Financial Products and Payments
Following the Banking Crisis, financial markets have undergone unprecedented regulatory and market reforms. Existing banks, challenger banks and non-banks financial institutions are all facing a plethora of changes on how they now interface with customers, counter-parties and regulators.
Our Financial Products and Payments team undertakes transactions and provides advice on a range of products and issues facing banks and non-banks relating to Bank Ring-fencing, Payment Systems and their Regulation, Settlement and Clearing systems and their infrastructure, ATM Networks and Services, Correspondent and Agency Banking, Cash Pooling structures and Netting Opinions, Current Accounts, E-Channels and Mobile Payments.
Examples of our work in these areas include:
- Advising ten CREST settlement banks on negotiations with Euroclear to implement changes for the funding of Euro onto CREST pursuant to the TARGET2 Guideline issued by the European Central Bank;
- Advising the members of the Cheque & Credit Clearing Company on the Future Clearing Model for the digital imaging of cheques;
- Advising a UK clearing bank on its negotiations with the holder of the UK's largest estate of ATM's for the supply of cash through up to 8,000 ATM's (£8 Billion annually);
- Advising a UK clearing bank on its provision of banking services to the UK Government including the provision of accounts to over 700 Government bodies;
- Advising a global bank headquartered in the UK on the extension of its correspondent bank network into Portugal and Central Europe;
- Numerous product portfolio reviews including the review of a portfolio of CREST facilities for a UK settlement bank worth over £25 Billion; and
- Advising numerous sponsor banks and service users on their obligations and potential liability under the BACS Direct Debit Indemnity Scheme.