legal from a layman
DESCRIPTION
Legal from a Layman. A snapshot of what is happening in payment regulations. Gx helps companies engage in the community intelligently. Our three service modules help give an unfair advantage. Gx Intelligence. Gx Events. Gx Accelerate. Judge us by the company we keep – Gx members. - PowerPoint PPT PresentationTRANSCRIPT
Legal from a Layman
A snapshot of what is happening in payment regulations
Gx Intelligence Gx Events Gx Accelerate
Gx helps companies engage in the community intelligently
Our three service modules help give an unfair advantage
Judge us by the company we keep – Gx members
Going where no man has gone before
1. What’s happening?• The tsunami of change• Where you should be worried
2. What can you do? • Avoiding the Ostrich Strategy
What’s happening?
1. Current payment Directives in the spotlight• 4th Anti-Money Laundering Directive• 2nd Payment Services Directive• 3rd E-Money Directive
2. New Payment Systems Regulator3. Interchange regulation4. Limited Network regulations/guidelines5. Crypto-currency phenomenon 6. Banking Crisis What Crisis
Directives are a description
of the END RESULTAdapted for local situations
Please nudge your neighbour
Payment Systems Regulator
Limited Networks
Interchange
4th AML Directive
2nd Payment Services Directive
3rd E-Money Directive
Crypto Currency
Regulations
Highlights
• PSR • 12 concerns highlighted
1. Improve direct and indirect access routes to the infrastructure
2. Facilitating and directing innovation• OPEN FOR BUSINESS
• PSD• Complexity – terms, value chain, technology – 901
amendments• Multi-country differences• Limited networks• Purpose – who, what, when are we regulating?
Concerns
Concerns, continued
• AML• Significant constraints likely to be imposed• Prepaid seen as being vehicles for money-laundering• Enhanced due diligence could destroy 40% of prepaid products
• EMD• Gathering evidence but the door seems shut• Excludes mobile• Should there even be e-money?
• Crypto-currencies• Should be part of PSD• Currently not being addressed
Concerns
• Limited Networks• BIS has an agenda• Not listening• Could destroy important and profitable part of the industry
And another thing . . .Whatever happened to SEPA?
‘I still see almost nothing happening in SEPA-land’ March 2010, CELENT
‘SEPA migration has started to rock and roll’March 2014, GT News
‘We are nowhere near having a single euro payments area’
March 2014, Tony Craddock
Don’t just sit there . . .
• The sand is getting hotter
• Submit your responses to the Call for Input from PSR• Directly• Through your trade
association• Approach the
consultancy reviewing 3rd EMD and make your case
• Create a point of view• And promote it
Tony CraddockCEOGx58 Southwark Bridge RoadLondon, SE1 0AS, UK
[email protected]+44 (0)20 7928 0040 office+44 (0)7803 203 405 mobile
www.yourgx.comwww.prepaidawards.comwww.emergingpaymentsawards.com
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