As a reader of Payments:Unpacked you will know that payment systems are vital to the UK economy and play a remarkable role in ensuring that payment for the goods and services we all consume are efficient, safe, resilient and friction-free. One remaining area of payment friction is actually asking someone for some money to settle up for... Continue Reading →
So many conversations this week on APP fraud - here's a Point of View from John Bertrand. Over the last three months, The House of Lords, European Commission and the Payment System Regulator (PSR) published detailed reports and proposals on how to prevent instant payment fraud. It is not easy and requires multiple partners to work... Continue Reading →
Source: Answer Pay Which? The consumer champion has claimed that banks are failing to protect their customers and are “leaving customers wide open to spoofing fraud”. Their investigation found that high street banks representing over 60% of the UK consumer banking market had not taken advantage of the latest technology such as Ofcom’s “Do Not... Continue Reading →
Confirmation of Payee Group 1 & 2: it pays to get started now! It was a privilege to join the SurePay webinar and talk about the announcement of the PSR. Group 1 needs to have implemented Confirmation of Payee before end of Oct 2023. Group 2 and all other PSP’s, before 31 October 2024. Watch... Continue Reading →
It was my privilege to host a webinar series for ACI Worldwide on the challenges and opportunities that lie ahead for New Payments Architecture (NPA). I was joined by payment experts from ACI Worldwide, Santander, Pay.UK, UK Finance and more in four mini webinars to answer your NPA questions, including: How will banks leverage NPA?... Continue Reading →
Weekly ATM value and volume figures 27 November 2022. Key observations for the week ending 27 November 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 increased by 0.3% when compared to the previous week in 2022. The volume... Continue Reading →
In this eleventh round up of retail payments in 2022, we see the impact on the volume and value of payments processed in the UK as we now 'live with Covid' with similar conditions in the equivalent months in 2021 following the lifting of restrictions at the end of Lockdown 3.0. Note: All data is... Continue Reading →
https://youtu.be/EJaCIeSi0bM Jonathan Hughes from OneBanx joins us for our latest Payments:Unpacked video podcast. As OneBanx seek to create a sense of community, provide opportunities for everyday human interaction and to meet a community's every day banking needs Jonathan unpacks: - Why the OneBanx concept is more than just providing access to cash. - The benefits OneBanx can offer... Continue Reading →
This blog originally featured on Vyne's website. Bad bots, bad bots, whatcha you gonna do? Whatcha you gonna do when they come for you? This year, Brits plan to spend an estimated £3.95 billion on Black Friday and Cyber Monday purchases according to Finder. Although only taking-off in the UK in 2010, Black Friday and Cyber... Continue Reading →
Weekly ATM value and volume figures 20 November 2022. Key observations for the week ending 20 November 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 8% when compared to the previous week in 2022. The volume... Continue Reading →
Making a POSitive difference Ciaran Savage from Card Industry Professionals joins us for our latest Payments:Unpacked video podcast. Using customer use cases Ciaran explores: - The role of an ISO (yes, another TLA). - How Card Industry Professionals can make a real difference for a business that is already card payment enabled. - How Card Industry Professionals can... 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 →
As a reader of Payments:Unpacked you will know that payment systems are vital to the UK economy and play a remarkable role in ensuring that payment for the goods and services we all consume are efficient, safe, resilient and friction-free. On its website home page the UK’s payment system regulator states: Every time anyone uses a cash... Continue Reading →
https://youtu.be/RiEpb6qbt2k Peter Cornforth from Answer Pay joins us for our latest Payments:Unpacked video podcast. In this podcast Peter covers: - How might RtP and VRP’s co-exist to provide a better (or different) consumer focussed solution to Direct Debits? - How could regulators, billers and banks better empower consumers to choose how they pay, when they pay and who... Continue Reading →
Weekly ATM value and volume figures 13 November 2022. Key observations for the week ending 13 November 2022: The volume of ATM Transactions decreased by 23% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 7% when compared to the previous week in 2022. The volume... Continue Reading →
With the recent mandate from the Payment Systems Regulator a number of banks, building societies and PSPs are considering how to implement a Confirmation of Payee (CoP) solution in the most efficient and effective way, how they can protect their customers from fraud and errors and, as a payment provider, protect themselves from reimbursements and... Continue Reading →
Weekly ATM value and volume figures 06 November 2022. Key observations for the week ending 06 November 2022: The volume of ATM Transactions decreased by 28% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 2% when compared to the previous week in 2022. The volume... Continue Reading →
Don't write off our cheques! Earlier this year the Daily Mail carried an online article “sounding the alarm over fears firms are trying to kill off the humble cheque”. The headline read: Don't write off our cheques! Millions rely on them, yet dozens of firms now refuse to take them or charge extra to use them...but you... Continue Reading →
In this tenth round up of retail payments in 2022, we see the impact on the volume and value of payments processed in the UK as we 'live with Covid' with similar conditions in the equivalent months in 2021 following the lifting of restrictions at the end of Lockdown 3.0. Note: All data is publicly... Continue Reading →
SEPA instant, partnerships and big topics for Answer Pay Peter Cornforth from Answer Pay joins us for our latest Payments:Unpacked video podcast. https://youtu.be/zpJgS4Es1Bk Peter covers: - The European Commission recently mandated SEPA instant with zero cost to the consumer, what does this mean for Answer Pay? - Are partnerships an important model for Answer Pay? - With 2023... Continue Reading →
In 2022 most people use a card to make a payment in-person or online. Open Banking presents the opportunity for the growth in account-to-account payments, moving money directly from a payer to payee. This cold break the hegemony of MasterCard and Visa and set the ground for quick, cheap, safe and innovative payments between merchants... Continue Reading →
Weekly ATM value and volume figures 30 October 2022. Key observations for the week ending 30 October 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 6.5% when compared to the previous week in 2022. The volume... Continue Reading →
Weekly ATM value and volume figures 23 October 2022. Key observations for the week ending 23 October 2022: The volume of ATM Transactions decreased by 31% 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 →
Amidst a rapidly changing financial environment, the latest Current Account Switch Service Dashboard reveals switching volumes increased across the quarter, rising every month from July (57,204) to August (74,459) and then reaching a 2022 high in September (90,445) In this latest dashboard, we find out how many of us transferred our bank account in Q3... Continue Reading →
Celebrating 10 years of the Cash ISA Transfer Service Most of us will know that a cash ISA – standing for Individual Savings Account – is similar to a regular savings account, but there is no tax to pay on any of the interest you earn. In the UK you can put away up to £20,000 in... Continue Reading →
Safer payments need service ubiquity The Payment Systems Regulator (PSR) is directing around 400 payment service providers (PSPs) to implement a system to offer the Confirmation of Payee (CoP) name checking service to their customers (both as payers and payees). This will help to reduce authorised push payment (APP) fraud and accidentally misdirected payments. This direction is another big... Continue Reading →
Card-acquiring services play a crucial role in the payments sector When a customer makes a card payment, the merchant uses card-acquiring services to accept it. These services are critical to the UK economy because they enable consumers and businesses to use their cards to pay for goods and services. There are around 157 million cards... Continue Reading →
Who are LINK? LINK is the UK's cash machine (ATM) network and the busiest ATM transaction switch in the world. Effectively every cash machine in the UK is connected to LINK, and LINK is the only way banks and building societies can offer their customers access to cash across the whole of the UK. All... Continue Reading →
Let’s start with a quote that makes very uncomfortable reading: There has been an increase in people in financial difficulty, with 4.2 million people missing domestic bills or credit repayments in 3 or more of the last 6 months, up from 3.8 million in 2020.Financial Conduct Authority A heavy burden The Financial Conduct Authority (FCA)... Continue Reading →
Card payment company marks fifth anniversary by entering Irish market Card Industry Professionals (CIP) has extended its reach across the Irish Sea to offer its services to merchants in the Republic of Ireland. Earlier this year CIP celebrated five years in business and this latest development in its growth plans is a true indication of... Continue Reading →
Weekly ATM value and volume figures 16 October 2022. Key observations for the week ending 16 October 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 2% when compared to the previous week in 2022. The volume... Continue Reading →
Weekly ATM value and volume figures 09 October 2022. Key observations for the week ending 09 October 2022: The volume of ATM Transactions decreased by 28% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 5% when compared to the previous week in 2022. The volume... Continue Reading →
Fintech pioneer Railsr increases fraud protection for customers who make bank transfers using UK Faster Payments (UKFP) by selecting leading CoP provider SurePay as its Confirmation of Payee vendor. Railsr, the leading global embedded finance experience platform, has selected SurePay as its UK Faster Payments (UKFP) Confirmation of Payee (CoP) vendor to help its customers... Continue Reading →
Weekly ATM value and volume figures 02 October 2022. Key observations for the week ending 02 October 2022: The volume of ATM Transactions decreased by 24% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 10% when compared to the previous week in 2022. The volume... Continue Reading →
Tackling Authorised Push Payment Fraud Let me start by saying how much we (at Answer Pay) welcome the Payment Systems Regulator’s (PSR) invitation for responses on their proposals to tackle Authorised Push Payment (APP) Fraud. Answer Pay has been fighting for more action against fraud and to that end released our own “To click or... Continue Reading →
As the cost of living crisis increasingly bites many businesses are struggling to collect payments from their customers. Subscription numbers are declining and consumers are cancelling direct debits in favour of alternative payment methods that give them more control. However, these alternatives such as cash, cards and cheques can cost more and introduce friction with... Continue Reading →
Weekly ATM value and volume figures 25 September 2022. Key observations for the week ending 25 September 2022: The volume of ATM Transactions decreased by 31% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 6% when compared to the previous week in 2022. The volume... Continue Reading →
In this ninth round up of retail payments in 2022, we see the impact on the volume and value of payments processed in the UK as we 'live with Covid' with similar conditions in the equivalent months in 2021 continuing as restrictions had been lifted at the end of Lockdown 3.0. Note: All data is... Continue Reading →
Weekly ATM value and volume figures 18 September 2022. Key observations for the week ending 18 September 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 →
Card Industry Professionals (CIP) have announced that they have been selected to join the Tech Nation ‘Fintech 5.0’ Programme, recognising the company as one of the UK’s leadings scale ups innovating within the sector. As a company who has seen consistent growth over the last 5 years, whilst supporting thousands of businesses with accepting card... Continue Reading →
Weekly ATM value and volume figures 11 September 2022. Key observations for the week ending 11 September 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 5% when compared to the previous week in 2022. The volume... Continue Reading →
In this blog we are pleased to explore the trends transforming today’s digital banking - a piece written by Vasile Valcov, Chief Commercial Officer at Salt Edge. Close your eyes for a second. Imagine you’ve just looped into the future and are now getting ready to order something online. You’re scrolling through websites, looking for the perfect match... Continue Reading →
Direct Debit 3.0 – It’s time…. The UK’s pre-eminent recurring payment solution is facing its greatest challenge. Will Direct Debits compete, coexist, complement or converge with Request to Pay and Variable Recurring Payments? It’s time for Direct Debit 3.0 In the coming weeks we will be launching a forum to inform and influence the debate about the future of recurring... Continue Reading →
In this blog we are pleased to feature a blog exploring open banking to open finance - bridging the gap written by TrueLayer’s Jack Wilson. Open Banking + As the end of the OBIE's roadmap approaches, Jack Wilson over at TrueLayer has outlined the need for a programme of work that TrueLayer are calling ‘open banking +' to bridge... Continue Reading →
Weekly ATM value and volume figures 04 September 2022. Key observations for the week ending 04 September 2022: The volume of ATM Transactions decreased by 25% 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 →
Weekly ATM value and volume figures 28 August 2022. Key observations for the week ending 28 August 2022: The volume of ATM Transactions decreased by 25% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 6% when compared to the previous week in 2022. The volume... Continue Reading →
My Darling Doris Formed in 1985, Fat and Frantic were a London-based pop music group who wrote all their own material, playing a wide variety of musical styles ranging from manic skiffle through rock 'n roll to a cappella which they sometimes described as "piffle" – a mix of punk and skiffle. The group were also somewhat notorious... Continue Reading →
In this edition of Payments:Unpacked we take a look at the topic of stablecoins which features within the Financial Services and Markets Bill which is currently at its Second Reading in the House of Commons. This email provides all you need to know about the Government’s work to bring stablecoins, a type of cryptoasset, into the scope of regulation when used... Continue Reading →
In this Northey Point blog we explore India’s ISO 20022 adoption journey with an excellent article written by Shahid Ali. The UK’s ISO20022 journey started with the Current Account Switching Service and the Cash ISA Transfer Service (both of which were key deliverables during my tenure as Bacs’ CEO) and is moving forward with the Bank Of England’s... Continue Reading →
In this eighth round up of retail payments in 2022, we see the impact on the volume and value of payments processed in the UK as we 'live with Covid' with the comparison now with similar conditions in the equivalent months in 2021 as restrictions had been lifted at the end of Lockdown 3.0. Note:... Continue Reading →
