Payments

Our team advises on all legal and regulatory aspects of payment services, payment systems and e-money.

Payments

There are few sectors that can claim to have changed as dramatically in the last few years as the payments sector.

The evolution of retail payments has been particularly stark, but increasingly change is afoot in the wholesale market too.

Banks, financial market infrastructure and other payment institutions face the challenge of not only responding to regulatory developments and demands but also innovating in a legally compliant manner.

We have worked alongside pioneering new market entrants and long-established players in this space, giving us a unique breadth and depth of expertise to advise our clients across the sector.


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Listen to our Payments Monthly podcast now.

In this podcast series lawyers from the Linklaters payments team discuss the legal and regulatory developments that are shaping the sector

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Payments Monthly – Our view on payments law and regulation

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June 2021 | E-money communications and a new duty of care

Harry Eddis, Jean Price, Paul Harris & Simon Treacy

The FCA has told e-money firms to explain to their customers how their money is protected. In this month’s payments podcast, Harry Eddis, Jean Price, Paul Harris and Simon Treacy talk about the impact these communications will have, plus financial promotions and the FCA’s plans for a consumer duty of care.

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May 2021 | Insolvency risks in the payments chain

Richard Hay, Simon Treacy

Social changes are benefitting a new generation of payment providers. In our final episode on insolvency in the payments sector, Richard Hay and Simon Treacy discuss the potential systemic role of these providers and how the Bank of England might respond to emerging risks.

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April 2021 | Insolvency and safeguarding

Jean Price, Paul Harris, Simon Treacy

In the second of three episodes on insolvency in the payments sector, Jean Price, Paul Harris and Simon Treacy discuss the Premier FX case and what it means for the FCA’s approach to safeguarding.

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April 2021 | Insolvency changes for payment and e-money institutions

Rory Conway, Harry Eddis, Simon Treacy

No one wants to contemplate the failure of their business. But incoming changes to the insolvency regime for payment and e-money institutions have forced those firms to engage with that possibility. In this episode, Rory Conway, Harry Eddis and Simon Treacy discuss some of the features of the new special administration regime for payments firms.

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March 2021 | Payments in Australia – Data, Resilience, Competition: Part 2

Nicola Greenberg, Elyse Adams, Kerensa Sneyd and Rob Walker (Allens), Frances Hodgkins, Jonny Ford and Simon Treacy

In the second of two episodes comparing payments trends in the UK and Australia, Frances Hodgkins and Jonny Ford discuss the consumer data right / open banking, operational resilience and competition with Nicola Greenberg, Elyse Adams, Kerensa Sneyd and Rob Walker from Allens, Melbourne.

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March 2021 | Payments in Australia – BNPL: Part 1

Nicola Greenberg, Kerensa Sneyd and Rob Walker (Allens), Frances Hodgkins and Simon Treacy

Australia is at the forefront of buy-now pay-later. In the first of two episodes looking at payments trends in Australia, Frances Hodgkins talks to Nicola Greenberg, Kerensa Sneyd and Rob Walker from Allens, Melbourne, about the latest in the BNPL market and what happens next.

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February 2021 | Protecting consumers: APP fraud and interbank payments

Simon Treacy, Harry Eddis, Jean Price & Paul Harris

Fraudsters trick you into transferring money to them. Should your bank reimburse you? This month Jean Price, Paul Harris, Harry Eddis and Simon Treacy look at the latest suggestions for tackling authorised push payment fraud, as well as whether consumers need more protection when using Faster Payments.

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January 2021 | How buy-now pay-later works

Simon Treacy, Harry Eddis, Jean Price & Paul Harris

As more of us shop online, more ways to pay are emerging. In this month’s payments podcast we take a closer look at one of these new payment options known as buy-now pay-later. Harry EddisJean PricePaul Harris and Simon Treacy explain how BNPL firms make money, how they are regulated and why this matters to the payments sector.

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December 2020 | What 2021 holds for the payments sector

Simon Treacy, Jean Price & Paul Harris

The pace of change in the payments industry continues to accelerate. In this episode, Jean Price, Paul Harris and Simon Treacy look ahead to more change in 2021, the regulators’ plans to keep up and what payment firms will be focusing on in the year to come.

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November 2020 | Meet MiCAR: the EU’s Markets in Cryptoassets Regulation

Harry Eddis, Sophia Le Vesconte & Simon Treacy

The EU has unveiled its plans for regulating cryptoassets. In this month’s payments podcast Harry Eddis, Sophia Le Vesconte and Simon Treacy walk through how MiCAR would work and what it could mean for the payments industry.

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October 2020 | Brexit revisited

Simon Treacy, Harry Eddis, Jean Price & Paul Harris

After a short break, our payments regulation experts revisit Brexit and look ahead to what the end of the transition period means for payments firms. Harry Eddis, Jean Price and Paul Harris also highlight other developments that have caught their eye over the last couple of months.

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July 2020 | The FCA’s warning to payment services firms and e-money issuers

Simon Treacy, Harry Eddis, Jean Price & Paul Harris

The FCA has written to CEOs of payments firms to warn them to act to prevent customer harm. Simon Treacy, Harry Eddis, Jean Price and Paul Harris look at what this letter means for payment and e-money institutions, as well as the newly finalised guidance on safeguarding.

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Bonus Episode | Killer acquisitions in the payments industry

Natura Gracia, Sima Ostrovsky, Frances Hodgkins & Simon Treacy

In a special episode, our Competition experts Natura Gracia and Sima Ostrovsky join Frances Hodgkins and Simon Treacy to examine recent high-profile deals in the payments industry and the approach of competition authorities as they look out for smaller competitors being “killed off” by larger rivals.

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June 2020 | How payments firms safeguard customers’ funds

Simon Treacy, Jean Price & Paul Harris

As part of its response to Covid-19, the FCA has put forward new guidance for payment institutions and e-money institutions on safeguarding and prudential risk management. Simon TreacyJean Price and Paul Harris examine what the change in regulator’s expectations means for payments firms.

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Bonus Episode | Payments in Australia

Nicola Greenberg (Allens), Frances Hodgkins & Simon Treacy

In a special episode, Simon Treacy and Frances Hodgkins are joined by Nicola Greenberg from Allens, Melbourne, to discuss the Royal Commission, buy-now-pay-later models, new design and distribution rules for Australian payments firms and progress on open banking.

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April 2020 | FCA and PSR business plans and the response to stablecoins

Simon Treacy, Harry Eddis, Jean Price & Paul Harris

The promise of stablecoins has caught the attention of regulators and central banks. Simon Treacy, Harry Eddis, Jean Price and Paul Harris consider the regulatory response, including the potential for central bank digital currencies, and discuss how Covid-19 has impacted the UK payments regulators’ plans for the year to come.

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March 2020 | The response to Covid-19

Simon Treacy, Paul Harris & Jean Price

In our first remotely recorded podcast we cover what Covid-19 means for payment services. Simon Treacy, Paul Harris and Jean Price talk about the practical challenges for firms, the latest regulatory developments and the potential commercial impact of the pandemic.

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February 2020 | Payment fraud and operational resilience for payments firms

Simon Treacy, Jean Price & Harry Eddis

Fraud and cyber risks are major issues for the payments industry. This month Simon Treacy, Jean Price and Harry Eddis discuss authorised push payment fraud and the measures that have been taken to try to tackle it, and consider what the regulatory focus on cyber and operational resilience means for the payments industry.

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January 2020 | Brexit transition and an update on electronic communications

Simon Treacy, Jean Price & Paul Harris

For our first episode of 2020 we look at one issue which will dominate the coming year and beyond, and pick up another which emerged at the end of 2019. Simon Treacy, Jean Price and Paul Harris discuss the latest on Brexit and how it will impact the payments industry, and highlight a Dear CEO letter from the FCA to the telecoms industry setting its expectations for firms wishing to rely on the electronic communications exemption under PSD2.

The Next Year in Payments

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Episode 7 | Innovative Payment Systems (Part II)

Michael Voisin & Richard Hay

In this two-part episode, Michael Voisin and Richard Hay discuss the limitations of legacy systems and drives to improve and replace them. This second part focuses on efforts to create parallel closed loop payment systems that do not rely on existing legacy infrastructure, such as so called “stablecoins” and central bank digital currencies.

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Episode 6 | Innovative Payment Systems (Part I)

Michael Voisin & Richard Hay

To date, much of the innovation in the payments market has been at the user-interface level – in a sense, “digital lipstick” applied on top of existing legacy systems. But that approach has its limitations. And there is now growing demand for improvements to underlying payment systems to increase the speed and efficiency of value movements. In this two-part episode, Michael Voisin and Richard Hay discuss the limitations of legacy systems and drives to improve and replace them. This first part focuses on existing legacy systems and initiatives to alter and upgrade them.

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Episode 5 | The view from Asia

Peiying Chua Heikes & Niranjan Arasaratnam

Asia has seen a huge growth in its payments industry over the past few years, spurred on by a young, tech-savvy generation and push for the financial inclusion of the underbanked. Amidst rapid development, regulators are now tasked with overcoming fragmentation in payments ecosystems and ensuring continued financial stability – but at the same time pushing for innovation and change. Peiying Chua and Niranjan Arasaratnam discuss key trends in the Asian payments markets and what the next year is likely to bring.

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Episode 4 | A European perspective – changes in the Belgian payments market

Etienne Dessy, Jellen Rasquin & Donald Krols

As part of the broader digital payment revolution across Europe, there has been considerable change in the Belgian payments market in recent years. Etienne Dessy, Jellen Rasquin and Donald Krols look ahead to the regulatory priorities for 2020 including PSD2, APIs and AML.

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Episode 3 | The shift from cash to digital payments

Harry Eddis, Frances Hodgkins & Terry Yiangou 

E-commerce, wallet services and digital payments are transforming the way we interact with money. Looking ahead, innovative payment systems are set to accelerate the global decline in cash use. Harry Eddis, Frances Hodgkins and Terry Yiangou discuss these market changes and the questions they pose about continuing access to cash.

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Episode 2 | EBA outsourcing guidelines for payment institutions

Jean Price & Arjun Lakhani

An increase in outsourcing in the payments sector has brought with it increased regulatory scrutiny. Now payment institutions in the EU must take into account new outsourcing guidelines from the European Banking Authority. Jean Price and Arjun Lakhani discuss the key points for payment institutions to consider when assessing new and existing outsourcing arrangements.

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Episode 1 | What happens next for strong customer authentication?

Paul Harris & Olivia Murphy

As payments and banking have moved online, authenticating the identity of customers has become a vital part of the fight against fraud. New PSD2 rules on strong customer authentication were intended to bolster security standards across the market but have effectively been delayed. Paul Harris and Olivia Murphy discuss the background to SCA and what the next year is likely to bring.

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