June 19, 2016TSG Press

Quick Take: What Does Brexit Mean for Payments?

Commentary by Mike Strawhecker & Jared Drieling

Now that the British public has voted to exit the European Union (EU), the UK will no longer be required to implement or follow any EU payments legislation which could clearly impact the payments environment. What will happen to the Single European Payments Area (SEPA)? Will the UK still follow the EU payment initiatives such as the Payment Service Directive (PSD2), interchange fee regulations (and the common interchange fee (MIF), money laundering rules or the Directive on Transparency and Comparability of Payment Account fees?

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Related: Brexit Vote Bashes U.S. Payments Companies; Long-Term Effects Unclear

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