Latest opinions that Bob Lyddon has shared on Finextra

Visa outage in Europe: letter to Charlotte Hogg from the UK's Treasury Select Committee

This letter is now public on the www.parliament.uk website, under /documents/commons-committees/treasury/Correspondence/2017-19/ This file name is visa-charlotte-hogg-040618.pdf Some tough questions there, and some very fine interrogators will be on hand should the written answer not be deemed adequate (and it won't be, whatever it says, because Ms...

06 June 2018 /payments Transaction Banking

Virtual Accounts and On behalf of payments raise major AML issues

We have issued another call to Wolfsberg Group, this time to make major changes to the section in their Payment Transparency Standards 2017 on “On behalf of” payments, and the related Virtual Accounts over which such payments (and receipts) are passed. This subject is on the agenda on Day 1 of EBADay in Munich. Our analysis is based on a case study...

05 June 2018 /payments SEPA and European Payments

Virtual Accounts and On behalf of payments raise major AML issues

We have issued another call to Wolfsberg Group, this time to make major changes to the section in their Payment Transparency Standards 2017 on “On behalf of” payments, and the related Virtual Accounts over which such payments (and receipts) are passed. This subject is on the agenda on Day 1 of EBADay in Munich. Our analysis is based on a case study...

29 May 2018 /regulation EBAday

Euro Sovereign Bond-Backed Securities, an anagram for colossal stuffee

The EU has unveiled the awaited plan to create Sovereign Bond-Backed Securities or SBBS in Euro, supposedly “to encourage banks and investors to diversify their holdings of euro zone bonds”. The plan is “meant to address a weakness in the currency bloc that came to light in the 2010-2012 euro zone debt crisis, when banks’ high exposure to their sov...

24 May 2018 /wholesale SEPA and European Payments

The Euro's battle for survival - entering the Red Zone

We have been analysing, for the thinktank the Bruges Group, the extreme difficulties in which the Eurozone finds itself, after years of economic stimulus totalling over 3% of GDP per annum and the build-up of both the ECB's Asset Purchase Programmes and the loans within the TARGET2 system. These imbalances are insoluble, and there is a big bullet ...

22 May 2018 /wholesale SEPA and European Payments

Major difference between the UK's two flavours of Voluntary Liquidation and the FCA's SMR

Qualifying applicants under the UK Financial Conduct Authority's Senior Managers Regime must complete a lengthy form and, in certain circumstances, provide full explanatory information. A candidate must give full answers to all the questions and in such a way that the result is not "materially false, misleading or deceptive". Otherwise t...

20 May 2018 /payments Banking Regulations

New Payment System Operator appoints two more natural legal persons as Member-Guarantors

I blogged two weeks ago that NPSO had become the operator of BACS and Faster Payments while in the control of just one person, and a natural legal person at that. NPSO has quickly appointed two new Member-Guarantors from amongst its non-executive Board Members - a Ms Ashton who is a "CTO-in-residence" at SAP and a Mr Anderson who is a for...

18 May 2018 /payments Transaction Banking

BACS and Faster Payments privatised to single individual

In a shock announcement BACS and Faster Payments are being run, as of today, by a company controlled by a single private individual. This must be a first for a critical UK national infrastructure. New Payment System Operator issued a press release this morning to say that "Operational responsibility for the Bacs and Faster Payments systems, wh...

01 May 2018 /payments UK Faster Payments

Call for the withdrawal of Wolfsberg Group guidance on SWIFT Relationship Management Application

Occasioned by the recent Financial Standards Board reports on Correspondent Banking and on Remittances, I am of the opinion that Wolfsberg Group's 2016 “Wolfsberg Guidance on SWIFT Relationship Management Application (RMA) Due Diligence” should be withdrawn. I have sent a paper to the Wolsfberg Group to this effect. The guidance has given a clean b...

09 April 2018 /payments Trends in Financial Services

Is the ECB bankrupt, at least on a mark-to-market basis?

Yesterday Reuters published an article entitled "Restive bond markets may complicate ECB's exit plans". This was a piece speculating about how and when the ECB can taper off and finish its Asset Purchase Programme ("APP"), its version of Quantitative Easing. The piece stated that "Currency strength and a doubling of benchma...

21 February 2018 SEPA and European Payments

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Bob Lyddon

Bob's opinions

Visa outage in Europe: letter to Charlotte Hogg from the UK's Treasury Select Committee

Virtual Accounts and On behalf of payments raise major AML issues

Virtual Accounts and On behalf of payments raise major AML issues

Euro Sovereign Bond-Backed Securities, an anagram for colossal stuffee

The Euro's battle for survival - entering the Red Zone

Major difference between the UK's two flavours of Voluntary Liquidation and the FCA's SMR

New Payment System Operator appoints two more natural legal persons as Member-Guarantors

BACS and Faster Payments privatised to single individual

Call for the withdrawal of Wolfsberg Group guidance on SWIFT Relationship Management Application

Is the ECB bankrupt, at least on a mark-to-market basis?

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