Included in this issue: FCA reports on fair treatment for consumers who suffer unauthorised transactions | HM Treasury consultation on Interchange Fee Regulation Implementation | Bank of England extends CHAPS and CREST settlement day from summer 2016 | FCA cash savings remedies - discussion and consultation paper | ECB and partners sign memorandum of understanding on new €20 banknote | UK card transactions rise by 12 million in May 2015 | Royal Mint sees demand for coins | ING Netherlands trials voice activated payments | Latest EPC developments expected to shape the future of payments | BNP Paribas and Société Générale exploring blockchain | Fintech M&A activity dominated by payments and capital markets sectors

Regulatory

FCA reports on fair treatment for consumers who suffer unauthorised transactions

The FCA has published a report (TR15/10) including findings of its thematic review into fair treatment for consumers who suffer unauthorised transactions. For the purposes of its review, the FCA assessed ten regulated firms providing current accounts or credit cards (or both) to establish whether the consumer protections under the Payment Services Regulations 1999 (SI 2009/209) (PSRs), Consumer Credit Act 1974 (CCA) and FCA Handbook are operating effectively in the event of fraudulent or other unauthorised transactions, and whether firms are delivering fair outcomes for their consumers.  FCA, July 2015 

HM Treasury consultation on Interchange Fee Regulation Implementation

HM Treasury has launched a consultation on implementing the Regulation on interchange fees for card-based payment transactions. The consultation runs until 28 August 2015.  HM Treasury, 27 July 2015 

Bank of England extends CHAPS and CREST settlement day from summer 2016

The Bank of England has announced that, with effect from summer 2016, the settlement day for CHAPS and CREST will be extended from summer 2016 by one hour and forty minutes, to 18.00 for direct participants such as the major banks. This will better align the CHAPS and CREST settlement day with the typical business hours of many system users. The BoE is facilitating the change by extending the operating hours of its Real-Time Gross Settlement (RTGS) infrastructure. It expects that direct participants will pass on the full benefit of the extension to their customers by setting later cut-off times for them.  Bank of England, 23 July 2015 

FCA cash savings remedies - discussion and consultation paper

The FCA has published a discussion and consultation paper (CP15/24) including feedback on proposed remedies on new measures for cash savings account holders. In Part 1 of CP15/24, the FCA summarises the feedback it received on the proposed remedies from its cash savings market study, published in January 2015. Generally, the proposals were well supported, although some respondents raised concerns about certain elements. Part 2 of CP15/24 consists of a discussion paper (see section 7) on the next steps relating to the switching box, the sunlight remedy and annual equivalent rate (AER) code, and a consultation paper (see section 8) setting out proposed changes to the Banking Conduct of Business sourcebook (BCOBS), the Conduct of Business sourcebook (COBS) and the FCA Glossary. The consultation runs until 12 October 2015.  FCA, July 2015 

ECB and partners sign memorandum of understanding on new €20 banknote

The European Central Bank has signed a memorandum of understanding (MoU) along with industry associations, manufacturers and partners to ensure machines and devices across the euro area are ready to accept the new €20 banknote from 25 November 2015.  ECB, 23 July 2015 

UK 

UK card transactions rise by 12 million in May 2015

According to figures from The UK Cards Association, the number of debit and credit card transactions has grown by 1.1% to reach 1.093 billion.  UK Cards Association, 28 July 2015 

Royal Mint sees demand for coins

The Royal Mint has seen an increased demand for coins in the last year, up from two billion in the previous 12 months.  Finextra, 29 July 2015 

WORLDWIDE 

ING Netherlands trials voice activated payments

ING Netherlands has started to allow mobile banking customers to log in and pay for items using their voice. Users simply have to say a short phrase, and the app will match up the sound recording to a file stored on the phone.  Sky News, 29 July 2015 

Latest EPC developments expected to shape the future of payments

The EPC has published its latest newsletter which looks at developments expected to shape the future of payments.

European Payments Council, 28 July 2015

BNP Paribas and Société Générale exploring blockchain

BNP Paribas is said to be exploring the potential of blockchain technology and "how it can be applied to post trade processes to make things faster and potentially cheaper, whilst Société Générale has advertised for an IT developer familiar with the technology.  Finextra, 24 July 2015 

RESEARCH 

Fintech M&A activity dominated by payments and capital markets sectors

According to research from Berkery Noyes, there were 192 fintech mergers and acquisitions worth a total of $18.9 billion in the first half of 2015. The number of deals was up 14% on the first six months of last year but down slightly on the second half of 2014, thanks in large part to a drop off in transactions involving payments companies  Finextra, 29 July 2015