I januari 2018 kommer det nuvarande EU-direktivet PSD att ersättas av det nya betaltjänstdirektivet Payment Services Directive 2 (PSD2). Motiven bakom direktivets införande är bland andra att bidra till en förenkling för tredjepartsaktörer att inträda betaltjänstmarknaden samt öka valmöjligheten för konsumenten. Idag domineras betaltjänstmarknaden främst av banker, något som direktivet utformats för att motverka. Syftet med denna studie är att undersöka hur väl några av direktivets motiv stämmer överens med aktörernas uppfattning av direktivets påverkan samt även undersöka vilka möjligheter och utmaningar banker och tredjepartsaktörer ser att det nya direktivet innebär för dem och marknaden. Uppsatsen är genomförd som en fallstudie där semistrukturerade intervjuer med banker och tredjepartsaktörer varit den främsta datainsamlingsmetodiken. Fallstudien visade att aktörernas uppfattning av direktivet till stora delar stämmer bra överens med motiven för direktivet. Samtliga aktörer har en förhållandevis positiv bild av direktivet och ser en mängd olika möjligheter med direktivet. Samarbetet mellan banker och tredjepartsaktörer ses som en av de större möjligheterna. Utmaningarna som aktörerna står inför är varierande beroende på typ av aktör. Studien visade att det finns en del utmaningar som kan komma att begränsa antalet nya aktörer på marknaden. Samtliga möjligheter och utmaningar presenteras i fallstudiens sjätte avsnitt. / In January 2018, the current EU directive PSD will be replaced by the new Payment Services Directive 2 (PSD2). The motives behind the implementation of the directive are, inter alia, to help simplify third party providers entering the payment service market and increasing consumer choice. Today, the payment service market is uppermost dominated by banks, something that the directive is designed to counteract. The purpose of this study is to investigate how well some of the motives of the directive are in line with the actors' perception of the impact of the directive, as well as investigate what opportunities and challenges banks and third party providers see that the new directive implies for them and the market. The essay was conducted as a case study, where semistructured interviews with banks and third party players were the primary data collection methodology. The case study showed that the actors' perception of the directive largely complies with the motives for the directive. All actors have a relatively positive view of the directive and see a wide range of possibilities with the directive. Cooperation between banks and third parties is seen as one of the major opportunities. The challenges that the stakeholders face are varied depending on the type of actor they represent. The study showed that there are some challenges that may limit the number of new players in the market. All possibilities and challenges are presented in the sixth section of the case study.

(EN) The main aim of this diploma thesis is to critically assess the implications of the revised Directive on Payment Services (PSD2) for Banking and the Fintech Industry. In order to do so, the thesis firstly focuses on the current banking system together with the recent problems associated with the Global financial crisis of 2007-2008, which have given rise to substantial changes of the regulation of banking system at the EU level. Subsequently, the thesis compares the banking system with the rising financial technology (Fintech) industry and provides an overview of this industry together with regulation thereof. The provided overview of Banking and the Fintech Industry is followed by the analysis of the original Directive on Payment Services (PSD) and the PSD2, which also includes relevant case-law of the CJEU. Finally, the last part of the thesis assesses the possible implications of the PSD2, while it takes into account other relevant factors that may affect the potential development of the Fintech Industry. From the respective analysis it becomes apparent that the regulation of the banking system at the EU level has been strengthened in response to the Global financial crisis given that the insufficient regulation of banking was one of the main causes of the Global financial crisis....

Financial Aspects of Alternative Payment Systems from the Point of View of Money Laundering Abstract The aim of this thesis is to provide a general overview of the current state of alternative payment systems with regard to their inclusion in the financial market, their properties and potentials for wider use, and to evaluate their possibilities to more effectively combat money laundering, terrorist financing and the proliferation of weapons of mass destruction. In the first chapter, the thesis explains the broader context with regard to financial systems, especially within the money market systems focusing on retail, while providing a deeper explanation of the context of European law and Czech law. The second chapter is focused on closer analysis of alternative payment systems with regard to their use. Alternative payment systems are divided into two basic categories for centralized alternative payment systems and decentralized alternative payment systems. The category of centralized alternative payment systems corresponds to the current conventional financial market, taking into account the innovations that have emerged in recent years. Decentralized alternative payment systems are based on the DLT Blockchain technology and the Islamic Hawala payment system is analyzed as a purely informal, decentralized...

Financial services provided by FinTech companies Abstract The diploma thesis focusing on Financial Services provided by FinTech companies aims to provide a comprehensive legal overview of modern issues in the financial market. The financial market has undergone a significant shift in the last decade, especially thanks to new innovative solutions, that are made possible by the rapid technological development of the 20th and 21st century. FinTech companies are often startups which, unlike the traditional financial institutions, have not been and today are still not bound by the pitfalls and strict conditions of the regulatory environment, when creating their business model and their products. FinTech companies little by little began to benefit from these regulatory gaps and gradually brought new types of financial services to financial market customers, which in certain situations may pose a very dangerous risk to the financial market and its stability. The diploma thesis is divided into three chapters and tries to give a comprehensive description of how technologies have influenced the world of finance throughout history, what legislation currently affects FinTech and what approach is taken by individual states and the European Union. The first chapter focuses primarily on the complete foundations of...

The study aims to examine the current phenomena where consumers in Sweden increasingly choose mobile payment services as a payment method instead of using cash or credit cards. The study wants to answer the question “how does the increasing use of mobile payment services affect the consumer/user’s consumption and why do we choose the software as a payment method?” The study explains the main functions and characteristics of the top four mobile payment services in Sweden, but applies a case study on the most popular mobile payment service: Swish. The characteristics and functions that is examined is therefore delimited to Swish; but the linkages drawn from the why the consumer use mobile payment services, to a consumer’s consumption choices can of course generally apply to several mobile payment services.The study is divided into parts and chapters to increase reading comprehension, understanding of structure and fast identification of relevant and needed information.

Suppressing the legalisation of the earnings of criminal activities along with the terrorism financing represent the essential aspect of terrorism and predicative crimes (from which the illegal earnings are obtained) prevention. Focusing on concealing the tracks of money transfers, the legalisation of the earnings of criminal activities and terrorism financing is being proceeded throughout a series of money transfers and with the help of other financial services. Therefore, it is crucial to mainly focus on the field of payment services providers when trying to supress these activities. For the purposes of supressing the legalisation of the earnings of criminal activities and terrorism financing the banks and other bodies on the financial market are relevant providers of the payment services. The key legal provision regulating the domain in question is the Act no. 253/2008 Coll. (regarding certain precautions against the legalisation of the earnings of criminal activities and terrorism financing) which puts the payment services providers in the role of liable subjects. The diploma theses analyses individual precautions against the legalisation of the earnings of criminal activities and terrorism financing, whose implementation is posed on the liable subjects by national legislation, as well as the...

This thesis is formally divided into 5 sections, which are: introduction, definition of basic terms, essay on the most important aspects of regulation of the payment services providers, chapter dedicated to payment systems and conclusion. It should argue on issues conected to payments and it is focused mainly on it's regulatory part. Introduction to the thesis sets the goal of it and defines the extent of the issues researched as well as the areas that are not accented much. The basic terms that are defined in the thesis are payment, payment relations, payment transactions, means of money, payment devices, electronic money, payment orders and payment services. This thesis contains non-regulatory issues as well as it accentuates the sociological importance of payment relations. It also shows historical connotations and describes trends which can be observed in the defined areas of exploration. It's goal is to explore and describe mainly the regulatory part of the issue though. The core structure of all parts is therefore focused mainly on the form of legal regulation of payments in effect. The biggest focus is set on description and analysis of the regulation of activities performed by providers of the payment services. Activities that consist of running the payment system and taking part on them...

The Law and Regulation of Payment Services Abstract The thesis deals with the subject of payment services, especially in the context of the Payment Services Directive 2, which recently came into force. The aim of the thesis is to evaluate which activities on the financial market are subject to regulation of payment services, to identify the persons authorised to provide payment services and to analyse certain rights and obligations arising between payment service users and payment service providers. The author also tries to analyse the changes brought by the Payment Services Directive 2 into the Czech law and considers the possible impact of such legislation on the payment services market and on the persons operating on it. The thesis is divided into five chapters, the first chapter deals with individual payment services; the second chapter defines activities that are out of the scope of payment services. The next chapter contains an overview of both Czech and EU law applicable to payment services, payment service providers and their activities. The fourth chapter is dedicated to the persons authorized to provide payment services and the fifth chapter describes the legal relationships arising when providing payment services, focusing mainly on the payment service contract, information duty of payment...

61 Abstract The Financial Arbitrator was established on the basis of European legislation to handle consumer's disputes on the financial market fast, efficiently and free. This thesis mainly focuses on its role in payment system sector with regards to new Act on payments and was divided into three main chapters. The chapter one aims at the development of legal regulations in last fifteen years in the Czech republic and explores grounds of separation from the Czech National Bank to establish the independent institution. Handling disputes may even result into achieving an amicable settlement, albeit its natural character does not meet the requirements of Administrative Code resulting as more informal resolution. The range of clients solely entitled to submit a claim was in recent years strictly restricted to consumers although competencies of Financial Arbitrator were extended. The author also analyses rules of the proceedings and educational activities of the Financial Arbitrator to lift financial awareness of consumers. The chapter two describes individual financial services and persons authorized to provide payment services in order to specify competencies of Financial Arbitrator since the law authorizes the Financial Arbitrator to decide disputes between the consumer and payments service provider arisen...

Kontanter har använts i flera århundranden och är ett sedvanligt betalningsmedel mellan privatpersoner och på inköpsstället. I takt med teknikens framfart har alltfler betalningsmedel utvecklats och anpassats till marknaden. Idag sker cirka 70 procent av alla köp i butik med kort. Detta gör att kontanternas användning plötsligt ifrågasätts och därmed väljer majoriteten av Sveriges storbanker att succesivt avveckla den manuella kontanthanteringen. Tanken är att försöka lära konsumenter och företag att använda alternativa lösningar som utgör substitut till kontanter. Dock beror efterfrågan på kontanter utav en demografisk utveckling. Kontantanvändningen är högre bland äldre och de har också format sina vanor under längre tid. För andra grupper såsom landsbygdsföretag, funktionshindrade, papperslösa och turister är kontanter essentiella, vilket gör att de hamnat i kläm vid avvecklandet. Andra har personliga preferenser till kontanters nytta såsom integritet, förtroende, tid, vana eller andra värderingar. Problemet blir således en demokratisk fråga där alla skall ha rätt till grundläggande betaltjänster. Studiens syfte är därför att förstå denna process och vilka effekter som uppstår när de flesta storbanker väljer att avveckla den manuella kontanthanteringen. Syftet har delats in i tre huvudproblem:      Vems ansvar är det när en av de grundläggande betaltjänsterna försvinner i samhället?      Vilka blir konsekvenserna med en minskad kontanthantering?      Vilka alternativa lösningar finns det för problemen? Sammanfattningsvis kom studien fram till att bankernas avveckling av kontanthantering har skett snabbare än nya lösningar har introducerats i samhället. Effekterna av denna avveckling har medfört problem för flera grupper. Resultaten visar även att bankerna kunde ha effektiviserat och avgiftsbelagt kontanter innan avvecklingen skedde. / Cash has been used for centuries and is a customary mean of payment between individuals and on the place of purchase. As technology progresses, a growing number of different payment services has developed and been adapted to the market. Today, approximately 70 percentages of all purchases in the stores is made by card. This has suddenly challenged the use of cash and therefore the majority of Sweden’s major banks have chosen to gradually phase out the manual cash management. The idea is to try to get consumers and businesses to use alternative solutions, which are substitutes for cash. However, the demand for cash depends on demographical conditions. The use of cash is more frequent among eldest and they have also shaped their habits over a longer time. For other groups, such as small firms on the countryside, disabled, undocumented migrants and tourists, cash is essential, so they are left in a jam. Others have personal preferences related to the use of cash such as integrity, trust, time, habits, or other values. Everyone is entitled to basic payment services, thus becomes the problem a question of democracy. The purpose of the study is to understand this process and to be aware of the effects that arise when most of the major banks will interrupt their manual cash management. The purpose has been divided into three main parts:  Whose responsibility is it when one of the basic payment services disappears in the society?  What are the consequences when there is a reduction of cash?  What are the alternative solutions? Overall, the study concluded that the banks' reduction of cash has been faster than the introductions of new solutions have been introduced into society. The effect of this decision has caused problems for several groups. The results of the study show that the banks could have improved the efficiency and they could also have introduced a fee on cash before the settlement was made.