At the end of June 2023, buried in the GOV.UK website, there was a Memorandum of Understanding (MoU) establishing a framework for financial services regulatory cooperation between the European Union and the United Kingdom. Mark Beresford (Director, London) has investigated what this could mean for the payments and fintech industry on both sides of the English Channel and could this be the start of a gradual reversal of Brexit for the financial services sector?
We meet up with Scott McInnes, partner in the Brussels office of international law firm Bird & Bird, to deep dive the recently published package of new payments legislation proposed by the European commission.
Elisabetta Nadal is a Business Analyst within EDC’s London office. She joined EDC in 2022 after a year of experience working as a research fellow, focused on the analysis of entrepreneurial decision-making processes. Elisabetta holds an MSc in Economic and Social Sciences from Bocconi University in Milan and a BSc in Economics from the Ca’ Foscari University of Venice.
The payments industry is experiencing major structural changes that create new opportunities for various stakeholders in the value chain, especially in the airline industry.Drivers of change for payments include:
Read a joint article by Martin Koderisch and Grégoire Toussaint who provide an update on Strong Customer Authentication (SCA) and the current status of the available exemptions. SCA is coming PSD2 came into effect on 13th January 2018 in the European Union (EU), and we are now in a transitionary period lasting till 13th September 2019 when rules regarding the use of Strong Customer Authentication (SCA) will apply.
It is July 2018 and PSD2 is already 6 months old. The UK’s Open Banking framework has also entered its 2nd Phase. But has anything concrete really happened or is all the hype just going to slowly fade away? What is the status of the open banking dream that is supposed to fundamentally change payments for consumers and businesses alike?