On April 30, 2021, the federal government introduced
An Act Respecting Retail Payment Activities (short title,
Retail Payment Activities Act) (the “RPAA”). The much-anticipated RPAA comes in response to a consultation paper published by the Department of Finance in 2017, for a “New Retail Payments Oversight Framework” (the “2017 Consultation Paper”). We discuss the 2017 Consultation Paper
here. The RPAA signals the government’s continued willingness to regulate new and increasingly complex “retail payment activities” driven by innovative payment methods and technologies.
The RPAA will serve as the first regulatory regime for retail payment providers in Canada. Not surprisingly, it comes in the midst of a broader regulatory response by a government focused on protecting consumers, fostering competition and promoting innovation in the digital age. Further evidence of this broader strategy can be observed in other recent legislative proposals like the
Voice of the Industry
Delegated authentication: Boost your conversion rates while complying with PSD2 SCA Thursday 29 April 2021 08:38 CET | Editor: Alex Guzu | Voice of the industry
Kurt Schmid and
Suzana Kordumova Nikolova from
Netcetera make the case for delegated authentication as a means to mitigate the hurdles of PSD2 SCA compliance
The application of PSD2 SCA standards across the EU in 2021 brought some growing pains with it for issuers, acquirers, merchants, and customers, notably added friction in the payment process. However, delegated authentication is making leaps and bounds as an alternative to traditional long-winded authentication processes. Growing trust between merchants and issuers means that there is a shift in previously rigid authentication processes, leading to faster checkout and less friction for customers. We take a look at what this could look like in the near future, with insight from Netcetera’s Kurt Schmid and Suzana Kordumova Nikolova.
The European Union, Cybersecurity, and the Financial Sector: A Primer carnegieendowment.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from carnegieendowment.org Daily Mail and Mail on Sunday newspapers.
DLT may not be the silver bullet, but it s worth a shot
Financial Services Bill: Time to Act
Part Three of Five
Mid-week, I have pleasure in penning day three’s reflections on the Financial Services Bill, currently making its way through the House of Lords.
Today, I want to set out my hopes for the bill in relation to potential distributed ledger technology [DLT] use cases, digital instruments, the regime for open finance and the recommendations of Ron Kalifa’s FinTech Strategic Review.
This afternoon I will be putting forward amendments covering these areas as well as the two AI amendments discussed in yesterday’s piece.
<p><span>Finansinspektionen would like to clarify the obligations of third-party payment service providers when gathering information about bank customers’ payment accounts via digital interfaces. FI has also contacted the banks and reminded them about their obligations as an account servicing payment service provider (ASPSP).</span></p>