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 →

ATM Tracker

ATM value and volume figures for May 2023. Daily LINK ATM transaction volumes: The following graph depicts the daily withdrawal value for May across the last four years. The amount of cash taken from ATMs during May 2023 received a boost from cost of living payments and the lead up to bank holidays. Thus, apart... Continue Reading →

SurePay announces One European IBAN-Name Check 

SurePay announces One European IBAN-Name Check  UK Banks can benefit from this European IBAN-Name Check to protect their customers for SEPA payments and will need  to become compliant with the upcoming European Instant Payment regulation London/Utrecht 6 June 2023 - SurePay, the largest vendor of Confirmation of Payee, serving 40 UK Banks and Building Societies, is... Continue Reading →

The what, why, how and when of the JROC report

At the end of May 2023 the financial regulators in the UK laid out their plans for the future of open banking. The Joint Regulatory Oversight Committee (JROC), co-chaired by the FCA and the Payment Systems Regulator (PSR), say the measures will bring "opportunities for new products and services, allowing consumers and businesses to share data and make payments in more... Continue Reading →

Payments Tracker

In this fifth round up of retail payments in 2023, for the 12 months to the end of April 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 →

Taranis Capital announces its Advisory Board

Taranis Capital’s Advisory Board will comprise internationally recognised leaders from banking, fintech, capital markets, and technology. The formation of the Advisory Board marks another significant milestone for Taranis following its launch at the beginning of May 2023. Taranis Capital, An ethical, fintech-focused investment fund envisaged by its founding members, who each bring knowledge and experience suited... Continue Reading →

Using The Best Confirmation of Payee Algorithm Is The Only Way For PSPs To Avoid Immense Losses Due To APP Fraud Liability

With the new regulatory plans, the role and financial responsibility of Payment Service Providers (PSPs) will change. It will become increasingly important that PSPs use a Confirmation of Payee tool with the very best and most reliable algorithm. As PSPs will be liable for fraud losses, this is the only way to prevent immense financial... Continue Reading →

ATM Tracker

ATM value and volume figures for April 2023. Daily LINK ATM transaction volumes: The following graphs depict the daily withdrawal value for April across the last four years and together show the pattern across the whole month. The impact of the first lockdown can be seen in the withdrawal values for 2020 falling from the... Continue Reading →

Payments Tracker

In this fourth round up of retail payments in 2023, for the 12 months to the end of March 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 for the UK's bulk clearing scheme and the UK's... 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 billion debit card transactions in January, 13.4 per cent more than in January 2022. The total spend of £64.7 billion was 12.1 per cent higher than January 2022. There were 321.3 million credit... Continue Reading →

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