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Direct Debit

Regular giving during the pandemic

How have charities protected regular giving during the pandemic? A report by released by Rapidata (an Access company) has revealed what learnings can be shared to help protect charities in future times of crisis.  The report provides sector insights on regular giving during the coronavirus pandemic, with lessons for the future. The coronavirus pandemic has had a far-reaching impact on the not […]

Newsletter

CHAPS: The UK’s RTGS

In this week’s subscriber edition of ‘Payments, Payments, Payments’ we take a look at the UK’s Real Time Gross Settlement (RTGS) system operated by the Bank of England. The newsletter covers: What is CHAPS? My personal 35+ year association with CHAPS 1983 BC (Before CHAPS) Clearing House Automated Payment System but no STP The official history of CHAPS Move to Real Time […]

Direct Debit

Bacs Direct Debit dormancy period temporarily extended

Bacs Direct Debit (operated by Pay.UK) recently implemented a temporary rule change enabling non-AUDDIS service users to send password-protected scanned copies of Direct Debit Instructions (DDIs) via email to paying banks, for the duration of the Covid-19 pandemic.  In a further move, announced yesterday, Pay.UK have also taken the step to temporarily extend the Direct Debit dormancy period to a […]

Confirmation of Payee

Widespread implementation of Confirmation of Payee

Widespread implementation of the UK’s new Confirmation of Payee (CoP) service has been announced by the payments regulator. Confirmation of Payee helps protect consumers and businesses from certain types of fraud and misdirected payments by letting them know if the account name they have entered matches the account name of the recipient. The Confirmation of Payee service is intended to […]

Regulatory

What part of the solution can you be?

Mums unable to feed their children. Young people unable to pay rent. People unable to receive their benefits. Payments due for essential items like insurance and bills, all frozen From a post about “#FruityFrittataFreelancerFriday” to this Tweet in just over two hours, Friday was a tough day for ANNA Money and its customers: ANNA Money @ANNAMoneyUKWe are urgently recommending you […]

Direct Debit

70:30

In their own right both Direct Debit and Direct Credit are significant payment systems based on volume but in aggregate the numbers add up to a cool 6.5 billion transactions per annum. As Direct Debit established itself as a firm favourite in the UK’s payment habits and the Direct Credit scheme crystallised its late 1990’s / early 2000’s growth spurt […]

Newsletter

Six and a half billion …and counting

In this weeks subscriber edition of ‘Payments, Payments, Payments’ we explore Bacs Direct Debit and Direct Credit Read, subscribe and share: https://northeypoint.substack.com/p/bacs-65-billion-transactions-a-year?r=5igm3&utm_campaign=post&utm_medium=web&utm_source=copy

Direct Debit

Regular giving during the pandemic

How have charities protected regular giving during the pandemic? A report by released by Rapidata (an Access company) has revealed what learnings can be shared to help protect charities in future times of crisis.  The report provides sector insights on regular giving during the coronavirus pandemic, with lessons for the future. The coronavirus pandemic has had a far-reaching impact on the not […]

Newsletter

CHAPS: The UK’s RTGS

In this week’s subscriber edition of ‘Payments, Payments, Payments’ we take a look at the UK’s Real Time Gross Settlement (RTGS) system operated by the Bank of England. The newsletter covers: What is CHAPS? My personal 35+ year association with CHAPS 1983 BC (Before CHAPS) Clearing House Automated Payment System but no STP The official history of CHAPS Move to Real Time […]

Direct Debit

Bacs Direct Debit dormancy period temporarily extended

Bacs Direct Debit (operated by Pay.UK) recently implemented a temporary rule change enabling non-AUDDIS service users to send password-protected scanned copies of Direct Debit Instructions (DDIs) via email to paying banks, for the duration of the Covid-19 pandemic.  In a further move, announced yesterday, Pay.UK have also taken the step to temporarily extend the Direct Debit dormancy period to a […]

Confirmation of Payee

Widespread implementation of Confirmation of Payee

Widespread implementation of the UK’s new Confirmation of Payee (CoP) service has been announced by the payments regulator. Confirmation of Payee helps protect consumers and businesses from certain types of fraud and misdirected payments by letting them know if the account name they have entered matches the account name of the recipient. The Confirmation of Payee service is intended to […]

Regulatory

What part of the solution can you be?

Mums unable to feed their children. Young people unable to pay rent. People unable to receive their benefits. Payments due for essential items like insurance and bills, all frozen From a post about “#FruityFrittataFreelancerFriday” to this Tweet in just over two hours, Friday was a tough day for ANNA Money and its customers: ANNA Money @ANNAMoneyUKWe are urgently recommending you […]

Direct Debit

70:30

In their own right both Direct Debit and Direct Credit are significant payment systems based on volume but in aggregate the numbers add up to a cool 6.5 billion transactions per annum. As Direct Debit established itself as a firm favourite in the UK’s payment habits and the Direct Credit scheme crystallised its late 1990’s / early 2000’s growth spurt […]

Banking

IBAN: The only bank account format you’ll ever need

What is an IBAN? … and why would I need one? Jonathan Williams, Director, Mk2 Consulting Standardisation is generally a good thing, at least that’s what ISO – the International Organisation for Standardisation – believes, and this applies to financial transactions more than most. The International Bank Account Number – pronounced “eye-ban” in the UK and US and “ee-ban” pretty […]

Training

Payments Briefing

The retail payments landscape Getting to grips with the UK’s retail payments landscape can seem a complex and daunting task. The new ‘Retail Payments Landscape’ briefing from Northey Point covers a wide range of the UK’s payment instruments, including Bacs, CHAPS, Faster Payments, LINK and cheques, and unpacks the eco-system that supports the operation of these systemically important payment systems. […]

Faster Payments

Faster Payments – the UK’s Instant Payment scheme

How much do you know about the UK’s Faster Payments scheme? Data source: Pay.UK In Thursday’s edition of the ‘Payments, Payments, Payments’ newsletter we will be exploring the UK’s instant payment scheme – Faster Payments. Don’t miss out: Read, Subscribe and share at: northeypoint.substack.com/welcome Thursday’s newsletter is a subscriber edition – use this free 7 day trial link to get […]

Regulatory

Regulation Roundtable

While the industry is grappling with the challenges arising from Covid19, the Emerging Payments Association has established a new project – Project Recovery, and from the first project meeting they have created a ‘Project Recovery Round Table Series’. Project Recovery Project Recovery provides insights, resources and thought leadership to the EPA’s 130 plus members on the implementation and adoption of short- […]

Confirmation of Payee

Thread: Confirmation of Payee (CoP)

In just 18 days the UK’s Confirmation of Payee (CoP) service should have been introduced by the banks who received a Direction from the Payments System Regulator (plus a few other banks that have voluntarily joined the service). Confirmation of Payee is a name checking service that helps protect consumers and businesses from certain types of fraud and misdirected payments […]

Banking

Northey Point’s Bookstore

Recommended reading: Add them to your reading list and let me know what you think. The Currency Cold War by David Birch The way that money works now is a blip. It’s a temporary institutional arrangement agreed in response to specific political, technological and economic circumstances. As these circumstances change, so money must change. Many people think that it will […]

Direct Debit

Addressing failed payments

In his latest guest blog Don Hollingum from Direct Debit 101 has been thinking about addressing failed payments. For more information visit: www.directdebit101.co.uk Introduction Cashflow is the lifeblood of every enterprise regardless of whether it is producing and / or selling goods, providing services or collecting donations for worthwhile causes.  Needless to say income exceeding expenditure is key to ensuring the […]

Banking

Opening an account compares to putting pennies in a piggy bank: easy yet rewarding

Today, we feature a guest blog by university student Reuben Taylor sharing his experience on opening a bank account with Starling Bank. Reuben shares his experience: Generally, at some point in life (potentially multiple times) you will have to open or switch bank accounts. And with the current coronavirus pandemic placing restrictions on human interaction the move towards digital banking […]