by admin | Jan 19, 2025 | Card Scheme & Membership Requirements
Principal Card Scheme memberships with providers like Visa, Mastercard and China UnionPay are the best way to take control of your payment service products. But what it takes to get access to these schemes is often seen as a mystery. Unlike most questions, getting a...
by admin | Oct 1, 2024 | AML & Financial Crime
On 7 October 2024, the UK’s financial landscape will undergo a seismic shift with the introduction of the Authorised Push Payment (APP) fraud reimbursement rules.These new regulations, led by the Payment Systems Regulator (PSR), will impose mandatory reimbursement...
by admin | Sep 27, 2024 | Safeguarding & Client Funds
In response to growing concerns about safeguarding practices in the payments and e-money sector, the Financial Conduct Authority (FCA) has published a detailed consultation paper (CP24/20), proposing significant changes aimed at enhancing consumer protection, raising...
by admin | Sep 12, 2024 | AML & Financial Crime, Uncategorized
In a recent letter from the FCA, sent on 1st August 2024, some payments and Emoney firms were reminded of their responsibilities regarding Suspicious Activity Reporting (SAR). As financial crime continues to evolve, regulators have stressed that firms in the payments...
by admin | Aug 8, 2024 | AML & Financial Crime, Uncategorized
Anti-Money Laundering (AML) audits are essential for ensuring that your Payment Services or Emoney firm retains both its licence and its banking relationships. A critical component of these audits is the proper documentation and evidence of internal policies and...
by admin | Jul 15, 2024 | Merchant Acquiring & PayFac Models
As the digital payments landscape evolves, businesses that service and support merchant payments are increasingly exploring the role of becoming their own merchant acquirer. Understanding the intricacies of becoming a merchant acquirer, the benefits it offers, and the...
by admin | Mar 18, 2022 | FCA Licensing & Regulatory Applications, Uncategorized
Since July 2020, the Financial Conuct Authority (FCA) have been mandating that Payment Service Providers (PSPs) have wind down plans (WDPs) in place as a condition of authorisation. Even though it has been nearly two years since this requirement was implemented,...
by admin | Jul 21, 2021 | FCA Licensing & Regulatory Applications
Many firms ask various forms of the same question: What is the difference between an E Money and a payment service licence? It is the question that underpins their path to gaining permission from the FCA or European regulator. If a firm applies for the wrong licence,...
