There is a lot of movement in the Trade Finance space around moving the business into the digital era. This blog is an overview of the most significant moving parts.
We have the International Chamber of Commerce process, in which a very large number of banks are involved. The ICC Banking Commission most recently met in […]
The last update we gave was that the sponsor of Project Carlton had signed off on the initial research and endorsed its sharing for validation with five or six interested parties.
We did that, got very favourable responses, and have then:
presented aspects of the research at industry events;
used the research as a basis for […]
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 […]
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 […]
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” 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 […]
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 […]
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 […]
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 […]
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 […]