EBA’s proposals on Strong Customer Authentication under PSD2 will “have a wider and chilling effect on the Digital Single Market”

PIF joins pan-European initiative to express grave concerns with the European Banking Authority’s proposal to tighten customer authentication for online payments

Latest EBA proposal introduces disproportionate security requirements to the detriment of consumers, merchants and issuers of prepaid products

LONDON (28 November, 2016) – The Prepaid International Forum (PIF), the not-for-profit trade association for the prepaid financial services sector, has today added its signature to a letter to Vice-President Dombrovskis at the European Commission that outlines the potential harms the EBA’s proposed Regulatory Technical Standards on Strong Customer Authentication under PDS2 will have on both consumers and payment services providers.

The letter, which has been signed by 39 European and national organisations representing the payments, cards, e-commerce, small merchants, ICT and digital technology, telecoms, foreign trade, and leisure and travel industries, questions the EBA’s prescriptive approach by mandating strong authentication for all remote payment transactions over EUR 10, regardless of their risk.

The letter details concerns that the EBA’s proposals “diverge from its mandate under PSD2 by not allowing for the risk-based approach to authenticate customers and authorise fraud” and “will result in an increase in consumer harm by reducing customer trust in their payment methods, the choices open to them and restricting competition.”

Further, the letter includes open-source evidence to argue that risk-based authentication has been used successfully by the payments industry for many years and is already effective at reducing fraud.

An Annex to the letter also uses evidence to argue that:

  • Legitimate customer transaction rates decrease when Strong Customer Authentication is used, and
  • PSD2 does not require Strong Customer Authentication on all transactions over EUR 10, as included in the Draft RTS

Finally, the letter calls on the EBA to comply with its mandate and the objectives of PSD2 by:

  • Including an exemption for the PSP based on the “risk of the service provided” by the payer
  • Explicitly acknowledging the right of merchants and their PSPs to adopt alternative methods of authentication for low-risk transactions.

PIF Chairman, Craig James said:

“This letter reveals the enormous amount of concern the EBA’s proposal has created across all stakeholders in the European e-commerce sector. 

“PIF strongly urges the European Commission to support the development of a regulatory framework that acknowledges the continued efforts of PSPs to mitigate fraud risks, while ensuring convenience for customers.”

The letter can be viewed here: http://prepaidforum.org/wp-content/uploads/2016/11/Cross-industry-letter-to-Commissioner-Dombrovskis-re-EBA-strong-authentication-standards.pdf

###

NOTES TO EDITORS

About PIF

The Prepaid International Forum (PIF) is a principal trade association for the prepaid industry. We believe that prepayment is a responsible way to pay for goods and services, and that consumers should be confident in the security of prepaid services and the money that is stored on their behalf.

Established in 2006 as a not-for-profit organisation, PIF works closely with industry, regulators, government departments, consumer bodies and the media to promote understanding of prepaid as well as providing support and education to proponents of prepaid worldwide. To learn more about PIF visit www.prepaidforum.org

For further information

Diane Brocklebank

Prepaid International Forum

T: +44 (0) 7736 971 986

E: diane.brocklebank@prepaidforum.org

PIF in the News: The Spectator Money Digest

The Spectator: As companies plan their Christmas bonuses, new research may cause a rethink of who should get a bit extra in their December pay packet.

According to a study of 1,000 UK workplaces conducted by the Prepaid International Forum, the not-for-profit trade body representing the prepaid financial services sector, read more

Mastercard becomes a Benefactor of the Prepaid International Forum as Senior Executive joins PIF Board

Mastercard, a leading global payments and technology company has become a benefactor of the Prepaid International Forum (PIF), the not-for-profit trade association representing the prepaid financial services sector.

At the same time, Darren Deal, Head of Prepaid in the UK and Ireland is joining the PIF Board of Directors.

Mastercard joins a growing membership of organisations committed to advancing the success of the prepaid industry. PIF was established in 2006 to support and enable an innovative, ethical and sustainable sector for prepaid. PIF actively advocates for policies and standards that protect and enhance the use of prepaid solutions, and proactively promotes a positive image of the industry to consumer bodies, regulators, government departments and the media.

PIF’s Commercial Director, Diane Brocklebank said:

“Prepaid solutions are rapidly transforming the way we pay and get paid. Mastercard is a powerful driving force in this process, empowering consumers, businesses and governments to transform the way they engage with financial services.

"A key role of PIF is to promote the positive difference prepaid makes to the lives of consumers and we are immensely proud that Mastercard supports our values and has chosen to become a benefactor”.

Darren Deal, Head of Prepaid, UK&I, said:

“Mastercard is very proud to become a benefactor of PIF and support the great work that is being done.  With a significant majority of prepaid products in the UK being issued with the Mastercard brand, it is essential that we support PIF in its goal to promote the many benefits prepaid has to offer.  We look forward to working in partnership with PIF and its membership.”

NOTES TO EDITORS

About PIF

The Prepaid International Forum (PIF) is a principal trade association for the prepaid industry. We believe that prepayment is a responsible way to pay for goods and services, and that consumers should be confident in the security of prepaid services and the money that is stored on their behalf.

Established in 2006 as a not-for-profit organisation, PIF works closely with industry, regulators, government departments, consumer bodies and the media to promote understanding of prepaid as well as providing support and education to proponents of prepaid worldwide. To learn more about PIF visit www.prepaidforum.org

For further information

Diane Brocklebank
Prepaid International Forum (PIF)
T: +44 (0) 7736 971 986
E: diane.brocklebank@prepaidforum.org

 

 

Another Growth Boost for PIF as Mastercard and Neopay become Benefactors

Not-for-profit industry body reports surge in membership as prepaid sector evolves

LONDON (8 November 2016) - The Prepaid International Forum (PIF), the not-for-profit trade association for the prepaid financial services sector, has today announced its latest benefactors as the organisation continues to grow. Since January, the overall PIF membership has increased by 25% whilst the number of elected Board members is the highest in ten years.

Mastercard and Neopay join a growing membership of organisations committed to advancing the success of the prepaid industry. PIF was established in 2006 to support and enable an innovative, ethical and sustainable sector for prepaid. Member-governed and member-driven, PIF advocates for policies and standards that protect and enhance the use of prepaid solutions and promotes a positive image of the industry to consumer bodies, regulators, government departments and the media.

PIF's Commercial Director, Diane Brocklebank said:

"We are very proud that Mastercard, a leading global payments and technology company, and Neopay, a market leading regulatory specialist, support our values and have chosen to become PIF benefactors.

"PIF's broad membership base is an added value to each member organisation as we collectively leverage our industry insights to guide the sector for the next generation. Our growth is testament to the importance and impact of prepaid solutions in the financial services space, and our strength as a leading voice for the industry."

As a not-for-profit organisation, PIF invests funds raised from its members and benefactors in initiatives that champion providers of prepaid solutions, and educational programmes that highlight the positive difference prepaid makes to the lives of millions of consumers around the world.

PIF Chairman, Craig James said:

"PIF sits at the heart of the industry and is uniquely positioned to bring the prepaid sector together to discuss and address industry opportunities and change. Our continued growth is proof of the valuable support we provide and testament to the commitment and calibre of our member organisations."

Notes to Editors

About PIF

The Prepaid International Forum (PIF) is a principal trade association for the prepaid industry. We believe that prepayment is a responsible way to pay for goods and services, and that consumers should be confident in the security of prepaid services and the money that is stored on their behalf.

Established in 2006 as a not-for-profit organisation, PIF works closely with industry, regulators, government departments, consumer bodies and the media to promote understanding of prepaid as well as providing support and education to proponents of prepaid worldwide. To learn more about PIF visit www.prepaidforum.org

For further information

Diane Brocklebank

Prepaid International Forum

T: +44 (0) 7736 971 986

E: diane.brocklebank@prepaidforum.org

 

 

Target Xmas Bonuses at Younger, Lower Paid Workers to Boost Productivity

PIF Report Suggests Big Xmas Bonuses for Directors and Managers a Waste of Money

As companies plan their Christmas bonuses, new research may cause a rethink of who should get a bit extra in their December pay packet.

According to a study of 1,000 UK workplaces* conducted by the Prepaid International Forum (PIF), the not-for-profit trade body representing the prepaid financial services sector, rewarding younger, less well-paid workers is the best way to boost overall productivity and morale.

According to the study, approximately 700,000 UK businesses plan to pay out a Christmas bonus this year and yet almost half (48%) will exclude their more junior employees from this reward.

This is despite the potential impact on productivity being significantly greater amongst this group.  The research shows that rewards such as Christmas bonuses increase productivity amongst 88% of workers under the age of 34, compared to just 59% of their more senior counterparts over the age of 55.

Productivity is also most likely to be increased amongst workers on a lower wage or those needing to save up for treats for their family, such as Christmas presents.

Alastair Graham, spokesperson for PIF, says:

“Employers should think carefully about how they use their rewards budget to get the best returns for the business in terms of increased productivity.

“Concentrating extra money on senior employees, who may already be well paid, will have less impact than showing your appreciation of younger, more junior staff for whom it may make a significant difference to the quality of their Christmas.”

There are other factors too that companies should consider when giving rewards and bonuses to staff, such as linking these to individual performance and the type of reward provided.

UK managing director at One4all Rewards, Declan Byrne, comments:

“The research also supports our experience of implementing reward schemes, that it is often not the size of reward that matters most when looking to increase productivity, but the intent behind it.

“If the reward is linked to personal or team achievements it is found to have more impact than those simply handed out to all workers regardless of efforts.

“The impact also didn’t increase significantly with the size of the reward.  Relatively small cash gifts of £500 distributed through prepaid gift cards, were just as impactful as large bonuses linked to a percentage of salary.

“Therefore, smaller and selective Christmas bonuses are likely to reap the best returns for the business.”

The importance of treating workers as individuals is also emphasized by Jonathan Kenny, European managing director of Grass Roots Group.

“A one-size-fits-all approach to rewarding staff is not something we would recommend.

“Companies need to get under the skin of their employees and discover an almost individual concept of value.  This insight should be at the core of a company’s reward strategy.  Avoid being prescriptive and ensure the reward has a high perceived value to the recipient.”.

NOTES TO EDITORS

*survey of a nationally representative sample of 1,000 UK employees

About PIF

The Prepaid International Forum (PIF) is a principal trade association for the prepaid industry. We believe that prepayment is a responsible way to pay for goods and services, and that consumers should be confident in the security of prepaid services and the money that is stored on their behalf.

Established in 2007 as a not-for-profit organisation, PIF works closely with industry, regulators, government departments, consumer bodies and the media to promote understanding of prepaid as well as providing support and education to proponents of prepaid worldwide. To learn more about PIF visit www.prepaidforum.org

For further information

Rick Hollister
PR Agency One
T: 0161 871 9140
E: christine@pragencyone.co.uk
Steve Leigh

PR Agency One
T: 0161 871 9141
M: 07734 805 499
E: steve@pragencyone.co.uk

James Crawford
PR Agency One
T: 0161 871 9141
M: 07793 441 686
E: james@pragencyone.co.uk

FFF Ltd collaborates with Wirecard, GPS and Bottomline Technologies to deliver state-of-the-art digital agency banking solutions in Great Britain

Aschheim (Munich)/Newcastle. Wirecard Card Solutions Ltd., a subsidiary of Wirecard AG, is now dealing with GPS (Global Processing Services) and Bottomline Technologies to support "U" - a digital agency banking solution designed by UK Programme Manager FFF Ltd. The U Account offers its users improved current account functionality but without the hassle and cost of using a bank. Its focus on personalisation, easy digital access and transparent pricing for bolt-on account services are unique in the UK market.

With this, Wirecard Card Solutions (WDCS), the leading prepaid card provider in Europe, is introducing agency-banking services in the UK via existing banking relationships. The U Account is WDCS's first foray into agency banking whereby cardholders can make use of additional payment functionality including Direct Debit, Faster Payments and Bacs Credits along with standard prepaid account features.

The U Account targets people, who feel underserved and overcharged by the banks with a new type of highly personalisable prepaid current account that lets people budget better, pay their bills on time and avoid unnecessary bank charges. This includes an integrated solution to the Faster Payments Service and Direct Debits.

Tom Jennings, Managing Director at Wirecard Card Solutions, said: "The FinTech sector in the UK is evolving rapidly as new products and services are being unveiled and the number of start-ups entering the payments industry grows. This type of innovative and market-leading collaboration not only develops the products and services that Wirecard can offer but also supports FinTechs in disrupting the financial services sector."

Alex Letts, Founder of U, adds "A scientific segmentation strategy underpins the U Account, driven by a model that aims to be 100% transparent. Bundled pricing options and a single user interface to extra accounts, combined with an easy money manager to help budgeting, make the U Account and its programme unique."

"We are extremely pleased with the partnership we have built with Wirecard and Bottomline to introduce such an innovative product to the market", said Suresh Vaghjiani, Managing Director (EMEA) at GPS. "The U Account demonstrates our platform's capabilities allowing account holders to manage multiple Bacs enabled accounts each with their own unique account number, unlike other solutions in the market that use virtual accounts or virtual IBANS."

WDCS, a UK-based company is authorised and regulated by the Financial Conduct Authority (FCA) and operates under its Electronic Money license with permissions to issue cards throughout the SEPA region. As network owner of ICA and BIN range and principal member of MasterCard and Visa, WDCS has passporting permissions into all 27 European countries.

Built from the ground up, the GPS processing platform offers reliability and flexibility to support the Agency Banking solution. GPS integrated with market-leading payments provider Bottomline Technologies to incorporate a new set of payment rails and enhance the prepaid card proposition.

Wirecard Media Contact:

Wirecard AG
Jana Tilz
Tel.: +49 (0) 89 4424 1425
Email: jana.tilz@wirecard.com

Wirecard Card Solutions Limited
Annelleise Miles
Tel.: +44 191 227 5472
Email: marketing.uk@wirecard.com

About Wirecard AG:

Wirecard AG is a global technology group that supports companies in accepting electronic payments from all sales channels. As a leading independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. With regard to issuing own payment instruments in the form of cards and mobile payment solutions, the Wirecard Group provides companies with an end-to-end infrastructure, including the requisite licenses for card and account products. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI). For further information about Wirecard, please visit www.wirecard.com or follow us on twitter @wirecard.

About Wirecard Card Solutions:

Wirecard Card Solutions Ltd (WDCS), a subsidiary of Wirecard AG, is a multi-award winning issuer of prepaid cards and products in Europe. WDCS is an FCA regulated Electronic Money institution specialising in BIN Sponsorship and is a principal member of both MasterCard International and Visa Europe. WDCS issues plastic and digital prepaid products for many of the biggest and most innovative programmes in the European marketplace. www.wirecard-cardsolutions.co.uk

About GPS:

GPS is the market leading processor for both prepaid and emerging payments, providing services to some of the most innovative Fintech companies in the industry. Certified with both MasterCard and Visa, GPS can offer a global solution.

About FFF Ltd:

U is the brand name for the new U account provided by FFF Ltd. For further information please contact Alex Letts on 07801 49 6464 or alex@uaccount.co.uk

Bottomline Technologies Media Contact:

Henry Goodwin
Tel.: +1 603 501 5311
Email: henry.goodwin@bottomline.com

About Bottomline Technologies

Bottomline Technologies (NASDAQ: EPAY) helps businesses pay and get paid. We make complex business payments simple, secure and seamless. Businesses and banks rely on Bottomline for domestic and international payments, effective cash management tools, automated workflows for payment processing and bill review and state of the art fraud detection, behavioural analytics and regulatory compliance. Headquartered in Portsmouth, New Hampshire, we delight our customers through offices across the United States, Europe, and Asia-Pacific. Businesses around the world depend on Bottomline solutions to help them make complex business payments simple, secure and seamless. For more information, visit www.bottomline.com

Paysafe named Best Merchant Acquirer/Processor at 2016 Payments Awards

London, October 21, 2016: Paysafe, a leading global payments provider, has been named Best Merchant Acquirer/Processor at this year’s Payments Awards. The accolade was announced on October 20, 2016 at an awards ceremony at the London Marriott Hotel, Grosvenor Square.

The Payments Awards, organised by FStech and Retail Systems, distinguishes excellence and innovation in the cards and payments sector, recognising companies, individuals and organisations who have launched and/or implemented the most outstanding payments solutions, initiatives and projects during the past year.

The award adds to a growing list of accolades for the company’s pay before, pay now and pay later solutions, including Best Online or Mobile Commerce Solution at the Pay 2016 awards and EGaming Review’s Payments and Fraud company award.

Commenting on the recognition, Joel Leonoff, President and CEO of Paysafe, said: “At Paysafe, we understand the need to keep innovating to remain relevant in this rapidly-evolving industry. I am delighted that the hard work and contributions of the team have been recognised among our peers.”

“Our Payment Processing division continues to go from strength to strength as we improve our merchant onboarding process, expand into new sectors and territories and launch new products and services, such as our upcoming Mobile Ordering platform called GOLO. I am particularly pleased with the recognition for our evolving acquiring business, which also recently launched multi-currency cross-border payment capabilities.”

About Paysafe
Paysafe provides digital payments and transaction-related solutions to businesses and consumers around the world. Paysafe is redefining payments by enabling fast, convenient and secure ways to pay before, pay now and pay later through its digital wallets, prepaid solution, payment processing and card issuing, and acquiring products and services. We believe that every point of every payment should be relevant, simple and secure. With two decades of experience, Paysafe is trusted by merchants, and by consumers in more than 200 countries and territories, to move and manage money through more than 100 payment types and 40 currencies. Paysafe offers multi-platform products with an emphasis on emerging payment technologies including mobile. Paysafe’s brand portfolio includes NETELLER® and Skrill®, MeritCard, paysafecard®, payolution®, Income Access and FANS Entertainment. Paysafe Group plc shares trade on the London Stock Exchange under the symbol (PAYS.L).

For more information, visit: www.paysafe.com

Gavin Haycock, SVP Corporate Communications, Paysafe Group plc
Gavin.Haycock@paysafe.com
Tel: +44 (0) 20 3826 9767

Raphaels Bank Named Financial Services Institution of the Year for Second Year in a Row

21 October 2016 - Raphaels Bank, at the forefront of supporting the payments sector for more than a decade, has continued its successful run of Award wins.  Last night it received recognition for its commitment to ground-breaking innovation in the prestigious 2016 Payment Awards by being named Financial Services Institution of the Year.

 “We have a clear commitment to giving Payment Service Providers (PSPs) the ability to add value to their services through a wide range of payment solutions”, explained Janet Johnston, Head of Raphaels Bank Payment Services.  “And this latest Award win, closely following last week’s success in the Emerging Payment Awards, is great recognition of that commitment.

“By opening up the Faster Payment Scheme for PSPs through a new direct access model, we are breaking new ground.  And we expect to continue to expand our Faster Payments Scheme direct connection sponsorships during 2017 with a number of other innovative launches, further demonstrating our on-going commitment to collaboration with innovative and exciting fintech players.”

In the last year, Raphaels Bank Payment Services has developed and launched innovative payment propositions for both long-term and new partners, including Cash Passport, Avuba and Vodafone Pay.  In August 2016 Raphaels also became the first new fully-operational participant of the Faster Payments Scheme, the UK’s 24/7 real-time payment service, since the scheme’s launch in 2008, allowing it to tailor solutions for fintech disruptors such as TransferWise.

Locke Lord Launches ‘Brexit for Business’ App

  • One of the first Brexit apps for the business community
  • App features news, analysis and commentary on Brexit

London 10 October: One of the first Brexit apps, enabling businesses to monitor the latest Brexit developments - along with receiving analysis and expert commentary - is being launched today.

Locke Lord’s iPhone Brexit App - available via free download by searching ‘Locke Lord Brexit’ on the App Store - has been developed to provide rapid analysis and insight into Brexit, with up-to-date legal commentary from Locke Lord lawyers in its offices around the globe. Not only does it enable users to stay informed, but covers potential legal implications of Brexit that may affect businesses, whether in the UK or abroad.

The app ties directly into the Firm’s recently launched Brexit blog, where you can easily browse blog posts, contact the Locke Lord Brexit team, and read team members’ biographies at the click of a button.

Users also have the ability to set up automatic push notifications on their iPhones to be alerted each time a new blog post has been added, ensuring that they will never miss out on the latest updates in Brexit news and progress.

“All of us in London are thrilled to launch the Locke Lord Brexit App in conjunction with our Brexit blog,” said Alan Meneghetti, a Partner in the Firm’s London office and Co-Editor of the Brexit blog.

“We are still awaiting the full implications of Brexit and our team is eager to stay at the forefront of these developments to help clients understand the possible impact it could have on their businesses,” he added.

Rebecca Watkins, Co-Editor of the blog comments further that “Our blog and iPhone App are great avenues to immediately deliver news and information to our clients and the legal community.”

The Locke Lord Brexit team has extensive experience in a variety of practices and industries and is committed to helping clients understand the risks and opportunities post-referendum and navigate as the situation evolves. The Firm’s London lawyers are recognized by well-regarded law Firm ranking organisations, including Chambers UK and the Legal 500, which list them among leaders in their fields.

End

For information about Locke Lord, please contact Daniel Emery on 020 7053 6025 or email daniel.emery@onlybeattie.com

Notes to Editors

In 2010, Locke Lord was one of the first law Firms to introduce its own iPhone App for users to contact lawyers, read lawyer biographies, register for Firm events and find their way around cities where our offices are located with built-in GPS.

About Locke Lord LLP      

Locke Lord is a full-service, international law Firm of more than 20 offices designed to meet clients’ needs around the world. It advises major corporations, financial institutions, individuals and overseas-based investors in the areas of banking and finance, capital markets, corporate M&A, dispute resolution, employment, energy, general commercial, insurance and reinsurance, intellectual property, real estate, and restructuring and insolvency. As an integral part of Locke Lord's global presence, Locke Lord's London office serves clients in the UK and United States and throughout Europe and Asia.

The Firm has a history that spans more than 125 years and is a worldwide leader in the middle market sector. Locke Lord advises clients across a broad spectrum of industries including energy, financial services, fund formation, health care, insurance and reinsurance, private equity and venture capital, public finance, real estate, and technology, media and telecommunications, while providing a wealth of experience through its complex litigation, intellectual property, regulatory and transactional teams.