Archive | Publications and events

EMA response to HMT consultation: Setting the strategy for UK payments

In July 2012, HM Treasury published the document: Setting the strategy for UK Payments as part of a consultation on the best models for the strategy development of the payment industry. The document outlined three options:

  1. improve the functioning of the existing Payments Council,
  2. introduce a new public body to set strategy across the UK payments industry: the Payments Strategy Board,
  3. introduce a utility type statutory regulator for the payments industry.

The EMA response to the consultation outlined that the representation of innovative payment service providers can be improved considerably. Continue Reading →

ECB Consultation on security of internet payments (deadline: June 20, 2012)

The European Central Bank (ECB) is consulting on standards to increase the security of internet payments in the European Union. It has drafted recommendations that developed by the European Forum on the Security of Retail Payments, SecuRe Pay. This Forum of regulators and supervisors was set up in 2011 as a voluntary cooperative initiative between authorities.

The report outlines security recommendations and best practices such as the principle of strong authentication.  Continue Reading →

EMA response to the EC Green Paper: ‘Towards an integrated European market for card, internet and mobile payments’.

In January, the European Commission started a stakeholder consultation on the future of the European payments market by issuing the Green Paper: ‘Towards an integrated European market for card, internet and mobile payments’. It sought responses to a series of questions with respect to card payments, interchange fees, SEPA, standardisation, interoperability and payments security.

The EMA response to the Green paper stresses that the EMA is not in favour of regulatory intervention with respect to interchange fees. Regarding possible access to the bank account by third party payment service providers, the EMA recognises that it would enable significant innovation by third party providers and the offering of added value services. Continue Reading →

EC Consultation: Green paper on EU market for card, internet and mobile payments (deadline April 11, 2012)

In January 2012, the EU Commission started a consultation on the Green Paper – Towards an integrated European market for card, internet and mobile payments. The purpose is to collect information from all interested stakeholders on the existing situation of the card, internet and mobile payments market and the potential hurdles for integration at European level in these markets.

The consultation includes 32 questions to the stakeholders, which cover areas such as:

  • regulation of the multilateral interchange fee for four  party card schemes
  • card scheme rules on cross-border acquiring, co-badging, surcharging and scheme-governance,
  • standardisation, interoperability and security requirements for payments,
  • governance of the SEPA-activities in Europa.

Continue Reading →

EMA conference 2011: The evolution of e-money and payment institutions; new opportunities, new challenges.

We organised this conference on 29 and 30 November 2011 at the Crowne Plaza, Brussels ‘Le palace’.

Crowne Plaza, Brussels 'Le palace'

Crowne Plaza, Brussels ‘Le palace’

The conference focused on how e-money and payment institutions are changing and the new opportunities for industry and challenges for regulations that this creates.

What did the conference address?

The conference reviewed the evolution of e-money and alternative payment products over the last few years and invited issuers and payment service providers to describe developments that are likely to emerge. The EU regulatory model was compared to that of the US, Japan, Australia and the recently adopted Russian legislation.

We addressed topics that are currently the focus of regulatory discussion, such as the review of AML legislation, the outsourced business model, the use of agents and distributors, as well as passporting.

The conference brought together the industry and regulators with an interest in Emoney and innovative payments to discuss developments and shared challenges.

Speakers included:

  • Alex Hoffman, PayPal France
  • Ben Steyn, Skrill
  • Caroline Gardner, FCA
  • Des Hellicar-Bowman, Vincento
  • Fabienne Weibel, PayPal
  • Jane Zavalishina, Yandex Money LLC
  • Javier Martell, Boku Inc
  • John Burns, FCA
  • John Plank, National Crime Agency
  • Mahmed Yurtcicek, Banking Regulation and Supervision Agency of Turkey
  • Mark Watkins, Voicecash
  • Michael Muller, PaysafeCard
  • Mike Smith, Raphaels Bank
  • Paul Townsend, WorldPay (Envoy Services)
  • Peter Howitt, Transact Network Limited
  • Philippe Pelle, European Commission
  • Ray Brush, PrePay Solutions
  • Dr Rhys Bollen, Australian Securities & Investments Commission
  • Shri G Padmanabhan, Reserve Bank of India
  • Stan Rubin, Ukash
  • Taiji Inui, NTT Data Corporation, Bank of Japan
  • Tobias Mackie, European Commission
  • Tobias Shreyer, PPRO GmbH

A printable version of the conference programme can be downloaded as a .pdf file (421.30Kb)

EMA conference 2009: The European Payment Services Directive and Global Developments in Payments Regulation

EMA conference 2009 panel

EMA conference 2009 panel, 24 November, London

The Electronic Money Association (EMA) held its 3rd Conference on ‘The European Payment Services Directive and Global Developments in Payments Regulation’ on 24 November 2009 at the London Marriott Hotel West India Quay.

The payments framework in the US is undergoing huge changes at the moment, and both Japan and Russia are a new framework is being developed in Russia and Japan. Speakers described developments, and the opportunities that the different regimes provide. A further key theme was the effect of the credit crunch on regulatory attitudes generally.

The conference also focused on the practical impact of the European Payment Services Directive, and several payment service providers described the process of implementing local regulations, and the expected role of payment institutions in the coming years. We reviewed the recently published and revised Electronic Money Directive, and explored the expanded role of issuers under this regime.

Speakers included:

  • Evgeniya Zavalishina, general manager, Yandex.Money
  • Helmut Bauer, previously head of banking supervision at Bafin and head of global regulatory affairs at Deutsche Bank
  • Stephen Middlebrook, senior counsel, US Department of Treasury
  • Taiji Inui, NTT Data Corporation, previously head of payments policy, Bank of Japan
  • William Lorenz, banking and compliance director, Ixaris

A printable version of the conference programme (.pdf 874Kb).

 

EMA conference 2007: The Future of Payments in Europe

The 2nd EMA Conference on ‘The Future of Payments in Europe’, took place on 28 and 29 November 2007 at the Marriot West India Quay hotel in London. It focused on the forthcoming implementation by European member states of the Payment Services Directive. It brought together regulators and industry representatives for a discussion of the challenges member states face during implementation. The most significant issue to have come out of the conference was the need for a synchronised approach, providing a consistent legal regime for products. The flexible approach that the Directive provides for member state discretion, needed to be balanced against the need for a uniform consumer experience and legal clarity for service providers.

Discussions were had on the prudential framework for Payment Institutions, the likely time frames, membership for PI’s of payment schemes, including the card schemes, and the contribution of this new regime to competition and consumer value.

The relative advantages of treating micro enterprises as consumers were set out, and the UKdescribed the rationale for this proposal, and the limited ability of these businesses to influence contractual terms offered by payment service providers.

The scope of payment services received much attention as did the liability and obligations of PSP’s and the varying disclosure obligations set out in Titles III and IV of the Directive.

Participants had numerous opportunities to discuss issues of concern with others, be they fellow service providers, regulators or service provider professionals. It closed on the second day, with a free ranging debate on the future of payments, and the likely contribution of the new regime to these changes.

 

A printable version of the conference programme