Cap on EU Interchange fees – New Regulation published

On 19 May 2015, the European Union has taken the last step towards capped interchange fees for card-based payment transactions by publishing Regulation (EU) 2015/751. The Regulation follows a number of antitrust investigations into MasterCard’s and Visa’s multilateral inter-change fee (MIF) by the European Commission and national competition authorities (such as in Germany, France, UK, Italy and Poland).

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Application in UK of EBA Guidelines on Security of Internet Payments

On 2 April 2015, the FCA published a statement on its website as follows:

Security of Internet Payments – EBA Guidelines

The European Banking Authority (EBA) has published its final Guidelines on the Security of Internet Payments. We are fully supportive of the objectives behind the Guidelines and agree with the importance of consumers being protected against fraud when making payments online. Ensuring the security of payments and the protection of sensitive customer data is a critical part of the infrastructure of robust payment systems.

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Consultation launched on the security of internet payments

The European Banking Authority (‘EBA’) published a consultation paper in October on the implementation of its Guidelines on the security of internet payments, developed in conjunction with the European Central Bank (‘ECB’), with the basis of much of the Guidelines stemming from recommendations put forward by the European Forum for the Security of Retail Payments. Dr. Matthias Terlau and Dr. Daniel Walter of Osborne Clarke discuss what is expected of payment service providers in the context of the proposed Guidelines.

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The EBA’s and the ECB’s recent move to step up cooperation in making retail payments safer

The European Banking Authority (‘EBA’) published a consultation paper on the implementation of its Guidelines on the security of internet payments, the output of work undertaken in conjunction with the European Central Bank (‘ECB’), with the basis of much of the guidelines being work by the European Forum for the Security of Retail Payments. The EBA expects these proposed guidelines to enter into force in August 2015. Dr. Matthias Terlau and Dr. Daniel Walter of Osborne Clarke discuss the compliance expectations for payment service providers and analyse the critical aspects of the proposed guidelines.

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