article thumbnail

EBA publishes No Action letter on interaction between MiCA and PSD2

The Payments Association

Therefore, cryptoasset service providers (CASPs) will be subject to PSD2 requirements and are required to either obtain authorisation as a payment service provider (PSP) or partner with a PSP to provide these services on their behalf.

article thumbnail

Top regulatory priorities for the payments sector

The Payments Association

Firms need to act now in examining their existing processes and controls and strengthening these where needed to prepare with sufficient time for the changes. Key actions for firms Implement robust internal processes : Firms must establish (or bolster) comprehensive internal processes to comply with the new safeguarding requirements.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

When do crypto firms need additional EU licences for stablecoin transfers? EBA issues guidance on the interplay between PSD2 and MiCA

The Payments Association

PSD3 and the PSR are expected to be published in final form by the end of 2025 and will take effect 18 months after publication.

article thumbnail

Decoding the FCA’s Safeguarding reforms: Practical steps for payments and E-money firms

The Payments Association

Specifically, there are concerns about whether the benefits of additional reporting, record-keeping, and audit requirements outweigh the costs and whether the proposal for firms to receive relevant funds directly into a designated safeguarding account is operationally feasible in all cases.

article thumbnail

House Investigates Bank Procedures For PPP Loan Processing

PYMNTS

In contrast, they wrote, “other applicants had to use poor-performing electronic portals, faced significant processing delays, and sometimes needed to find another lender to consider their application.”. In a tweet , Monica Crowley, assistant secretary for public affairs at the U.S.

article thumbnail

71% of UK and US Banking Institutions Concerned About Regulatory Processes; AutoRek Reveals

The Fintech Times

The majority of banking institutions feel they are not well enough equipped to accommodate any further regulatory change from an internal processes perspective; according to AutoRek , a fintech looking to set new standards in financial data automation.

Process 64
article thumbnail

Ageras Announces Full Acquisition of Payment Reconciliation Software Company, Storebuddy

Fintech Finance

Ageras , a leading fintech platform for accounting, admin and banking software for small businesses in Europe, has completed the full acquisition of Storebuddy ; an integration software specialised in automating accounting processes for online stores.