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ISO 20022

Next Generation Standard for UK Retail Payments

Pay.UK has published a progress update regarding its consultation on the ‘Next Generation Standard for UK Retail Payments’, which closed earlier this year. Pay.UK’s full conclusions on the consultation will be published by the end of 2020. 40 responses were received from a range of financial institution participants, service providers, end user representatives and other interested parties The mid term […]

Payments

Ever wondered what happens when you use a credit or debit card?

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, subscribe and share This blog […]

Request to Pay

Request to Pay: What is it and where’s the commercial opportunity?

Catherine Ferguson, Client Director at Manifesto Growth recently has written an interesting piece on the commercial opportunity for Request to Pay. Catherine explores two fundamental questions: Developing the front-end proposition: What’s the opportunity? Becoming a repository: What’s the opportunity? The article concludes: The key for entities grappling with Request to Pay is understanding where the specific opportunity lies for them, […]

Regulatory

Financial regulators publish updated Regulatory Initiatives Grid

The Financial Services Regulatory Initiatives Forum has issued the second edition of the Regulatory Initiatives Grid.  Upcoming work in the latest iteration includes the LIBOR transition and ongoing work to prepare the financial services sector for the end of the EU exit transition period. Also included are Government reviews, including the payments landscape review and the future regulatory framework review. The […]

Open Banking

First live Request to Pay transactions

Answer Pay and Mastercard have completed the first live Request to Pay transactions in the UK. The move follows the launch of Answer Pay’s certified repository and is a significant step in the development of the Pay.UK ecosystem.  Answer Pay is designed to support payment services providers with Request to Pay+ services through a simple integration.  In July, Mastercard successfully […]

Cashless

Harry Redknapp buys a Big Mac

Frictionless and contactless – you can now order McDonald’s hands-free with Siri and Apple Pay McDonald’s has launched a brand-new function on the My McDonald’s App where customers are now able to order and pay for their food using Siri and Apple Pay.  Hands-free ordering is no longer a thing of the future as the latest innovation runs across all […]

Regulatory

Market review into the supply of card-acquiring services

The UK’s Payment Systems Regulator has published an interim report on the supply of card acquiring services. It shows that merchants could make savings by shopping around and either switching or negotiating with their current provider – but many small and medium ones don’t. While many small and medium merchants may not be getting a good deal, the report found […]

ISO 20022

Next Generation Standard for UK Retail Payments

Pay.UK has published a progress update regarding its consultation on the ‘Next Generation Standard for UK Retail Payments’, which closed earlier this year. Pay.UK’s full conclusions on the consultation will be published by the end of 2020. 40 responses were received from a range of financial institution participants, service providers, end user representatives and other interested parties The mid term […]

Payments

Ever wondered what happens when you use a credit or debit card?

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, subscribe and share This blog […]

Request to Pay

Request to Pay: What is it and where’s the commercial opportunity?

Catherine Ferguson, Client Director at Manifesto Growth recently has written an interesting piece on the commercial opportunity for Request to Pay. Catherine explores two fundamental questions: Developing the front-end proposition: What’s the opportunity? Becoming a repository: What’s the opportunity? The article concludes: The key for entities grappling with Request to Pay is understanding where the specific opportunity lies for them, […]

Regulatory

Financial regulators publish updated Regulatory Initiatives Grid

The Financial Services Regulatory Initiatives Forum has issued the second edition of the Regulatory Initiatives Grid.  Upcoming work in the latest iteration includes the LIBOR transition and ongoing work to prepare the financial services sector for the end of the EU exit transition period. Also included are Government reviews, including the payments landscape review and the future regulatory framework review. The […]

Open Banking

First live Request to Pay transactions

Answer Pay and Mastercard have completed the first live Request to Pay transactions in the UK. The move follows the launch of Answer Pay’s certified repository and is a significant step in the development of the Pay.UK ecosystem.  Answer Pay is designed to support payment services providers with Request to Pay+ services through a simple integration.  In July, Mastercard successfully […]

Cashless

Harry Redknapp buys a Big Mac

Frictionless and contactless – you can now order McDonald’s hands-free with Siri and Apple Pay McDonald’s has launched a brand-new function on the My McDonald’s App where customers are now able to order and pay for their food using Siri and Apple Pay.  Hands-free ordering is no longer a thing of the future as the latest innovation runs across all […]

Regulatory

Market review into the supply of card-acquiring services

The UK’s Payment Systems Regulator has published an interim report on the supply of card acquiring services. It shows that merchants could make savings by shopping around and either switching or negotiating with their current provider – but many small and medium ones don’t. While many small and medium merchants may not be getting a good deal, the report found […]

Open Banking

Tesco Bank rolls out Mastercard Open Banking Connect

First UK bank to use open banking to enable credit card holders to pay their balance Tesco Bank is to become the first UK bank to introduce new technology that allows its 2.6 million credit card customers to more easily manage and pay their balance. More: Tesco Bank rolls out Mastercard Open Banking Connect™ to its 2.6 million cardholders. Read, subscribe […]

Regulatory

Payment Systems Regulator Annual Report 19/20

The UK’s Payment System Regulator (PSR) has published its Annual Report and Accounts for the period 2019/20 – the fifth since its inception. Over the last year, the PSR report that they have advanced their work preventing Authorised Push Payment (APP) scams protecting access to cash and promoting innovation and competition in the interests of everyone who uses payment systems. By […]

CASS

Compliance: UK’s Current Account Switching Service

The Payments System Regulator (PSR) has announced that they are satisfied that the Current Account Switch Service (CASS), operated by Pay.UK, continues to meet the criteria for designation as an alternative switching scheme. This follows a review of information and evidence submitted by Pay.UK, the operator of CASS, for the purpose of an annual assessment. The Treasury appointed the PSR […]

Payments Landscape

Retail Payments Round Up

In this September round up of volumes and values of retail payments in the UK we explore the impact of the COVID pandemic and look at whether the individual payment systems will recover the volumes and values they processed at the start of 2020. This is the second retail payments roundup – for last months round up click here. Note: All […]

Banking

Happy 50th Birthday!

On this day in 1958 the credit card industry was born – and who better than Dave Birch to help us celebrate! In an article published today by Forbes Dave writes: Today is a very important day for us payments nerds. It is the anniversary of the “Fresno Drop”, the birth of the modern credit card industry, a day that […]

Cashless

Alexa, pay for gas

Car drivers in the US can now use Amazon’s Alexa to pay for fuel with a simple voice command. Available at over 11,500 Exxon and Mobil stations across the US, the “Alexa, pay for gas” command uses the default payment option set in the user Amazon account. The process – which includes geo-location at Exxon and Mobil stations, pump activation, […]

Banking

The first banking disruptor?

In 1984 one UK bank was concerned about losing customers and made a decision that fundamentally changed how Britain’s banking landscape operated.  Midland Bank, then one of the UK’s big four banking groups (now HSBC), got rid of fees for cheques, statements and standing orders. In other words, it made banking free of charge – although it might be better […]

Banking

Current Account Switches begin to rise

The number of people switching bank accounts is starting to recover according to data just published by Pay.UK. 43,377 Current Account Switches occurred in August 2020 – a significant uplift when compared to the past three months, similar to April but still a far cry from the 111,327 switches that occurred in March. Read, subscribe and share

Crypto Currency

Future of cryptocurrencies and stablecoins

Bank of England Governor Andrew Bailey on the future of cryptocurrencies and stablecoins On September 3, the Hutchins Center on Fiscal & Monetary Policy at Brookings hosted Andrew Bailey, Governor of the Bank of England, to discuss how these trends are evolving and the growing role of stablecoins, which are cryptocurrencies linked to the price of some stable asset or […]