Recent advances in technology have dramatically re-shaped how transactions are initiated and processed, leading to new, non-bank entrants into the world of payments, and opportunities for banks to improve their own payments processes. But making this kind of change in a highly regulated environment comes with its own set of risks, and bank and non-bank payment services providers need to be aware of the kind of scrutiny they will face while operating in this market. CMS has supported a number of FinTechs to develop their payment technology, whilst also working with both challenger and established banks to ensure that their processes, both internally and outsourced, are robust from a regulatory perspective.
Some examples of our payments work include advising:
- various high street lenders on the renegotiation of their services and joint venture arrangements with Intelligent Processing Solutions Limited (iPSL) and Unisys
- a number of UK banks on the implementation of Apple Pay, including on its first adoption by a UK bank
- Octopus on its launch of Octopus Cash, a new, innovative cash deposits management service.
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