UK

PSR policy statement on 2017/18 regulatory fees

The Payment Systems Regulator (PSR) has published a policy statement on how the fees for the PSR's functions under the Financial Services (Banking Reform) Act 2013 (Banking Reform Act, also referred to as FSBRA) and the Interchange Fee Regulation (IFR) will be allocated, calculated and collected in 2017/18. The final rules are set out in the Fees (Payment Systems Regulator) Instrument (No 4) 2017. This instrument was made by the FCA Board on 20 July 2017 and came into force on 21 July 2017. The instrument sets out the individual operator fee rates. PSR, 21 July 2017

HM Treasury consultation response on implementing PSD2

HM Treasury has published its response to the consultation on implementing the revised Payment Services Directive (PSD2). The Payment Services Regulations 2017 (SI 2017/752) have also been published on legislation.gov.uk. HM Treasury, 19 July 2017

FCA raises concerns that payment and e-money institutions may have used currency converter tools and the interbank rate in a potentially misleading way

The FCA has published a statement on the use of the interbank rate in online currency converter tools. The FCA is concerned that payment institutions and e-money institutions may have used currency converter tools in relation to their currency transfer services in a misleading way. FCA, 19 July 2017

WORLDWIDE

EBA consults on draft RTS and ITS on EBA electronic central register under PSD2

The EBA has published a consultation paper on the draft regulatory technical standards (RTS) and implementing technical standards (ITS) relating to the EBA electronic central register under the revised Payment Services Directive ((EU) 2015/2366) (PSD2) (EBA/CP/2017/12). The EBA is holding a public hearing on 4 September 2017 in relation to this. The consultation closes to responses on 18 September 2017. EBA, 24 July 2017

Industry task force sets out US path to faster payments

A task force made up of hundreds of industry players (brought together by the Federal Reserve) has set out 10 recommendations in a report in relation to making faster payments. The recommendations are split into three areas: governance and regulation; infrastructure; and sustainability and evolution to make payments in the US faster and more accessible by 2020. The report ends with a call to action for the industry to "come together to make this faster payments vision a reality". Federal Reserve, 21 July 2017

SEPA instant credit transfer scheme interbank implementation guidelines v.1.1

The European Payments Council has published version 1.1 of the Single Euro Payments Area (SEPA) instant credit transfer scheme interbank implementation guidelines. SEPA XML scheme definitions relating to the guidelines are also available. EPC, 19 July 2017