Fraud, Consumer Knowledge, and Solutions Consumers might think they are too smart to be tricked or defrauded, but global fraud losses tell another story. The FICO expert panel discusses consumer knowledge surrounding fraud. Featuring Michael Chambers, Chief Executive of financial consultancy Northey Point and former CEO of the Bacs Payment Scheme; and Sarah Rutherford, senior... Continue Reading →
Weekly ATM value and volume figures 22 May 2022. Key observations for the week ending 22 May 2022: The volume of ATM Transactions decreased by 27% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 1% when compared to the previous week in 2022. The volume... Continue Reading →
In this fifth round up of retail payments in 2022, we see the impact on the volume and value of payments processed in the UK following the easing of Covid restrictions, compared to the final days of Lockdown 3.0 conditions in 2021. Note: All data is publicly sourced and is the latest available: Pay.UK April... Continue Reading →
The FICO experts discuss the emerging issues surrounding fraud in the new digital transformation era - what does this mean for customer experience? Featuring Michael Chambers, Chief Executive of financial consultancy Northey Point and former CEO of the Bacs Payment Scheme; and Sarah Rutherford, senior director, portfolio marketing, at FICO. In this third of four... Continue Reading →
Weekly ATM value and volume figures 15 May 2022. Key observations for the week ending 15 May 2022: The volume of ATM Transactions decreased by 27% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 1% when compared to the previous week in 2022. The volume... Continue Reading →
In this podcast it was my privilege to join FICO's Sarah Rutherford, senior director, portfolio marketing, for a discussion about the global perceptions of fraud management and customer experience. In this second of four podcasts we: Discuss the impact of digital transformation on banking customer experiences.Ask are banks getting digitial transformation right when it comes... Continue Reading →
Weekly ATM value and volume figures 08 May 2022. Key observations for the week ending 08 May 2022: The volume of ATM Transactions decreased by 26% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 7% when compared to the previous week in 2022. The volume... Continue Reading →
It was my privilege to join FICO's Sarah Rutherford, senior director, portfolio marketing, for a discussion about the global perceptions of fraud management and customer experience. In this first of four podcasts we: Discuss the global perceptions of fraud management and customer experienceConsider what banks are getting right -and where there are opportunities to improveDiscuss the... Continue Reading →
May the 4th be with you Clever, catchy and instantly recognisable “May the 4th be with you” is known to all as a Star Wars pun that launched a holiday. The phrase is, of course, an ingenious play on one of the most famous Star Wars quotes of all time - “May the Force be... Continue Reading →
It has been my privilege to join SurePay at the 2022 Building Societies Annual Conference in Liverpool. The event was a great opportunity to think about the role of building societies in ensuring that the UK’s Confirmation of Payee service delivers “safer payments through (CoP) service ubiquity” or, as SurePay put it, “be sure who you pay”. Combating payment fraud In... Continue Reading →
Weekly ATM value and volume figures 01 May 2022. Key observations for the week ending 01 May 2022: The volume of ATM Transactions decreased by 21% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 12% when compared to the previous week in 2022. The volume... Continue Reading →
TrueLayer has unveiled a recurring payments API capable of dealing with both sweeping and non-sweeping use cases. The Competition and Markets Authority(CMA) has mandated the UK’s nine largest banks to provide Variable Recurring Payments (VRPs) that support the automatic transfer of money between two accounts belonging to the same person.VRPs allow customers to connect authorised payments providers... Continue Reading →
196,964 switches took place between January and March 2022, a 41% increase on the same period in 2021 In this latest dashboard, we find out how many of us transferred our bank account in Q1 2022 and who the switching winners and losers were in Q4 2021. The number of switches during 2022 As previously... Continue Reading →
In this fourth round up of retail payments in 2022, we see the impact on the volume and value of payments processed in the UK following the easing of Covid restrictions, compared to the final weeks of Lockdown 3.0 conditions in 2021. Note: All data is publicly sourced and is the latest available: Pay.UK March... Continue Reading →
Weekly ATM value and volume figures 24 April 2022. Key observations for the week ending 24 April 2022: The volume of ATM Transactions decreased by 29% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 3% when compared to the previous week in 2022. The volume... Continue Reading →
As part of its continued growth strategy, Card Industry Professionals (CIP) is delighted to have appointed Mike Chambers as a Non-Executive Director. Mike has a rich and varied career in the UK’s payment industry and brings a wealth of Fintech knowledge and experience. Mike was Chief Executive of Bacs Payment Schemes Limited (Bacs), the UK’s biggest... 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 →
The rise of digital banking over the past decade has fuelled a lifestyle revolution. The emergence of chip and pin, contactless cards, digital wallets, online banking and mobile apps have made life more convenient for many. However, this digital transformation has also driven major changes to our cash infrastructure. Bank branches have closed at an... Continue Reading →
Weekly ATM value and volume figures 17 April 2022. Key observations for the week ending 17 April 2022: The volume of ATM Transactions decreased by 27% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 3% when compared to the previous week in 2022. The volume... Continue Reading →
NAB has becomes the latest Australian bank to automatically block abusive and threatening meassges in the description and reference fields of online payment transactions. More than 10,000 abusive transactions from 6,800 unique customers were blocked in March 2022. Payments in the NAB app on iOS and Android that feature offensive words and phrases won’t be processed... Continue Reading →
Weekly ATM value and volume figures 10 April 2022. Key observations for the week ending 10 April 2022: The volume of ATM Transactions decreased by 29% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 3% when compared to the previous week in 2022. The volume... Continue Reading →
A round-up of payment related developments at Pay.UK, the Payment Systems Regulator, the Bank of England, HM Treasury, the FCA and the Open Banking Implementation Entity. Period covered: 20 March to 6 April 2022. Pay.UK Current Account Switch Service annual report: continued progress in 2021 The Current Account Switch Service achieved all its regulatory KPIs in... Continue Reading →
Weekly ATM value and volume figures 03 April 2022. Key observations for the week ending 03 April 2022: The volume of ATM Transactions decreased by 27% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 0.3% when compared to the previous week in 2022. The volume... Continue Reading →
Officially a tech climber I’m so pleased to share that Answer Pay (the UK’s first accredited Request to Pay provider) has made it onto the inaugural Tech Climbers Leeds City Region 2022 list! Tech Climbers is a regional list published with BusinessCloudthat showcases the top performing, IP rich, product led technology businesses. Quickly becoming known as a thriving tech destination, Leeds City Region is... Continue Reading →
Fagan has gone digital The UK’s Confirmation of Payee (CoP) name checking service may not be perfect but in a world were Fagan has gone digital any initiative that thwarts the fraudster and protects our money has every right to be applauded. As Authorised Push Payment Fraud (APP Fraud) rises to eye-watering amounts it is surprising to... Continue Reading →
Weekly ATM value and volume figures 27 March 2022. Key observations for the week ending 27 March 2022: The volume of ATM transactions increased by 3% when compared to the previous week in 2022. The volume of ATM transactions increased by 19% when compared to the equivalent week in 2021. The volume of ATM transactions... Continue Reading →
The Payment Systems Regulator (PSR) has published its Annual Plan for 2022/23. In publishing the annual plan the PSR have stated that, on the whole, the regulated payment systems work well. However, the PSR believe that the payments landscape is evolving and with this, there are issues that need to be addressed. The areas that the PSR... Continue Reading →
After over 50 years of faithful service we are well versed on the subject of the Bacs Direct Debit. With 4.6 billion DD’s processed each year they are the pre-eminent form of collecting regular payments efficiently and cost effectively from our bank accounts. This week’s Payments:Unpacked archive video is a 1980’s advert extolling the benefits of paying by... Continue Reading →
In this third round up of retail payments in 2022, we see the impact on the volume and value of payments processed in the UK with the easing of Covid restrictions, compared to Lockdown 3.0 conditions in 2021. Note: All data is publicly sourced and is the latest available: Pay.UK February 2022, Link March 2022... Continue Reading →
Banks and building societies should compete with each other to offer the best set of tools and services to help customers address financial problems that were worsened by the pandemic, a think-tank says. The Social Market Foundation said that new “consumer duty” rules being introduced by the Financial Conduct Authority should drive financial services firms to improve the way... Continue Reading →
Customers at six 7-Eleven stores in Japan can now make contactless payments using a holographic screen projected from the self-checkout terminal. Developed by Toshiba, the Digi POS system creates the illusion of a touchscreen interface hanging in the air in front of a shopper.Customers scan the products in their cart and then select their preferred payment method and... Continue Reading →
The lifting of the limit on contactless payments to £100 in the UK has led to a surge in tap-and-pay transactions, as consumers use the touchless checkout method to pay for higher value items. December 2021 card spending data from UK Finance reveals that the average amount spent per contactless card transaction rose by almost 30 per cent... Continue Reading →
Answer Pay has announced that it has successfully received funding to extend its Request to Pay connectivity to European countries in the Single Euro Payments Area(SEPA). Digital payment technologies are evolving. Arguably, the biggest step-change in payments innovation in the UK and Europe comes in the form of Request-to-Pay (RtP). This is a relatively new message overlay service first... Continue Reading →
Weekly ATM value and volume figures 20 March 2022. Key observations for the week ending 20 March 2022: The volume of ATM transactions increased by 1% when compared to the previous week in 2022. The volume of ATM transactions increased by 18% when compared to the equivalent week in 2021. The volume of ATM transactions... Continue Reading →
In the latest Payments:Unpacked podcast we discuss Variable Recurring Payments (VRPs) with Sean Devaney https://open.spotify.com/episode/5OeaM9F1vyUOic0NrvczWe?si=tNKmlLmxR1mg_2pxpeu0Yw
“The safe place with the nice face - your money safe with The Woolwich” In this edition of Payments:Unpacked Payments Past we feature a once very common name on the ‘banking’ high street - The Woolwich. The Woolwich Equitable Building Society (later Woolwich Building Society or The Woolwich) was founded in Woolwich in 1847 and remained a local institution until the early 1900’s when... Continue Reading →
Weekly ATM value and volume figures 13 March 2022. Key observations for the week ending 13 March 2022: The volume of ATM transactions decreased by 4% when compared to the previous week in 2022. The volume of ATM transactions increased by 18% when compared to the equivalent week in 2021. The volume of ATM transactions... Continue Reading →
Recurring Payments: 50 Years of faithful service After over 50 years of faithful service we are well versed on the subject of the Bacs Direct Debit. With 4.6 billion DD’s processed each year they are the pre-eminent form of collecting regular payments efficiently and cost effectively from our bank accounts. To date viable alternatives to Direct... Continue Reading →
My daily constitutional It takes me 26 minutes to complete my daily “Village 360” walk. A daily constitutional equating to 1,560 seconds - a short walk through the village, a quick look at the boats in the canal, a wander along the estuary and, finally, across a field to return home - all enhanced by... Continue Reading →
Cash anytime of the day as easy as ABC and other 1980’s adverts from the Griffin In this edition of Payments:Unpacked Payments Past we feature Midland Bank adverts from the 1980’s as told (mostly) by Richard Briers. https://youtu.be/Hy9RaZnevso
Weekly ATM value and volume figures 6 March 2022. Key observations for the week ending 6 March 2022: The volume of ATM transactions increased by 3% when compared to the previous week in 2022. The volume of ATM transactions increased by 21% when compared to the equivalent week in 2021. The volume of ATM transactions... Continue Reading →
In this blog we are pleased to feature a guest blog from Sarah Rutherford at FICO - in her blog Sarah explores how banks can stop Authorised Push Payment Fraud. How can banks stop Authorised Push Payment Fraud? A cross-party Treasury Select Committee has called on the UK government to do more to ensure that the victims of authorised push... Continue Reading →
Like many organisations, many of the UK’s charities and social enterprises have been hit hard by the pandemic. Nearly two years of on-off lockdowns hit face-to-face fundraising events – a key source of revenue for many charities – and cash donations. Some struggled to retain volunteers, while others faced an increase in demand for their... Continue Reading →
Weekly ATM value and volume figures 27 February 2022. Key observations for the week ending 27 February 2022: The volume of ATM transactions increased by 10% when compared to the previous week in 2022. The volume of ATM transactions increased by 16% when compared to the equivalent week in 2021. The volume of ATM transactions... Continue Reading →
https://open.spotify.com/episode/6jivyFTJ5WASXnZ7mVCJjT?si=krXmhzGITdeEOV1QCTnaTw In this Payments:Unpacked podcast we are joined by Paul Simpson from Sure Pay – Paul helps us unpack the UK's account name checking service Confirmation of Payee (CoP). Paul explains: - Why Confirmation of Payee is so important. - The phased roll out process adopted by the UK. - Considers a non bank use... 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 →
Financial Services Regulatory Initiatives Forum In November 2021 the Financial Services Regulatory Initiatives Forum published an updated version of the Regulatory Initiatives Grid which is intended to help regulators identify and manage peaks in demand and give firms a clearer idea of the major upcoming initiatives across the main financial services authorities. In this blog we provide... 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 →
In this second round up of retail payments in 2022, we see the impact on the volume and value of payments processed in the UK now Covid restrictions are easing, compared to Lockdown 3.0 conditions in 2021. Note: All data is publicly sourced and is the latest available: Pay.UK January 2022, Link February 2022 and... Continue Reading →
Weekly ATM value and volume figures 20 February 2022. Key observations for the week ending 20 February 2022: The volume of ATM transactions decreased by 5% when compared to the previous week in 2022. The volume of ATM transactions increased by 13% when compared to the equivalent week in 2021. The volume of ATM transactions... Continue Reading →
