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Legal from a Layman

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.

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Legal from a Layman

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  1. Legal from a Layman A snapshot of what is happening in payment regulations

  2. Gx helps companies engage in the community intelligently Our three service modules help give an unfair advantage Gx Intelligence Gx Events Gx Accelerate

  3. Judge us by the company we keep – Gx members

  4. Going where no man has gone before

  5. Directives are a description of the END RESULT • Adapted for local situations What’s happening? • Current payment Directives in the spotlight • 4th Anti-Money Laundering Directive • 2nd Payment Services Directive • 3rd E-Money Directive • New Payment Systems Regulator • Interchange regulation • Limited Network regulations/guidelines • Crypto-currency phenomenon • Banking Crisis What Crisis

  6. Please nudge your neighbour

  7. Crypto Currency Regulations Limited Networks Payment Systems Regulator 3rd E-Money Directive 4th AML Directive 2nd Payment Services Directive Interchange

  8. Highlights Concerns • PSR • 12 concerns highlighted • Improve direct and indirect access routes to the infrastructure • 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?

  9. 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

  10. Concerns • Limited Networks • BIS has an agenda • Not listening • Could destroy important and profitable part of the industry

  11. 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

  12. 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

  13. Radical Opinionated Catalytic Tony Craddock CEO Gx 58 Southwark Bridge Road London, SE1 0AS, UK Tony.Craddock@yourgx.com +44 (0)20 7928 0040 office +44 (0)7803 203 405 mobile www.yourgx.com www.prepaidawards.com www.emergingpaymentsawards.com

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