BIS mandate to digitize money
The Bank for International Settlements (BIS) has published a working paper examining the digitization of money. The article discusses important economic issues and implications of digital currencies, including how digital currencies can facilitate the traditional role of money, create digital currency areas in different countries, and transfer payments from lines of credit to digital platforms.
BIS appointments are written by members of the BIS monetary and economic division and sometimes by other economists as well. Articles cover current and technical topics. The opinions expressed here are those of the authors and not necessarily those of the BIS.
PSR: a request for advice about the second phase of the Benefit Service
The payment system regulator (PSR) has published a call waiting in the second stage of acknowledgment of receipt (CoP), a name verification service designed to prevent automatic payment fraud (APP) and unauthorized payments. The second phase aims to increase participation in the service so that all banks and mortgage lenders can offer CoPs. The call examines the requirements to ensure that the service is technically capable of working for all bank transfers, and asks for advice on the possibility of designating other banks, construction companies, and financial institutions to implement the service by 2021.
FCA: extension of the deadline for SCA
The FCA has issued a statement extending the deadline for implementing strong customer authentication (SCA) for e-commerce transactions to March 14, 2022. The FCA recognizes that the challenges facing the industry must be timely and that the expansion will at the very least be must be discontinued. . merchants. . and consumers.
FCA: “Dear CEO” Letter on the protection of electronic money companies
The FCA has released a model version of its “Dear CEO” letter about the protection that e-money companies provide to customers. The letter exposes FCA’s concerns about the lack of information e-money companies provide to customers about the differences between their services and traditional banking services, especially as the Financial Services Scheme (FSCS) does not apply. The letter asks e-money companies to make sure customers understand how their money is protected and describes the actions that companies should take.
FCA: Talks about an increase in scams
The FCA spoke from Mark Steward, Executive Director of Market Execution and Supervision, on the increase in scams and the threat to financial services. Sir. Steward spoke about the FCA’s role in preventing harm to consumers through illicit activities and improving fraud management should one occur. Including:
• more proactive monitoring and daily updating of the list of FCA alerts;
• fight against investment fraud within the FCA; TO BE
• involvement with social media companies in the application of section 21 of the Financial Services and Markets Act 2000 (FSMA).
Steward also noted that companies should do more to prevent harm and that failure to comply with this recommendation could prompt FCA to take action.
FCA: Update of the outsourcing and operational resilience page related to the application of the EBA’s outsourcing guidelines
The FCA has updated its Operational Resilience and Outsourcing website with information on the application of the European Outsourcing Guidelines (EBA) in the context of the Operational Resilience Package recently completed by the UK authorities.
ECB: Discussion on the future of retail payments in the EU
The ECB published a speech on the future of retail payments in the EU by Fabio Panetta, a member of the ECB’s Executive Board. Sir. Panetta spoke about:
• digitization of the EU retail payments scenario;
• the need to increase choice, resilience, and competitiveness, boost competition and develop innovative payment solutions and technologies;
• the need for full payment of immediate payments; TO BE
• the need for cheap, easy, and fast access to cross-border payments.
• ASIC consultation on electronic payment code updates
• ASIC launched a consultation document (CP 341) asking for feedback on updates