Regulatory Alerts2023-07-31
Worldline Submission on Draft FMI Standards
Worldline NZ submits to the Reserve Bank of New Zealand and Financial Markets Authority arguing that its bilateral electronic messaging system does not meet the legal definition of a Financial Market Infrastructure or pure payment system. The company contends that most draft FMI standards are irrelevant to its operations and that designation would impose disproportionate compliance costs without enhancing systemic stability or consumer protection. Worldline further warns that regulatory overreach could stifle innovation, increase merchant fees, and accelerate market dominance by international payment processors.
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