Legal from a Layman A snapshot of what is happening in payment regulations.
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Transcript of Legal from a Layman A snapshot of what is happening in payment regulations.
![Page 1: Legal from a Layman A snapshot of what is happening in payment regulations.](https://reader036.fdocuments.us/reader036/viewer/2022062519/5697bfc01a28abf838ca39fe/html5/thumbnails/1.jpg)
Legal from a Layman
A snapshot of what is happening in payment regulations
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Gx Intelligence Gx Events Gx Accelerate
Gx helps companies engage in the community intelligently
Our three service modules help give an unfair advantage
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Judge us by the company we keep – Gx members
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Going where no man has gone before
1. What’s happening?• The tsunami of change• Where you should be worried
2. What can you do? • Avoiding the Ostrich
Strategy
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What’s happening?
1. Current payment Directives in the spotlight• 4th Anti-Money Laundering Directive• 2nd Payment Services Directive• 3rd E-Money Directive
2. New Payment Systems Regulator3. Interchange regulation4. Limited Network regulations/guidelines5. Crypto-currency phenomenon 6. Banking Crisis What Crisis
Directives are a description
of the END RESULTAdapted for local situations
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Please nudge your neighbour
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Payment Systems Regulator
Limited Networks
Interchange
4th AML Directive
2nd Payment Services Directive
3rd E-Money Directive
Crypto Currency
Regulations
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Highlights
• PSR • 12 concerns highlighted
1. Improve direct and indirect access routes to the infrastructure
2. Facilitating and directing innovation• OPEN FOR BUSINESS
• PSD• Complexity – terms, value chain, technology – 901
amendments• Multi-country differences• Limited networks• Purpose – who, what, when are we regulating?
Concerns
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Concerns, continued
• AML• Significant constraints likely to be imposed• Prepaid seen as being vehicles for money-laundering• Enhanced due diligence could destroy 40% of prepaid products
• EMD• Gathering evidence but the door seems shut• Excludes mobile• Should there even be e-money?
• Crypto-currencies• Should be part of PSD• Currently not being addressed
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Concerns
• Limited Networks• BIS has an agenda• Not listening• Could destroy important and profitable part of the industry
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And another thing . . .Whatever happened to SEPA?
‘I still see almost nothing happening in SEPA-land’ March 2010, CELENT
‘SEPA migration has started to rock and roll’March 2014, GT News
‘We are nowhere near having a single euro payments area’
March 2014, Tony Craddock
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Don’t just sit there . . .
• The sand is getting hotter
• Submit your responses to the Call for Input from PSR• Directly• Through your trade
association
• Approach the consultancy reviewing 3rd EMD and make your case
• Create a point of view• And promote it
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Tony CraddockCEOGx58 Southwark Bridge RoadLondon, SE1 0AS, UK
[email protected]+44 (0)20 7928 0040 office+44 (0)7803 203 405 mobile
www.yourgx.comwww.prepaidawards.comwww.emergingpaymentsawards.com
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