Ahead of the curve in digital payments
As part of our focus on innovation in financial services, and strive to constantly stay ahead of the curve, King & Wood Mallesons remains at the forefront of market developments in the Australian payments industry.
Working closely with Australian regulators has allowed us to not only contribute to the development of the Australian payments industry, but to also acquire unprecedented knowledge and understanding of the current law and regulation affecting the industry and its players.
Relying on our unmatched expertise, deep understanding, latest insights and strong relationships with key regulators, we will guide you through the complex matrix of regulatory, legal and technological challenges associated with digital payments.
Advising key stakeholders
We have expertise in advising regulators, industry bodies and financial institutions on all aspects of the law relating to both retail and wholesale payment systems.
We have extensive experience acting for banks, financial institutions, card issuers, providers of financial market infrastructure, payment providers, telcos, utilities, insurers, credit reporting agencies, loyalty and other marketing scheme managers, various consumer goods and services companies, government and not for profit organisations on their payment systems and relevant regulatory concerns.
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Creation of payment and clearing systems: Our role has included the development of the system operating rules and advising on the effective operation of the system under Australian law (including in the event of the operator’s or participants insolvency) and has extended to the negotiation of contracts to design, build and operate the technical infrastructure forming part of the payment system.
Participants in payment and clearing systems: we advise participants in clearing and payment systems. We have advised on how to become a member of the system, a participant’s obligations (including on a default) and finality of payments. Our clients include Australian banks, Australian and foreign investment banks and clearing houses. We have also worked with participants in the Visa/MasterCard scheme. For example, we have advised several clients considering acquiring credit card transactions and applying to become a specialist credit card institution in Australia.
Development of payment products: we have worked with its clients to develop a broad range of payment products such as developing online payment products that allow merchants to accept payments from customers, stored value cards, products that allow funds to be withdrawn at an ATM without a card, credit cards and online payment platforms that facilitate payments in connection with superannuation products.
Data-related initiatives: we have extensive expertise in relation to Australian privacy laws and can advise on their implications for initiatives involving payment transaction data and other customer data more broadly.