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So far Bob has created 69 blog entries.

Bank of England fears for UK financial stability in the face of the Italian banking crisis. Unicredit needs €35 billion more capital

The Bank of England recently woke up and issued its Financial Stability Report and Stress Test results – November 2018. In it the Bank warned that a “further deterioration in Italy’s financial outlook could result in material spillovers to the euro area and the UK” .

In its more detailed comments the Bank noted that Italian […]

UK headmistress threatens to close tuck shop

The UK’s headmistress, Theresa May, has issued a chilling warning to the 650 members of her House of Prefects – she will close off access to the Brougham Exit from the school grounds (known as the Brexit for short) unless a majority of house prefects vote for her school development plan at the next full […]

The curious incident of company No. 11536954 – Pay.uk Limited, founded 3 months ago

Pay.uk Ltd was founded three months ago (on 25th August 2018) as a company limited by guarantee no. 11536594 and registered to 2 Thomas More Square, London. Is that a surprise to you? It might be. On 10th October 2018 it changed its name to NPSO Ltd, NPSO being short for New Payment System Operator.

There […]

Request to Pay: challenges for the Treasurers of Creditors, but bonanza for the Treasurers of Debtors

“Request to Pay” or “RtP” is a new service planned for the UK by Pay.uk (formerly known as New Payment System Operator), and is likely to be adopted in some form within the Single Euro Payments Area as well.

The basic concept is that an invoice for regular utility supplies – like water, gas, electricity, phone […]

EUObserver publishes our article “US steps in to clean up Cyprus”

The EUObserver published an abridged version of our article that appeared earlier in “Lawyer Monthly”, about how the USA has had to apply mounting pressure on Cyprus to interdict the operation of the “Cyprus business model”.

You can download the EUObserver version here

This business model is the interaction of several factors:

the passport regime whereby foreign […]

Our response to the PSR consultation on their Contingent Reimbursement Model draft code, aimed at Authorised Push Payments Fraud

We have sent a response to the Payment Systems Regulator on their consultation regarding the Contingent Reimbursement Model draft code.

This is about reimbursing victims of Authorised Push Payments Fraud – or not.

You can download our response here

This is one of the worst documents we have come across in a very long while. It starts in […]

Presentation to Vendorcom Special Interest Group on Faster Payments about Authorised Push Payments Fraud

We made a presentation on 8th November to Vendorcom’s Special Interest Group on Faster Payments about the vulnerability that fraudsters exploit in the Faster Payments system which enables Authorised Push Payments Fraud, and how none of the New Payments Architecture, Confirmation of Payee, or the Contingent Reimbursement Model will resolve it.

You can download the slidedeck […]

Presentation to London Association of Foreign Banks Operations conference on Payment Services Directive 2

We made a presentation on 8th November 2018 to the Operations conference of the London Association of Foreign Banks on PSD2, focusing on:

Conduct-of-Business rules
eBanking security, the EBA Regulatory Technical Standards, the interconnection with Open Banking, and how ASPSPs should accommodate Third-Party Providers
the obligation of credit institutions to provide accounts and services to […]

What we learned about Pay.uk’s Confirmation of Payee service

On 18th October 2018 Pay.uk – the re-branded New Payment System Operator – held a launch event and distributed brochures about their new service called Confirmation of Payee, or CoP. We have previously labelled Pay.uk’s approach to CoP as a “CoP-out” and so it has proved.

CoP is the service that up to now was:

Meant […]

Loss of Hain Marbles an affront to freedom-loving peoples

The nauseating spectacle in the right-wing British media of the loss of the Hain Marbles in the House of Lords will have sickened freedom-loving peoples everywhere.

Since being expropriated from its native South Africa in the 1960s by imperialist lackeys masquerading as archaeologists, the Hain has been confined to a series of institutions in the UK, […]