Fintech Broke French Limit Capping Payments, Bank Argues

Law360, London (October 9, 2019, 2:41 PM BST) -- British lender Raphaels Bank has pushed back against a lawsuit claiming it reneged on a service agreement with a fintech company, telling a London judge that the transactions it was asked to help process exceeded the legal limit in France. 

R Raphael & Sons PLC, the bank's parent company, hit Sogexia SARL with a counterclaim in London's High Court on Friday for breaching a payment processing contract, claiming the French company failed to cap its customers' electronic transactions. 

The bank helped Sogexia make electronic money transfers, but the companies fell out after the lender said that the payments exceeded a French limit of €3,000...

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