Matthew Buley’s Post

Time Running Out for Payment Providers to Have Their Say on New Regulatory Regime Vijay Ray, associate director of risk assurance, RSM UK, said: “This consultation represents the most significant change to the payments industry for decades, so we’d encourage those with an interest in improving payment services to make sure they have their say. Previous failings have highlighted an urgent need for more stringent regulation of payment services, and this presents an opportunity to help shape the future of the industry, so customers are better protected in an increasingly digital world.”  https://lnkd.in/e4sp3y8d Kelly Vuong Chris Knowles Robert Donaldson Andrew Westbrook Dave Innes Jessica Guru Rebecca Degg #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

De-banking: not a term many had heard of until a recent high profile case. Here's an article from our Financial Services team with some interesting insights on a topic that continues to challenge and evolve.

The de-banking of customers, and the legal and regulatory implications that can arise, are not new issues. However, those issues have come into sharp focus following recent publicity surrounding a high-profile account closure. Rachel Tookey, Stewart Plant and Leontia McArdle consider what payment services firms can expect next following the increased scrutiny from customers, media, government and the regulators. #payments #regulations #financialservices

📢 𝙍𝙚𝙖𝙙 𝙤𝙪𝙧 𝙡𝙖𝙩𝙚𝙨𝙩 𝙬𝙚𝙚𝙠𝙡𝙮 𝙝𝙞𝙜𝙝𝙡𝙞𝙜𝙝𝙩 𝙤𝙣 𝙘𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚, 𝙗𝙖𝙣𝙠𝙞𝙣𝙜 𝙖𝙣𝙙 𝙛𝙞𝙣𝙖𝙣𝙘𝙚-𝙧𝙚𝙡𝙖𝙩𝙚𝙙 𝙪𝙥𝙙𝙖𝙩𝙚𝙨:   In line with the adoption of the Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (hereinafter “DORA”) that will enter into force in january 2025, a package of Commission Delegated Regulations was adopted to provide the following precisions:   (i)             Commission Delegated Regulation (EU) 2024/1502 mainly lists the criteria to be taken into consideration to determine whether an ICT third-party service provider is critical or not.   In order to do so, the ESAs should (e.g.) check the proportion of financial entities and shares of the total value of assets of financial entities, categorised by type, which rely on its ICT services for critical or important functions.   (ii)            Commission Delegated Regulation (EU) 2024/1505 supplements DORA by outlining the oversight fees that the Lead Overseer will charge critical ICT third-party service providers and details the payment procedures for those fees.   For instance, it defines the applicable turnover of critical ICT third-party service providers for the calculation of the oversight fees and the calculation method of the oversight fees.   Most of the provisions of these Commission Delegated Regulations enter into force on 19 June 2024. At Ethikos, we are "DORA ready" and prepared to help you navigate these significant changes. 
𝙒𝙖𝙣𝙩 𝙩𝙤 𝙠𝙣𝙤𝙬 𝙢𝙤𝙧𝙚? 𝘾𝙤𝙣𝙩𝙖𝙘𝙩 𝙪𝙨 𝙛𝙤𝙧 𝙖 𝙢𝙤𝙧𝙚𝙙𝙚𝙩𝙖𝙞𝙡𝙚𝙙 𝙖𝙣𝙖𝙡𝙮𝙨𝙞𝙨 𝙤𝙧 𝙩𝙤 𝙜𝙖𝙞𝙣 𝙖𝙘𝙘𝙚𝙨𝙨 𝙩𝙤 𝙤𝙪𝙧 𝙛𝙪𝙡𝙡𝙍𝙚𝙜𝙪𝙡𝙖𝙩𝙤𝙧𝙮 𝙒𝙖𝙩𝙘𝙝.

With the approval of #CRD6 cross-border banking services will encounter restrictions. This will affect business in the EEA. Third-country institutions will need to assess the impact and prepare to relocate the services and bankers. Do you want to know more? Get in touch with us and read our PwC Regulatory Blog post: https://lnkd.in/dpJAuQ4D Roland Scheinert, Benjamin Münch, Stefan Röth, Kees Wegener Sleeswijk, Andreas Hock, Ludwig Schulte, CFA, Simona Wendland

IFSCA FLOATS CONSULTATION PAPER PROPOSING TO AMEND “ESCROW SERVICE” DEFINITION UNDER PAYMENT SERVICES REGULATIONS IFSCA releases Consultation Paper proposing amendment to Sec. 2(1)(I) of the IFSCA (Payment Services) Regulations, 2024; States that the extant Regulations inter alia specify these activities as payment services that may be provided by the entities authorised as Payment Service Providers (PSP) - (a) account issuance service (including e-money account issuance service), (b) e-money issuance service, (c) escrow service, (d) cross border money transfer service and (e) merchant acquisition service; Escrow service is defined as “the service provided by a payment service provider, under an agreement, whereby money is held by such payment service provider in an escrow account with an IFSC Banking Unit or an IFSC Banking Company on behalf of two parties that are in the process of completing a transaction;”; Further, states that post notification of the Regulations, a few entities desirous of providing escrow services communicated to the IFSCA that the requirement of 2 parties in the definition would prevent them from undertaking certain transactions in which the escrow services are required; Therefore, IFSCA proposes that the definition be changed to read “….on behalf of one or more parties that are in the process of completing a transaction;”: IFSCA

U.S. Faster Payments Council Publishes Operational Considerations for Receiving Instant Payments Guideline Read more: https://lnkd.in/dAEDx5wZ #FasterPaymentsCouncil #InstantPayments #OperationalGuidelines #PaymentInnovation #FintechStandards #FinancialServices #DigitalPayments #USFinance #finance #fintech #FinancialIT

Our new Open Banking product is another way Confirmation is innovating for you. Get a holistic and accurate view of clients' account balances and underlying transactional data, digitally! Learn more and request a demo here: https://okt.to/nelK5C #AccountingFirms #Accountant #charteredaccountant #cpa #audit #accounting #digitaltransformation

We are pleased to be featured in 7th Edition of The Legal 500: Banking & Finance Comparative Guide. As an exclusive contributor, Patomak experts answered 29 questions on banking and finance laws and regulations applicable to the United States. Read Patomak's chapter in the link below, written by Keith Noreika, John Vivian, Joshua S. Kuntz, CPA, CFE, and Carly Ritterband. #legal500 #usregulation #financialregulation #bankingregulation #uslaw

11 Common Checklists Used in Financial Services and Banking 📋 📊 In the regulated world of finance, precision is key. Our latest blog post explores 11 essential checklists that ensure adherence to industry standards and regulatory requirements. Discover how these tools enhance operational excellence and compliance. Read more here: https://hubs.la/Q02HnGt40 #financial #banking #compliance #riskmanagement #KYC #AML