PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Amex, MasterCard, and Visa Align to Promote Global Standard for Remote Purchases

By Mercator Advisory Group
October 1, 2013
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
B2B Payments' Can Fintech Finally Connect Business Payments to the Digital Wave? - PaymentsJournal

The United Kingdom government has decided to implement a full-time “utility-style” regulator which will have broad authority over all payment systems, the Link ATM network and three and four party card programs. This comes in response to the failed attempt in 2011 to remove checks from the payments mainstream. For the UK payments industry, the move represents the end of self-regulation as the government aims to increase transparency and competition across the board.

Under the new regulator, all members of the domestic payment system and their direct partners will be required to pledge to efficient and transparent pricing of all payment products, non-discriminatory access, good governance, maintenance and development of the payment systems, and co-operation to ensure greater effectiveness. In order to encourage firms to abide by this pledge, the new unnamed body will have the powers to issue enforcement orders and impose fines if need be and as a step of last resort, the regulator will have the “power to take steps that would result in the divesting from the banks of their stakes in the payment systems.”

While the announcement is just one step in the process towards the creation of the new regulator (the Treasury opened up these latest developments for consultation and interested parties have until June 25th to reply), and some of the regulatory powers will likely be water downed, it does reinforce the notion that the UK payments industry is liberalizing at the behest of the government. Earlier this year, UK Chancellor of the Exchequer George Osborne highlighted plans to reduce the power of the four largest banks which currently handle 75 percent of all checking accounts.

Although payment firms already in the market will be disappointed by the increased regulation and competitiveness push, for outsiders looking to enter a mature and well developed payments market, the UK offers exciting possibilities.

Click here to read more from Finextra. Download the UK government’s whitepaper from the Payments Journal library.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    commercial card, Allpay ClearBank Prepaid Payments, wealth transfer

    How Banks Can Capture the Wealth Transfer from Boomers to Gen Z

    June 20, 2025
    embedded lending

    Embedded Lending as a Growth Strategy for ISVs—How to Maximize Revenue Potential

    June 18, 2025
    merchant ai

    Merchants Find More Use Cases for AI Amid Risks

    June 17, 2025
    prepaid payroll

    Taking the Check Out of Paycheck: The Role of Prepaid in Payroll

    June 16, 2025
    Banking-as-a-service BaaS

    Remodeling Main Street: How Community Banks Can Leverage the Banking-as-a-Service Paradigm

    June 12, 2025
    How Employee Performance Enhances the Customer Experience

    Three Strategies to Maximize Loyalty in the AI-Driven World 

    June 11, 2025
    PFM tools

    How FIs Are Cutting Through Subscription Clutter with PFM Tools

    June 10, 2025
    child identity theft

    Stranger Danger: Protecting Your Children from Identity Theft

    June 9, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result