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Tom Hay

Tom Hay

Principal Consultant at Payment Systems Europe
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Bio Providing consultancy for merchants, fintechs and payment service providers Career History A payments expert with over thirty years experience in card and account-to-account payments, with a technology and product management background.



Banks versus tech giants - it's not all about the technology

29 Oct 2018

Apple, Alibaba, Google and Tencent are all moving into payments. Alibaba is also moving into consumer loans and small business loans. How should banks react to the tech giants muscling into their industry? First it is important to understand the difference between Apple, Google and co, and banks. The name “tech giants” highlights that they tend to ...



The ERPB Highlights the Holes in PSD2

22 Jun 2017

A year ago, the European Retail Payments Board (ERPB) flagged that “In practice, PSD2 and the EBA RTS will not cover all aspects that are relevant for the development of an integrated market of Payment Initiation Services (PIS) in the EU”. In November 2016, they set up a Working Group on Payment Initiation Services “to identify conditions for the ...


PSD2 - The Final RTS: 10 Things You Need To Know

10 Mar 2017

The wait is over. The European Banking Authority (EBA) has recently published its ‘final’ Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA) and common and secure communication under PSD2. PSD2 and particularly the SCA aspect has the potential to dramatically change not just the payments sector but the wider banking mark...



The Treasury’s view of PSD2: A step in the right direction?

22 Feb 2017

As a European directive, PSD2 has to be transposed into UK law. HM Treasury has recently launched a consultation inviting comment on the proposed legislative changes. The consultation document is written in plain English, and explains some of the issues very clearly. The directive is aimed at “maximum harmonisation”, which means that national la


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