Cash Tracker

Cash Tracker Cash has been in steady decline in recent years as many people have turned to different ways of paying. Back in 2006, cash accounted for 62% of payments. It’s predicted that by 2031 this will be down to just 6%. But that’s still billions of payments, and the people who rely on cash... Continue Reading →

Close fraud; open banking

Fraud, a persistent problem APP fraud remains a significant challenge for the UK payments industry, with consumers feeling a lack of tangible change since the onset of fake Post Office/HMRC messages during the pandemic. Despite efforts to curb fraud, annual figures persist at alarmingly high levels, showcasing the relentless creativity of fraudsters in their campaigns.... Continue Reading →

Payments Manifesto

Driving payments forward by influencing, exploring, poking, heralding, enhancing, making, reinventing, ensuring, ushering, creating and digitising. A mission driven manifesto from Mike Chambers at Northey Point.

SurePay Launches Developer Portal to empower UK PSPs to implement Confirmation of Payee

SurePay Launches Developer Portal to empower UK PSPs to implement Confirmation of Payee London/Utrecht, 7 November 2023 — SurePay, the pioneer behind Confirmation of Payee, is excited to introduce the SurePay Developer Portal, an innovative platform designed to empower developers with the full potential of SurePay's offerings. This announcement comes at a pivotal time as... Continue Reading →

What is PSD3 and what is it expected to include?

What is PSD3 and what is it expected to include? Retail payment systems are ever-evolving and becoming increasingly digital and real-time around the world. However, Europe has sometimes been seen as needing to catch up in terms of payment system modernisation. Taking the example of instant payments, for instance, only 14% of all retail payments were... Continue Reading →

How PSD3 will impact participation in schemes

How PSD3 will impact participation in schemes Clearing and settlement systems (CSMs) are at the core of European payments. Every day, 48 trillion payments are cleared by those systems using the standard language of ISO XML files. However, the requirements to directly participate in the clearing and settlement process is a demanding process from a... Continue Reading →

Payments Tracker

In this tenth round up of retail payments in 2023, for the 12 months to the end of September 2023, we continue to see double digit growth in the volume and value of Faster payments and double digit decline in paper clearing. The growth in volume and value for the UK's bulk clearing scheme remain... Continue Reading →

The impacts of PSD3 on IBAN verification: the EU is getting its version of confirmation of payee

The impacts of PSD3 on IBAN verification: the EU is getting its version of confirmation of payee In June 2023, the European Commission published its legislative proposal to amend and modernise the current version of the Payment Services Directive, PSD2. The new version, PSD3, introduces new guidelines regarding IBAN verification application and implementation. In this article, we... Continue Reading →

Current account winners and losers

Current Account Switch Service facilitates 1.4 million switches in past year In the latest Current Account Switch Service (CASS) dashboard, published by Pay.UK, we find out how many of us transferred our bank account in Q3 2023 and who the switching winners and losers were in Q2 2023. The latest Current Account Switch Service data reveals a 63%... Continue Reading →

Card Payment Tracker

UK Residents cards in issue Source: UK Finance Card transactions by UK cardholders both in the UK and overseas: There were 2.21 billion debit card transactions in July, 4.9 per cent more than in July 2022. The total spend of £67.8 billion was 4.4 per cent higher than July 2022. There were 374.5 million credit... Continue Reading →

Cash Tracker

Cash Tracker Cash has been in steady decline in recent years as many people have turned to different ways of paying. Back in 2006, cash accounted for 62% of payments. It’s predicted that by 2031 this will be down to just 6%. But that’s still billions of payments, and the people who rely on cash... Continue Reading →

Payments Tracker

In this ninth round up of retail payments in 2023, for the 12 months to the end of August 2023, we continue to see double digit growth in the volume and value of Faster payments and double digit decline in paper clearing. The growth in volume and value for the UK's bulk clearing scheme are... Continue Reading →

Cash Tracker

Cash Tracker Cash has been in steady decline in recent years as many people have turned to different ways of paying. Back in 2006, cash accounted for 62% of payments. It’s predicted that by 2031 this will be down to just 6%. But that’s still billions of payments, and the people who rely on cash... Continue Reading →

Open banking and the future of UK retail payments

In July, the UK Government announced an independent review on the future of retail payments. The review seeks input on the most important retail payment journeys, such as user experience, security and cost; how they compare to other countries, and feedback on the current initiatives which are shaping retail payments today. The review will make recommendations to... Continue Reading →

Enabling financial institutions to launch new lending products faster

Basikon and Numeral Enable Financial Institutions to Launch New Lending Products Faster Basikon, the SaaS credit and leasing management system, and Numeral, the leading bank orchestration platform, today announce a strategic partnership to empower fintechs and financial institutions to launch new lending products with unprecedented time-to-market.  To build new lending experiences and launch new products,... Continue Reading →

Simple, reliable and stress-free

Simple, reliable and stress-free* The subject of this special anniversary podcast shares its special day with: The Mayflower setting sail for America in 1620. The introduction of First Class stamps by the Royal Mail in 1968. The UK government suspending Britain’s membership of the European Exchange Rate Mechanism in 1992. All of these events happened... Continue Reading →

Payments Tracker

In this eighth round up of retail payments in 2023, for the 12 months to the end of July 2023, we continue to see double digit growth in the volume and value of Faster payments and double digit decline in paper clearing. The growth in volume and value for the UK's bulk clearing scheme have... Continue Reading →

The father of savings banks

My first financial goal Although I’d never been to Cheshunt and I didn’t know what a Building Society actually did my teenage self dutifully visited the counters of the Cheshunt Building Society 1 each Saturday to handover a small portion of my weekly newspaper round earnings. In return for handing over a couple of pound notes to... Continue Reading →

Current account winners and losers

1.2 million switches in past 12 months In the latest Current Account Switch Service (CASS) dashboard, published by Pay.UK, we find out how many of us transferred our bank account in Q2 2023 and who the switching winners and losers were in Q4 2022. Spoiler alert: The latest Current Account Switch Service data reveals a 50% increase  in switches... Continue Reading →

Streamlined Payment Infrastructure

Tuum and Numeral Empower Financial Institutions to Rapidly Expand Across Europe with a Streamlined Payment Infrastructure Tuum, a leading next generation core banking provider, and Numeral, a leading bank orchestration platform, today announce a strategic partnership to empower financial institutions and fintechs to efficiently launch and expand across Europe and the UK, leveraging a robust... Continue Reading →

Card Payment Tracker

UK Residents cards in issue Source: UK Finance Card transactions by UK cardholders both in the UK and overseas: There were 2.1 billion debit card transactions in April, 5.1 per cent more than in April 2022. The total spend of £66 billion was 2.1 per cent higher than April 2022. There were 326.4 million credit... Continue Reading →

A ‘Big Bang’ in the City

A 'Big Bang' in the City During my five decades in payments, it is not surprising to have experienced a number of significant payment related events that happened in London’s ‘Square Mile’ - you may have already watched my ‘City Payments Trip’ video or my recollections of walking to work on the 26 April 1993. My time in... Continue Reading →

ATM Tracker

ATM value and volume figures for June 2023. Daily LINK ATM transaction volumes: The following graph depicts the daily withdrawal value for June across the last four years. For the most part of the timescale shown by the graph the value withdrawn has tracked in line with last year - with withdrawal values receiving a... Continue Reading →

New Payments Architecture (NPA) Prospectus

New Payments Architecture (NPA) Prospectus Pay.UK have published a new prospectus to highlight the substantial benefits that they anticipate the New Payments Architecture (NPA) platform can bring. With input from specialists across the programme, the brochure offers a detailed overview that covers: payment file submission options describes new “flavours” of Faster Payments outlines fraud prevention initiatives... Continue Reading →

The NPA and future of instant payments

The NPA and future of instant payments Join Andrew Hewitt, Director of Payment and Data Solutions at FIS and Anjana Haines, Editorial Director at The Payments Association as they discuss the New Payments Architecture (NPA) and specifically instant payments, the future potential and risks, as well as Andrew’s own learnings from early account-to-account initiatives. https://open.spotify.com/episode/7kS7siVkExApw0PUeStN4X?si=rtYtYeTyTKSj7EFr4jFDSQ The NPA... Continue Reading →

Payments Tracker

In this sixth round up of retail payments in 2023, for the 12 months to the end of May 2023, we continue to see double digit growth in the volume and value of Faster payments and double digit decline in paper clearing. The growth in volume and value for the UK's bulk clearing scheme have... Continue Reading →

Five benefits of open banking for accounting companies 

Five benefits of open banking for accounting companies  In today’s rapidly evolving financial landscape, accountants are acutely aware of the need to embrace technological advancements and digitalisation to remain competitive. A fact supported by a recent Sage study, revealed that 82% of accountants claimed their clients demanding a broader service offering. Since its inception in... Continue Reading →

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