Important forenote
Published on 28 October 2019
“It is a great pleasure to make this address to you as the Managing Director designate of the UK’s Payment Systems Regulator.
I would like
simply to outline the nine focus areas for the first year of my tenure in this
role.
With your
kind permission I will dispense with any flannel about the background […]
Published on 25 October 2019
The UK was a major participant in the financial bailout of the Republic of Ireland in 2010-2014, and will remain so under the Withdrawal Agreement, notwithstanding its leaving the EU.
The bailout loans from the European Financial Stabilisation Mechanism (“EFSM”), the European Financial Stability Facility (“EFSF”) and the International Monetary Fund (“IMF”) […]
Published on 15 October 2019
Today Global Britain launched a joint paper written by ourselves and Ewen Stewart, entitled “The Irish economic miracle – fact or fiction?”.
Click here to access the paper
The paper exposes how the Republic of Ireland has established
itself as a tax haven within the European Union, to the benefit of itself and
of the […]
Published on 24 September 2019
It is surprising to find nothing on the agenda of SIBOS conference or the SWIFT Payments Market Practice Group about the recent court decision that negates vital content of the SWIFT Message Reference Guide and BIS and PMPG documents on the subject of MT202 COV.
The issue is the extent of the […]
Published on 27 August 2019.
Previously published by AccountingCPD.net.
Many
multinational corporates have a pooling arrangement for the cash balances owned
by their various subsidiaries. For example this could be with Bank Mendes Gans
in Amsterdam, under Dutch law, with every subsidiary holding as many currency
accounts as it needs and periodically transferring surplus balances into them,
or drawing funds out if […]
FT story of iPagoo’s freezing by the FCA
Published on 22 August 2019
We have recently blogged about NPA and Pay.UK’s loose governance procedures generally, but we need to focus in on the case of IPagoo/Orwell, and its implications for New Payments Architecture (“NPA”), and whether NPA is soundly based.
NPA is essentially the brainchild of Orwell’s CEO […]
Published on 13 August 2019
Having taken a break from following the governance of Pay.UK for a while, a quick skim underlines the prevailing chaos. We have already written about the ditching of a key feature of ISO20022 XML and the broken governance arrangements that have permitted this.
There is a claim to openness about Pay.UK’s affairs, […]
Published on 8 August 2019
Pay.UK was set up to deliver a New Payments Architecture (“NPA”) for the UK, implementing the blueprint that was passed to them by the Payment Strategy Forum.
NPA would be based on the usage of the ISO20022 XML data format to enable rich data to flow up and down the payment chain […]
Published on 5 August 2019.
Previously published by AccountingCPD.net.
On the face
of it, SWIFT’s Global Payment Initiative, or “gpi”, should make a major
contribution to monitoring the cost and time expended on cross-border payments.
SWIFT
claims that US$40 trillion of payments were sent over gpi in 2018, that 3,500+
banks have signed up to it, and that over US$300bn are […]
Published on 30 July 2019.
Previously published by AccountingCPD.net.
There have been several major bankruptcies in the UK recently in which ordinary, unsecured creditors have taken a major loss. These are creditors who have delivered supplies on Open Account. As soon as the delivery is accepted by the Debtor, the Creditor no longer has specific title to […]