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Tag Archives: payments

Department of Finance Releases Consultation Paper on New Retail Payments Oversight Framework Providing for Functional Regulation of Payment Service Providers

Posted in FinTech, Payments, Privacy

On July 7, 2017, the Department of Finance issued the consultation paper “A New Retail Payments Oversight Framework” (the “Consultation Paper”) proposing a federal oversight framework for retail payments. Comments on the Consultation Paper are due October 6, 2017. Summary of Proposed Oversight Framework The Consultation Paper is discussed in more detail below, but the… → Read More

Payments Association Adopts Biometric Verification Specification

Posted in Authentication

The Payments Association of South Africa (“PASA”), the payments system management body of that country, recently announced a new biometric verification specification, which is set to become the standard for biometric payments throughout South Africa. The new specification will facilitate biometric authentication on payment cards. Visa and Mastercard are partners in the initiative. Typically, biometric authentication… → Read More

CPA Issues Consultation Paper on Vision for Canadian Payment Ecosystem

Posted in FinTech, Payments

On April 20, 2016, the Canadian Payments Association (the “CPA”) released a consultation paper “Developing a vision for the Canadian payment ecosystem” (the “Consultation Paper”), outlining its planned vision for the proposed modernization of the Canadian payments system. The Consultation Paper was issued following the CPA’s consultation with broad classes of stakeholders including financial institutions,… → Read More

First Draft of ISO 20022 Standard for Real-Time Payments Released, Raises Potential Privacy and Security Concerns

Posted in FinTech, Payments, Standards

On August 10, 2015 the International Organization for Standardization (ISO) Real-Time Payments Group (RTPG) published for review and comment the first draft of the ISO 20022 Standard (ISO 20022). As part of an international project to harmonize standards for cross-border real time payments, over 50 global experts at RTPG worked on developing ISO 20022 to… → Read More

The Cheque Is No Longer in the Mail: Risks and Developments Relating to Cheque Imaging

Posted in E-Commerce, Regulatory Compliance

The Canadian Payments Association (the “CPA”) recently issued a 4 part article series on the security implications of image-based cheque clearing, in particular relating to duplicate items.   Image-based cheque clearing is possible in Canada as a result of the CPA’s Image Rule Project, a four-phase initiative that aimed to provide Canadian financial institutions with the… → Read More