The required tech stack for Bacs and FPS indirect participants Processing Bacs and FPS payments as an indirect participant involves complex and strictly codified operations. Manually managing these workflows is not realistic. However, building the systems that automate them can be a daunting project. In this article, we break down the tech stack required to process... Continue Reading →
Redefining the way to build payment operations with partner banks Northey Point is pleased to work with Numeral who are experts in enabling companies to send, receive, and reconcile SEPA, Bacs and FPS payments through their banks with a single API and modern dashboard. Numeral’s single API and central dashboard empower product and finance teams with... Continue Reading →
The checklist to become a Bacs and FPS indirect participant By becoming a Bacs and FPS indirect participant, a regulated fintech company can unlock many advantages including an increased control on payments and customer onboarding, increased speed of payments, reduced payment costs and getting its own sort code and account numbers. However, becoming a Bacs and... Continue Reading →
Democratising fintechs access to UK payment systems Bacs and FPS Numeral, the leading bank orchestration platform, published a new guide in collaboration with UK payment expert and former Bacs, FPS and CHAPS CEO Mike Chambers enabling fintechs addressing the UK market to better navigate access models to UK payment systems and how to become a... Continue Reading →
Payments:Unpacked reader Hamish Houston has launched a new contender in the African payments industry - here's an introduction to enza A team of highly-experienced payments industry professionals have today launched the enza group (enza), a payments company focused on servicing the growing needs of banks, fintechs, and MNOs across the African continent. The African consumer... Continue Reading →
Pay.UK have announced that Paym is to permanently close in March 2023. Low use and new technology seem to have driven the decision but why, in an age of obsessive mobile phone use, did the UK's mobile payment service fail to take off? What happens to current users and what lessons can the UK's payment industry learn from... Continue Reading →
Source: Finextra. The pandemic fueled a mass subscription due to a shared feeling of all those stuck at home, boredom. As a result more people subscribed to Netflix with the streaming giant reaching 220 million subscribers globally. We clung to Netflix, our modern book club, as a way to connect with our loved ones. Our text... Continue Reading →
A new report by Access PaySuite has revealed the fastest growing subscription services - with makeup and cinema subscriptions topping the list. Payments technology specialist, Access PaySuite, part of The Access Group, analysed Google search data to reveal which subscriptions categories have seen the biggest increase in searches over the course of 2021. Makeup subscriptions... Continue Reading →
https://open.spotify.com/episode/0z7s4zqeTqLVUE1NA2Q6CE?si=MK01YC1KTti7UVj6c1gJmw In this Payments:Unpacked podcast we are joined by Ciaran Savage from Card Industry Professionals - Ciaran helps us unpack card payments. Ciaran explains: - What are the noticeable shifts / trends within payments at a SME / SMB level. - Ciaran's view on what to expect over the next 12 - 18 months in... Continue Reading →
Largely driven by Gen Z and millennials, the subscriptions market has gone from strength to strength over the last few years. This increase may have been driven by the pandemic and the new need for the ‘insperience’, and businesses who do not offer a recurring payments model may be losing out on potential custom. Access... Continue Reading →
I am delighted to have been selected as a judge for The PAY360 Awards 2022 (previously the Emerging Payments Awards), a ceremony dedicated to celebrating innovation and collaboration by recognising companies that have made significant advances in how we pay today. Now in its 15th year, The PAY360 Awards is the most prestigious event of the... Continue Reading →
Credit card usage has grown exponentially since the launch of Barclaycard in 1966 and card payments overall from the first debit card, also from Barclays, in 1987. The move from paper vouchers to electronic processes led to greater growth in businesses offering card acceptance but entry and fixed monthly costs still meant that, until relatively recently,... Continue Reading →
The year was 1973, the world was changing rapidly. The United Kingdom, Denmark, and Ireland entered the European Economic Community, The first American prisoners of war were released from Vietnam, The Exorcist premiered for the first time and the world of payments changed forever and for the better. Banks back then had a big problem... Continue Reading →
As Black Friday approaches, HSBC has enlisted magician Troy von Scheibner to show Brits how fraudsters play mind games designed to gain victims' trust and pressure them into handing over personal information. Don't miss a trick Purchase scams - where fraudsters trick shoppers into paying in advance for goods or services that are never received... Continue Reading →
Grab a pastry and find out why from Steve Goddard at Featurespace. Steve writes: In March, a bakery owner in South West England received a curious SMS from her bike courier. The baker, whose canelés are famous in her city, supplies pastries to nearby cafes and other bakeries. She relies on couriers to get fresh pastries... Continue Reading →
A Guest Blog by Michael Boevink My first encounter with mobile payments was actually SMS and this was with Coca Cola in 1997. Coca Cola is credited with launching the world’s first digital payment system back in 1997 with several vending machines in Helsinki. The soft drink giant created a digital payment processing system where... Continue Reading →
The Emerging Payments Association announced its rebrand to The Payments Association during the EP Awards ceremony on the 6th October, with the name change taking effect throughout the month. The association has seen significant growth over the past few years and has increased its volume of members by 20% in the last year alone, welcoming names such... Continue Reading →
My first experience of the City, banking and payments was in correspondent banking - this type of banking might be unknown to some so let’s start with a definition. Investopedia describe correspondent banking as: The term correspondent bank refers to a financial institution that provides services to another one—usually in another country. It acts as an... Continue Reading →
Join me on Wednesday 6th October at 11am at Access All Areas, The Access Group’s virtual event next week, where I’ll be talking through how the pandemic has accelerated digital and how to optimise your payments for this new landscape and grow your revenue. Sign up here: https://dash.hubilo.com/#/event/6506/1541651/session/78936/basic-details
From the inbound CHAPS queue to CEO of the UK's systemically important payment schemes - recollections and reflections from a career in payments (all with the City's moto 'my word is my bond' intertwined). https://youtu.be/Q4tNkIyRQB8 Walking around the City of London reflecting on my career in payments. Recollections may, of course, differ but the City's... Continue Reading →
In this week's Payments:Unpacked newsletter from Mike Chambers at Northey Point you'll find: Request to Pay Vs. Open Banking It would be really interesting to do a compare and contrast of Request To Pay Vs Open Banking powered services that will do similar soon with Variable Recurring Payments… From a customer and a biller perspective. This... Continue Reading →
In 1987 Barclays launched Barclays Connect, the UK’s first debit card, just nine months later the bank had issued one million cards. It didn’t take long for debit cards to reach ubiquity and by 1995 debit card volumes exceeded credit card volumes for the first time. Source: Barclays Despite the meteoric rise in this new... Continue Reading →
Pay.UK has today named David Pitt as our new Chief Executive Officer. David will assume the role on 26 July, taking over from Interim CEO Matthew Hunt who will take up the newly-created role of Chief Strategy Officer, Deputy CEO. With a strong background leading organisations through periods of transitional change, and having been instrumental... Continue Reading →
The finalists for the 2021 EP Awards have just been announced! Find out who made the shortlist: https://bit.ly/3dWmeQn 2021 was my first year as an EP Awards judge and judging this year’s categories was exceptionally challenging. Not only did we receive a record number of entries, but the level of innovation seen within our sector in... Continue Reading →
In a recent Linked In piece John Bertrand welcomed the digital era but argued the case that security must be universally on a par. We are pleased to feature this guest blog by John Bertrand APP (Authorised Push Payments) and taking control of bank accounts are 54% of the £1.26 billion fraud in 2021. UK Finance Fraud... Continue Reading →
Digiseq have announced a wearables breakthrough through a mobile app that can turn any supported object embedded with an NFC chip into a contactless payment device. The firm's Manage Mii mobile app enables 'Rapid Contactless Personalisation' for consumers to embed any supported object, from shirt cuffs to jewellery, with contactless payment capabilities with just a tap... Continue Reading →
Forbes has recognised Ciaran Savage, founder and Director of UK-based Card Industry Professionals, as one of the ones to watch in Europe in their ‘Class of 2021’. Forbes have featured Ciaran in the Finance category in this year’s ‘Forbes 30 under 30 Europe’ list. Being named in such a prestigious title is a testament to... Continue Reading →
On this day (22 April 2021) in 1996 Real Time Gross Settlement in CHAPS went live - join me and raise a glass to celebrate 25 years of RTGS in the UK. In this edition of Payments:Unpacked we take a look at the CHAPS payment system UK’s Real Time Gross Settlement (RTGS) system operated by the Bank of... Continue Reading →
I'm pleased to become a judge for the 2021 Emerging Payments Awards. Submissions open next Monday - check out http://emergingpaymentsawards.org for more.
Transferwise suggest that that the old, traditional banks don’t fare so well when it comes to price. But customers now have far better alternatives — fintechs, challenger banks and digital providers — who are setting far better standards for international transfers. Transferwise ask whether these new dogs are up to old tricks when it comes to... Continue Reading →
A joint initiative that transformed the tackling of food poverty in Scotland takes top national award. The Scottish Government has replaced the old UK Government voucher scheme in Scotland with prepaid cards in tackling food poverty and has been saluted as Social Inclusion Project of the Year at the 2020 Payments Awards. It’s a win that recognises... Continue Reading →
Almost two-thirds (62 per cent) of UK citizens say they are in “better control” of their money now than before COVID, according to research. Global software consultancy ThoughtWorks commissioned research among over 2,000 UK adults about how technology had changed their banking habits during the pandemic. Almost one-in-three people (31 per cent) said they don’t use cash... Continue Reading →
Join us for an afternoon of entertainment and a week’s networking at the virtual Emerging Payments Awards on the 26th of November. It’s free to attend for anyone in the payments industry and all registrants are entered into a prize draw to win one of 100 £50 reward vouchers, courtesy of our partner Banking Circle. Organised by... Continue Reading →
“For sale: baby shoes, never worn." is the entirety of what has been described as a six-word story, making it an extreme example of what is called flash fiction or sudden fiction. Although it is often attributed to Ernest Hemingway, the link to him is unsubstantiated and similar stories predate him. Last week subscribers of my Payments, Payments, Payments... Continue Reading →
“For sale: baby shoes, never worn." is the entirety of what has been described as a six-word story, making it an extreme example of what is called flash fiction or sudden fiction. Although it is often attributed to Ernest Hemingway, the link to him is unsubstantiated and similar stories predate him. How would you explain “digital... Continue Reading →
Garanti BBVA has begun issuing a rewards-based credit card that stores credit card numbers, expiration dates and CVV codes on a separate mobile app, rather than on the physical card itself. Customers of the Turkish bank can already apply for the new Bonus Diji card digitally and have it approved in a matter of minutes... Continue Reading →
In the latest episode of Pause for Payments, Kristy Duncan is joined by Liz Oakes, Executive Vice President, Strategy & Operations Banking, Mastercard for a discussion on the future of money - especially in the context of our new normal. Liz explains how people are making payments in the new normal and our recent adoption... Continue Reading →
In brief items from this weeks Payments, Payments, Payments newsletter: On the last day of September and LINK reported an ATM peak of 6,349 transactions in one minute but what’s happening to ATM withdrawals following the digital payment habits we formed during COVID? Second premium account from Monzo? You had to read Starling Bank’s #reachingout Tweet very carefully -... Continue Reading →
Pay.UK contacted us a few days ago to provide updated figures for Paym: the UK’s mobile payment system so we’ve updated our Paym briefing: Paym: the UK’s mobile payment system. Paym is a mobile payment system operated by Pay.UK and offered by the majority of the UK’s banks and building societies. Recipients are identified by their... Continue Reading →
Pay.UK, the UK retail payment systems operator, have announced the appointment of Mark Hoban as the new Independent Non-Executive Chair of its Board of Directors. Mark brings a wealth of experience in both public and private sectors, with a strong background in financial and regulatory arenas. Following a career in politics as Member of Parliament... Continue Reading →
The UK’s Payment Systems Regulator (PSR) have just published an infographic with a simplified picture of what happens during a consumer debit or credit card transaction (except for American Express cards) where a transaction is authorised. Check out the PSR's infographic: Payment Systems Regulator infographic: What happens when you use a credit or debit card? Read,... Continue Reading →
Far from being the end of fintech, this the moment where financial innovation and disruption assumes centre stage says Natalie Ceeney. …it’s clear that the pandemic is accelerating the need for financial innovation and disruption. There can be no debate that the future is more digital. For every bank, insurer, mortgage lender or payments enabler,... Continue Reading →
Creative use of branch window space by Barclays, helping their customers navigate their mobile banking app. Picture: Mark O’Keefe This helpful piece of customer education reminded me of a piece I wrote a few months ago about education being the secret ‘sauce’ for the successful implementation of payments regulation…. Education: the secret ‘sauce’ for the successful implementation... Continue Reading →
Crumpled up in your coat pocket or bag, you’ll probably find a receipt. That never-read, rarely-used and bin-destined piece of paper is the acknowledgement that something has been paid for or that goods have been received. The oldest, discovered, receipt confirmed the sale five sheep, one lamb and four grass-fed male kids. It was written... Continue Reading →
From today you’ll find “Payments, Payments, Payments” podcasts on the Apple Podcast app.
The planet found itself gripped by a virus that knows no boundaries, democratic nations wilfully complied with imprisoning STAY AT HOME pleas, and ordinarily over crowded bustling cities were brought to a peaceful but eerie standstill. Even as we seem to be easing out of the crisis, what are small businesses most worried about whilst... Continue Reading →
Jonathan Williams, Principle Consultant and Director of Mk2 Consulting has published analysis of Payment Statistics for the UK from January to June 2020. Jonathan writes: There has been a lot of discussion of the economic impact of the lockdown measures on consumers and businesses. Suggestions of significant impact to GDP have been shown in other... Continue Reading →
The Emerging Payments Association (EPA), which celebrates collaboration and innovation across the emerging payments industry, has launched Project Recovery to help the UK FinTech make informed decisions and equip them to survive in the post pandemic world. The FinTech sector has a key role to play in the UK’s economic recovery and so the aim... Continue Reading →
Introduction Cashflow remains the lifeblood of any business organisation and getting the monies in on time and with minimum fuss and effort can be critical to viability and profitability. Whilst the payment method, or perhaps more appropriately payment methods, have to work for the recipient organisation (the payee), they have to be effective and appealing... Continue Reading →
Today, 5 May 2020, Tony Craddock from the Emerging Payments Association shared news on the launch of Project Recovery / Reboot. On behalf of Eazy Collect I am pleased to lead this new group. Tony describes the purpose of the EPA's Project Recovery / Reboot as a new working group, led by Mike Chambers of... Continue Reading →
