International Emerging Payments Landscape Mike Rodin Associate - - PowerPoint PPT Presentation
ACIs Emerging Payment Systems March 24-25, 2014 International Emerging Payments Landscape Mike Rodin Associate General Counsel The Western Union Company Tweeting about this conference? #ACIPayments International Remittances No Longer
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March 24-25, 2014 Mike Rodin Associate General Counsel The Western Union Company
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Mike Rodin is Associate General Counsel at The Western Union Company. His responsibilities include leading legal support for Western Union Digital (westernunion.com and other electronic and mobile channels) new products, mergers & acquisitions, intellectual property, real estate and procurement. The privacy and records management team also reports to him. Over the past several years, Mike has focused on the global expansion of Western Union’s business in core money transfer, digital, and business payments. Mike also has extensive experience in the formation and on-going support of joint ventures in a wide range of businesses in the United States and in other countries. Before joining Western Union, he served as general counsel and regional counsel for bank holding companies, and was a partner in what is now K&L Gates, concentrating on corporate and securities matters. Mike received his undergraduate degree from the University of Chicago and his law degree from New York University. The views expressed are solely those of the speaker and are not to be attributed to The Western Union Company.
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March 24-25, 2014 Chris Daniel Co-Chair, Payment Systems Group Paul Hastings LLP
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Non-Financial Institutions
the Administration of Commercial Prepaid Cards
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Non-Financial Institutions
China (“PBOC”).
— Only a “limited liability company or joint-stock company legally formed inside the People’s Republic of China” may apply for a permit.
mentioned in these Measures refers to some or all of the following monetary capital transfer services provided by non-financial institutions as the middlemen between payers and payees:
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bank, cross-region and cross-border usages of bankcards issued by associate member banks may be realized.
their own bank cards denominated in RMB, build networks to support such cards or process interbank point-of-sale transactions. As such, every card using RMB currency must pass through the CUP settlement network and CUP collects fees on almost all credit card transactions in China.
an online payment service provider, merchant acquirer, and issuer processor.
contractual relationships with “associate member banks” who issue credit and debit cards to businesses and individuals. CUP has approximately 400 associate member banks around the world.
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Administration of Commercial Prepaid Cards
various other departments.
Administrative Measures for the Payment Services Provided by Non financial institutions (Order No. 2 [2010] of the People’s Bank of China), strengthen the supervisory inspection of issuers of multi-purpose prepaid cards, improve business management rules, and maintain the safe and stable operation of the payment
issue multi-purpose prepaid cards; otherwise, upon discovery, the non-financial institution shall be punished for illegal payment and settlement business operation.
purchases 50,000 yuan or more cards at one time shall do so through bank transfer rather than in cash. For purchase through bank transfer, a card issuer shall register the names of paying and receiving accounts, account numbers, amount and so on of each transaction. Thirdly, we shall set quotas for the issuance of commercial prepaid cards. The par value of an unregistered commercial prepaid card shall not exceed 1,000 yuan, and that of a registered commercial prepaid card shall not exceed 5,000 yuan.
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Several Regulations on Standardizing Market Order for Internet Services (the “Privacy Rule”), which sets out basic rules regarding the collection, retention, and use of personal information by “internet information service providers” (“IISPs”).
very broad.
provide such information to others;
remedial steps in case of disclosure (although those steps are not defined);
services; and
processing and collection of personal information and may not utilize this information outside of the scope consented to by the user.
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money transmitters and funding of transfers from mobile phone accounts)
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payment (cards, e-wallets, payment chips).
acting as e-money operators and traditional e-money — it is not permitted to use e-money to draw deposits.
transfers not exceeding 40,000 rubles a month may be carried out without requiring payer identification.
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and principles for “payment arrangements,” “payment accounts,” and “payment institutions,” all of which will now be a part of the Brazilian Payments System.
Central Bank of Brazil (“BACEN”) are to prescribe regulations for these entities.
through a payment order acceptable to more than one payee.
that allows the end user to perform a payment transaction.
according to parameters to be established by BACEN in accordance with the directives of the CMN.
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furthering the principles contained in the Law, including safety of payment services and reliability.
by all financial institutions under the supervision of BACEN in their compliance and risk- management systems.
accounts, with some exceptions, must be invested in government bonds or allocated to a specific account at BACEN.
industry demands to make prepaid cards accessible to low-income citizens.
excluded from the Law.
for the organization, authorization, and operation of such payment institutions.
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