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Payments Insights #4 –
Compliance with the Instant Payments Regulation Banking & FinanceFinTech

Payments Insights #4 –
Compliance with the Instant Payments Regulation

Compliance with a key component of the EU's Instant Payments Regulation (“IPR”) is mandatory as of the 9th of January 2025. The IPR, whose full name is Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC and (EU) 2015/2366 as regards instant credit transfers in Euro, was promulgated in April 2024, and mandates instant euro credit transfers across EU member states. As of the 9th of January 2025, all payment service providers (“PSPs”) operating within the euro area must have systems in place to receive instant credit transfers.…
Katya Tua and Mario Mizzi
8th January 2025
AI in Banking
AI in the Banking Sector – a Sword, a Shield or an Achilles’ Heel? Banking & FinanceFinTech

AI in the Banking Sector – a Sword, a Shield or an Achilles’ Heel?

1. Introduction We are not only living in a digital age but also in an age where individuals and businesses increasingly depend on banks for their day-to-day activities. The convergence of these two factors is compounded with the increased use of artificial intelligence (AI) both generally and specifically in the banking sector. From a general perspective, AI start-ups in 2013 received USD 2 bn in investments globally which increased twelvefold in 2018 to USD 24 bn . The European Commission is also planning to invest a total of €112 mm in AI, quantum research and innovation . More specifically, recent…
Matthew Muscat
8th November 2024
Mamo TCV Advocates - DORA Services
Six Months Until DORA: Mamo TCV Advocates Launches Detailed Overview Banking & FinanceCapital MarketsDORAFinTechInsurance & Reinsurance

Six Months Until DORA: Mamo TCV Advocates Launches Detailed Overview

On the 17th of January 2025, the Digital Operational Resilience Act (DORA) will become applicable across the EU, including Malta. Maltese financial entities and ICT providers have 6 months to prepare for the new legal obligations that shall be imposed. In conjunction, on the 17th of January 2025, the Malta Financial Services Authority Act (Digital Operational Resilience Act (DORA)) Regulations, shall also come into force, further regulating the matter in Malta. We have recently launched our DORA microsite (www.doramalta.com) with easily understandable information which can serve as your reference point for available guidance. This document does not purport to give legal, financial…
Mamo TCV Advocates
17th July 2024
Mamo TCV Advocates - DORA Services
Are you ready for DORA? Banking & FinanceCapital MarketsDORAInsurance & ReinsuranceTelecoms, Media & Technology

Are you ready for DORA?

The ‘Digital Operational Resilience Act’ or “DORA” (Regulation (EU) 2022/2554) shall be enhancing and improving Information and Communications Technology (‘ICT’) operational risk requirements across various financial sectors. Subsequently, it imposes obligations on a vast array of different financial entities, as well as certain ICT service providers that assist such financial entities. These financial entities include the following: Credit institutions Account information service providers Investment firms Alternative Investment Fund Managers Crypto-asset service providers Payment institutions Central securities depositories Credit rating agencies Data reporting service providers Insurance and reinsurance undertakings Insurance intermediaries Crowdfunding service providers Mamo TCV Advocates can provide assistance by…
Mamo TCV Advocates
18th June 2024
Mamo TCV Advocates: Proposed Amendments to the Depositor Guarantee Scheme Directive. Such proposal has been adopted by the European Parliament on 24 April 2024.
European Parliament Adopts Amendments to the Depositor Guarantee Scheme Directive Banking & Finance

European Parliament Adopts Amendments to the Depositor Guarantee Scheme Directive

On the 24th of April 2024 the European Parliament (hereunder the ‘EP’) adopted the Proposal for the amendments to the Directive 2014/49/EU as regards the scope of deposit protection, use of deposit guarantee schemes funds, cross-border cooperation and transparency (the Directive hereunder referred to as the ‘DGSD’). The EP adopted the proposal with additional amendments to be assessed in line with the applicable European legislative process and, hence, the text is not final. These amendments are part of the proposed European package amending the framework on banks’ crisis management . One of the concepts considered under the DGSD is that…
Sarah Zerafa Lewis
4th June 2024
Mamo TCV Advocates: Payments Insights #3 – Existing and Upcoming Strong Customer Authentication Requirements for PSPs
Payments Insights #3 –
Existing and Upcoming Strong Customer Authentication Requirements for PSPs Banking & FinanceFinTech

Payments Insights #3 –
Existing and Upcoming Strong Customer Authentication Requirements for PSPs

When the Second Payment Services Directive1 (‘PSD2’) replaced the First Payment Service Directive, the European Union (‘EU’) introduced the requirement of Strong Customer Authentication (‘SCA’). SCA enhances the security of electronic payments through additional layers of authentication with the aim to mitigate payment fraud. As we noted in the previous Payment Insight, the European Banking Authority (the ‘EBA’) opines that SCA requirements have been successful in preventing payments fraud resulting from the theft of customers’ credentials. In view of this, the upcoming amendments to the payment services regime will see the SCA requirements being enhanced in the proposed Payment Services…
Sarah Zerafa Lewis and Mario Mizzi
30th May 2024