructure Regulation (MiFIR), are set to take effect tomorrow (3 January 2018) – some four and a half years after first being approved by the Council of the European Union (and after a year-long delay intended to allow for the development of the complex technical infrastructure required by firms for compliance with the incoming changes).

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PSD2 spells the end of surcharges

[fa icon='calendar'] 22-Dec-2017 15:16:41 / by Alison Donnelly posted in E-money, Compliance, PSD2, Payment services

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When does a great deal turn out to be not such a great deal? When a credit card surcharge is added right at the end. Such hidden surcharges will be a thing of the past, mostly, come mid-January when the second Payment Services Directive (PSD2) is implemented.

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The RTGS game changer for payment and e-money institutions

[fa icon='calendar'] 09-Dec-2017 16:58:42 / by Alison Donnelly posted in Payment services

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Following on from my previous blog post, where I looked at the UK’s current and future payments architecture, one of the most interesting developments identified at the Project Regulator event that could be a game changer for payment and e-money institutions concerns the UK’s interbank real time gross settlement (RTGS) system.

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