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New Communication Rules for Payment and E-Money Institutions

[fa icon='calendar'] 09-May-2019 15:00:00 / by James Borley posted in PSD2, E-money, Payment services

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Back in October last year, fscom director Alison Donnelly wrote a blog on the FCA’s consultation on new rules for payment and e-money institutions. As explained in that blog, due to FCA concern with how some e-money and payment institutions have communicated with their customers in the past, certain sections of the FCA Handbook are being applied to payment and e-money institutions.  

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Open banking and strong customer authentication: help!

[fa icon='calendar'] 08-May-2019 15:53:12 / by Alison Donnelly posted in PSD2, E-money, Payment services, SCA

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With only four months to go to the final PSD2 implementation date of 14 September 2019, all payment service providers must make sure they are urgently progressing plans to meet the additional regulatory obligations or to confirm that their obligations are met. 

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Strong customer authentication: the exemptions explained

[fa icon='calendar'] 17-Mar-2019 21:05:50 / by Alison Donnelly posted in PSD2, E-money, Payment services, SCA

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In my previous blog, I outlined the basic requirements of the new obligation, brought in under PSD2 (the second Payment Services Directive), for all payment service providers to apply strong customer authentication (SCA) in certain circumstances. SCA has to be applied both when accessing payment account information and when initiating a payment transaction meaning that a customer checking their account and then paying a couple of bills would have to go through SCA multiple times in one session, which is far from ideal on the user-experience scale. To avoid this, you, as a payment service provider (PSP) can apply one of nine exemptions, if circumstances permit.

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Strong customer authentication under PSD2: the basics

[fa icon='calendar'] 15-Mar-2019 10:57:00 / by Alison Donnelly posted in PSD2, Payment services, SCA

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Strong customer authentication (SCA) is a valid attempt by the EU to curb electronic payment fraud, including ‘card-not-present’ fraud. From a glance the concept is fairly simple, it will be a regulatory obligation to apply two factor authentication (2FA) to the electronic payment process. However, it’s not all quite as simple as that as SCA has more requirements than just the frequently touted 2FA. This blog will provide the basics on SCA and subsequent blogs will go into more detail on the exemptions and how SCA differs from simple 2FA.  

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How the “challenger banks” have become the ‘challenged’ banks

[fa icon='calendar'] 28-Jan-2019 10:30:00 / by Jamie Cooke posted in PSD2, FINTECH, challengerbanks

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Better customer service, cleaner user interfaces, simpler language, spending insights and even gambling blocks…digital banks or ‘challenger banks’ as they are commonly referred to, have taken the UK banking market by storm and with features like these, no wonder they are signing up thousands of new customers every day. However, as the large incumbents awaken from their slumber, are they starting to realise they must fight back no matter how much they make light of these new players?

Jamie Cooke, Managing Director of fscom, gives his opinion...

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PSD2 – clock ticking for ‘live market’ AIS and PIS providers

[fa icon='calendar'] 17-Jan-2019 08:04:00 / by James Borley posted in PSD2, Compliance, Payment services

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As we marked the first anniversary of PSD2 implementation (at least, in the UK!) this week, there will doubtless be numerous conversation pieces and reflections about the success of PSD2 so far – and its relationship with Open Banking – and what more delights both have to offer in 2019, the year the UK is supposed to leave the European Union. 

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Happy New Year, welcome to the new world of REP017 fraud reporting

[fa icon='calendar'] 08-Jan-2019 16:32:16 / by Philip Creed posted in Compliance Audit, PSD2, fincrime

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Under PSD2, all payment services providers, including credit card providers, money remitters and e-money issuers, account information service providers (AISP) and payment initiation service providers (PISP) are required to file reports in relation to confirmed fraudulent activity, known as the REP017 report. 

The REP017 report provides the means for firms through Gabriel to provide the FCA with statistical data on fraud related to different means of payment which in turn is  aggregated  and shared with the European Banking Authority and European Central Bank.

The first submission for REP017 is scheduled for 31st January 2019 covering the period from the 13th January 2018 to 31st December 2018. For this period, the FCA have published an interim REP017 report to be completed.

This blog aims to give a high-level overview of who REP017 applies to, what transactions it captures and how the data on fraudulent transactions need to be categorised.

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18 days to go! REP018 - Are you ready?

[fa icon='calendar'] 14-Dec-2018 08:04:00 / by Alison Donnelly posted in PSD2, Payment services, Risk Assessments

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Be "reassured" of the benefits of external review

[fa icon='calendar'] 07-Dec-2018 11:49:00 / by James Borley posted in Compliance Audit, PSD2, Compliance, Payment services

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Assurance, or the use of auditors to search for problems at firms, can be very useful to the regulated community in all manner of ways, especially during the authorisation process or in respect of the EU's Payment Services Directive. 

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Countdown to REP018 - 31 December 2018

[fa icon='calendar'] 23-Nov-2018 08:46:00 / by Alison Donnelly posted in PSD2, Payment services, Risk Assessments

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