|
Payment Services Directive
The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The PSD's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations for payment providers and users. The key objectives of the PSD2 directive are creating a more integrated European payments market, making payments more secure and protecting consumers. Overview The SEPA (Single Euro Payments Area) is a self-regulatory initiative by the European banking sector represented in the European Payments Council, which defines the harmonization of payment products, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EU Directive
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been described as a '' sui generis'' political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. Containing 5.8per cent of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around trillion in 2021, constituting approximately 18per cent of global nominal GDP. Additionally, all EU states but Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Open Banking
Open banking is a financial services term within financial technology. It refers to: #The use of open APIs that enable third-party developers to build applications and services around the financial institution. #Greater financial transparency options for account holders, ranging from open data to private data. #The use of open source technology to achieve the above. Open banking, as a concept, could be considered as a subspecies to the open innovation concept, a term promoted by Henry Chesbrough. It is linked to shifts in attitudes towards the issue of data ownership, illustrated by regulations such as GDPR and concepts such as the open data movement. The banks turn into a financial service platforms, technically implemented through a Banking as a Service-concept. History In October 2015, the European Parliament adopted a revised Payment Services Directive, known as PSD2. The new rules were aimed at promoting the development and use of innovative online and mobile payments th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union Directives
European, or Europeans, or Europeneans, may refer to: In general * ''European'', an adjective referring to something of, from, or related to Europe ** Ethnic groups in Europe ** Demographics of Europe ** European cuisine, the cuisines of Europe and other Western countries * ''European'', an adjective referring to something of, from, or related to the European Union ** Citizenship of the European Union ** Demographics of the European Union In publishing * ''The European'' (1953 magazine), a far-right cultural and political magazine published 1953–1959 * ''The European'' (newspaper), a British weekly newspaper published 1990–1998 * ''The European'' (2009 magazine), a German magazine first published in September 2009 *''The European Magazine'', a magazine published in London 1782–1826 *''The New European'', a British weekly pop-up newspaper first published in July 2016 Other uses * * Europeans (band), a British post-punk group, from Bristol See also * * * Europe (disambi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digital Currencies
Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic Database, computer database owned by a company or bank, within Computer file, digital files or even on a stored-value card. Digital currencies exhibit properties similar to traditional currencies, but generally do not have a classical physical form of fiat currency historically that you can directly hold in your hand, like currencies with printed banknotes or minted coins - however they do have a physical form in an unclassical sense coming from the computer to computer and computer to human interactions and the information and processing power of the serve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking In The European Union
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Open Banking
Open banking is a financial services term within financial technology. It refers to: #The use of open APIs that enable third-party developers to build applications and services around the financial institution. #Greater financial transparency options for account holders, ranging from open data to private data. #The use of open source technology to achieve the above. Open banking, as a concept, could be considered as a subspecies to the open innovation concept, a term promoted by Henry Chesbrough. It is linked to shifts in attitudes towards the issue of data ownership, illustrated by regulations such as GDPR and concepts such as the open data movement. The banks turn into a financial service platforms, technically implemented through a Banking as a Service-concept. History In October 2015, the European Parliament adopted a revised Payment Services Directive, known as PSD2. The new rules were aimed at promoting the development and use of innovative online and mobile payments th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Late Payments Directive
The Late Payment Directive, 2011/7/EU is a Directive of the European Union concerning commercial late payments. It replaced the previous Late Payment Directive 2000/35/EC. Like all European Union directives, this is an instrument which requires member states to enact its provisions in national legislation by 16 March 2013. The directive applies to all member states. The directive aims to achieve 'a decisive shift to a culture of prompt payment' and requires debtors to pay interest and the reasonable recovery costs of the creditor if they do not pay for goods or services on time. The limits are within 60 days for businesses and within 30 days for public authorities. In Ireland, the Directive has been implemented through the European Communities (Late Payment in Commercial Transactions) Regulations 2012. In the United Kingdom, the Directive was implemented through the Late Payment of Commercial Debts Regulations 2013 (SI 395/2013). In 2016, the European Commission reported conce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McCreevy
Charles McCreevy (born 30 September 1949) is a former Irish Fianna Fáil politician who served as European Commissioner for Internal Market and Services from 2004 to 2010, Minister for Finance from 1997 to 2004, Minister for Tourism and Trade from 1993 to 1994 and Minister for Social Welfare from 1992 to 1993. He served as a Teachta Dála (TD) for the Kildare constituency (and later the Kildare North constituency) from 1977 to 2004. When McCreevy resigned his Dáil seat on his appointment to the European Commission, his son, Charlie Jr., declined the opportunity to be the Fianna Fáil candidate in the resulting by-election. The seat was won by the Independent candidate, Catherine Murphy. Early life and career Born in Sallins, County Kildare, McCreevy was educated locally at Naas by the Congregation of Christian Brothers, and later at the fee paying Gormanston Franciscan College. He studied commerce at University College Dublin and went on to become a chartered accountant. H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lisbon Agenda
The Lisbon Strategy, also known as the Lisbon Agenda or Lisbon Process, was an action and development plan devised in 2000, for the economy of the European Union between 2000 and 2010. A pivotal role in its formulation was played by the Portuguese economist Maria João Rodrigues. Its aim was to make the EU "the most competitive and dynamic knowledge-based economy in the world capable of sustainable economic growth with more and better jobs and greater social cohesion", by 2010. It was set out by the European Council in Lisbon in March 2000. By 2010, most of its goals were not achieved. It has been succeeded by the Europe 2020 strategy. Background and objectives The Lisbon Strategy intended to deal with the low productivity and stagnation of economic growth in the EU, through the formulation of various policy initiatives to be taken by all EU member states. The broader objectives set out by the Lisbon strategy were to be attained by 2010. It was adopted for a ten-year period in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Banking Authority
The European Banking Authority (EBA) is a regulatory agency of the European Union headquartered in Paris. Its activities include conducting stress tests on European banks to increase transparency in the European financial system and identifying weaknesses in banks' capital structures. The EBA has the power to overrule national regulators if they fail to properly regulate their banks. The EBA is able to prevent regulatory arbitrage and should allow banks to compete fairly throughout the EU. The EBA will prevent a race to the bottom because banks established in jurisdictions with less regulation will no longer be at a competitive advantage compared to banks based in jurisdictions with more regulations as all banks will henceforth have to comply with the higher pan European standard. History The EBA was established on 1 January 2011, upon which date it inherited all of the tasks and responsibilities of the Committee of European Banking Supervisors (CEBS). In continuity with the CE ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strong Customer Authentication
Strong customer authentication (SCA) is a requirement of the EU Revised Directive on Payment Services (PSD2) on payment service providers within the European Economic Area. The requirement ensures that electronic payments are performed with multi-factor authentication, to increase the security of electronic payments. Physical card transactions already commonly have what could be termed strong customer authentication in the EU (Chip and PIN), but this has not generally been true for Internet transactions across the EU prior to the implementation of the requirement, and many contactless card payments do not use a second authentication factor. The SCA requirement came into force on 14 September 2019. However, with the approval of the European Banking Authority, several EEA countries have announced that their implementation will be temporarily delayed or phased, with a final deadline set for 31 December 2020. Requirement Article 97(1) of the directive requires that payment service ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McKinsey & Company
McKinsey & Company is a global management consulting firm founded in 1926 by University of Chicago professor James O. McKinsey, that offers professional services to corporations, governments, and other organizations. McKinsey is the oldest and largest of the " Big Three" management consultancies (MBB), the world's three largest strategy consulting firms by revenue. The firm mainly focuses on the finances and operations of their clients. Under the leadership of Marvin Bower, McKinsey expanded into Europe during the 1940s and 1950s. In the 1960s, McKinsey's Fred Gluck—along with Boston Consulting Group's Bruce Henderson, Bill Bain at Bain & Company, and Harvard Business School's Michael Porter—transformed corporate culture. A 1975 publication by McKinsey's John L. Neuman introduced the business practice of "overhead value analysis" that contributed to a downsizing trend that eliminated many jobs in middle management. McKinsey has a notoriously competitive hiring process, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
