Payment services and systems

Payment services and systems guidance:

Introduction to the authorisation process for electronic money institutions The recast Directive 2007/64/EC, the Electronic Money Directive (2EMD) applied the...

Practice Note

Introduction to the prudential requirements for electronic money institutions The recast Electronic Money Directive’s (Directive 2009/110/EC) (2EMD) prudential...

Practice Note

Background to the supervision of EMIs The supervisory approach of electronic money institutions (EMIs) adopted by the Financial Conduct Authority’s (FCA) predecessor, the...

Practice Note

Cross-border business Regulated firms will be familiar with the concept of passport, but it may be a new concept for those coming from outside the...

Practice Note

BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the...

Practice Note

The Interchange Fee Regulation (an EU regulation on interchange fees for card-based payment transactions) ((EU) 2015/751) (the IFR) was enacted in response to the...

Practice Note

The regulated activity of issuing electronic money Issuing electronic money is a regulated activity under article 9B of the Financial Services and Markets...

Practice Note

BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on...

Practice Note

This Practice Note explains open banking and relevant legal and commercial issues. It covers: • Background • The open banking standard • Third party providers and...

Practice Note

What is the background to the Open Banking concept? Despite great technological advances in the retail banking sector over the last few decades, from telephone and online...

Practice Note

What is the Payment Accounts Directive and what are the key protections it offers consumers? The Payment Accounts Directive (PAD) is intended to enhance transparency and...

Practice Note

Aims of PSD2 The Second Payment Services Directive (PSD2) entered into force in January 2016 and applied as of 13 January 2018. Certain regulatory technical standards...

Practice Note

The first Payment Services Directive (2007/64/EC) (PSD1) came into force on 25 December 2007 and was required to be implemented by Member States by 1 November...

Practice Note

Background to the Payment Services Regulations 2017 The Payment Services Regulations 2017, SI 2017/752 (PSRs 2017) transposed the recast PSD2 (Directive 2015/2366/EU)...

Practice Note

Criminal offences under the Payment Services Regulations 2017 Under regulation 138 of the Payment Services Regulations 2009, SI 2017/752 (PSRs 2017), it is...

Practice Note

Background to disclosure requirements under the PSRs 2017 The second Payment Services Directive (PSD2) (Directive 2015/2366/EC) came into force on 13 January 2016 and was...

Practice Note