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 →
Weekly ATM value and volume figures 21 August 2022. Key observations for the week ending 21 August 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 was unchanged when compared to the previous week in 2022. The volume of... Continue Reading →
Weekly ATM value and volume figures 14 August 2022. Key observations for the week ending 14 August 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 4% when compared to the previous week in 2022. The volume... Continue Reading →
Variable Recurring Payments In this blog we unpack the “new (payments) kid on the block” - Variable Recurring Payments (or VRP’s). Recurring Payments: 50 Years of faithful service After over 50 years of faithful service we are well versed on the subject of the Bacs Direct Debit. With 4.6 billion DD’s processed each year they are... Continue Reading →
In this seventh 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 →
Financial Services and Markets Bill In this blog we take a look at the topic of the liability of payment service providers for fraudulent transactions 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... Continue Reading →
In her “Liv On Money” blog series Olivia Minnock recounts discussions with older family members about how they’ve managed money throughout their life, in a world where FinTech didn’t exist (or, Olivia questions, did it?). With Olivia’s permission, we are publishing this fantastic historical insight into money remittances in full. The global remittance market is... Continue Reading →
Weekly ATM value and volume figures 07 August 2022. Key observations for the week ending 07 August 2022: The volume of ATM Transactions decreased by 26% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 4% when compared to the previous week in 2022. The volume... Continue Reading →
Weekly ATM value and volume figures 31 July 2022. Key observations for the week ending 31 July 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 1% when compared to the previous week in 2022. The volume... Continue Reading →
In the rolling year to Q2 2022, current account switching volumes reached 850243, an increase of 203674 compared to the same period the year prior. In this latest dashboard, we find out how many of us transferred our bank account in Q2 2022 and who the switching winners and losers were in Q1 2022. The... Continue Reading →
Confirmation of Payee The Payment System Regulator (PSR) have recently consulted on their proposed next steps on delivering Confirmation of Payee – a consultation that plans to see over 400 more firms introduce the payment protection measure. The PSR’s desired outcome is to see this essential fraud protection service increase coverage from 92% of transactions made via... Continue Reading →
Unpacking the UK's New Payments Architecture In our latest Payments:Unpacked podcast we unpack the UK's proposed New Payments Architecture (NPA). Let's start with a quote by KMPG: At its heart, the NPA aims to streamline interbank payments into a single clearing and settlement system, replacing the numerous systems in place today. Initially, Faster Payments transactions will migrate to the... Continue Reading →
Weekly ATM value and volume figures 24 July 2022. Key observations for the week ending 24 July 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 decreased by 1% when compared to the previous week in 2022. The volume... Continue Reading →
In this blog we take a look at the topics of Access to Cash and Wholesale Cash Distribution which feature within the Financial Services and Markets Bill which is currently at its Second Reading in the House of Commons. Wherever you sit on the “cash spectrum” from cash being an important part of your payment mix to transitioning to less-cash or... Continue Reading →
ACI Worldwide have announced that they have joined UK Finance as an associate member. Working together, UK Finance and their associate members aim to ensure that the UK retains its position as a safe and transparent global leader in financial services, placing the interests of customers at the heart of their work. ACI Worldwide ACI... Continue Reading →
This blog first appeared as a blog on Answer Pay’s website: Instagram payments, a Meta-phor for missed banking opportunities? Instagram launches payment service In case you missed it, Meta CEO Mark Zuckerberg recently announced a new “payments in chat” feature for Instagram. According to Techcrunch this means: ..users can purchase products from small businesses and track orders via direct messages... Continue Reading →
Weekly ATM value and volume figures 17 July 2022. Key observations for the week ending 17 July 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 3% when compared to the previous week in 2022. The volume... Continue Reading →
Weekly ATM value and volume figures 10 July 2022. Key observations for the week ending 10 July 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 3% when compared to the previous week in 2022. The volume... Continue Reading →
Further participation in CoP The Payment System Regulator (PSR) are consulting on their proposed next steps on delivering Confirmation of Payee - a consultation that will see around 400 more firms introduce the payment protection measure. This essential fraud protection service will increase coverage from 92% of transactions made via Faster Payments (FPS) and CHAPS... Continue Reading →
Weekly ATM value and volume figures 03 July 2022. Key observations for the week ending 03 July 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 3% when compared to the previous week in 2022. The volume... Continue Reading →
It was my privilege to be the key note speaker at the Fintech North 'future of payments' conference in Manchester. My talk outlined developments in the payments landscape, how the pandemic accelerated digitalisation and encouraged us to embrace digital payments. https://youtu.be/EawCAsW0Dmo My talk also touched on other themes such as: Is Britain ready to go... Continue Reading →
Fraud: The definitive overview Any report featuring the title ‘the definitive overview of payments industry fraud’ is never going to make easy reading and the newly published report by UK Finance for 2021 certainly does not make comfortable reading - an end of year report that can only conclude that we must all do better... Continue Reading →
Six things you need to know about the Payment Systems Regulator's focus for 2022 If you missed the Payment System Regulator’s (PSR) 2022/23 annual plan event held on the 30 June here are six things you need to know about the Payment Systems Regulator's focus for 2022. 1: Confirmation of Payee (CoP) and Contingent Reimbursement... Continue Reading →
It may have taken some time but the Payment Systems Regulator (PSR) have today (29 June 2022) published a Provisional Decision in relation to remedies following their card-acquiring market review (CAMR). Why Does This Matter? Every time somebody makes a card payment – for example, when buying their weekly groceries – the merchant uses card-acquiring services to accept the... Continue Reading →
Weekly ATM value and volume figures 26 June 2022. Key observations for the week ending 26 June 2022: The volume of ATM Transactions decreased by 26% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 1% when compared to the previous week in 2022. The volume... Continue Reading →
In this sixth round up of retail payments in 2022, we see the impact on the volume and value of payments processed in the UK following the removal of Covid restrictions, compared now with similar conditions in the equivalent months in 2021 as we emerged from Lockdown 3.0 Note: All data is publicly sourced and... Continue Reading →
The digital pace that our world took decades ago has been roughly accelerated by the pandemic that changed our life forever. Modern society is synonymous with speed, and this is especially true for financial services. And one of the most notable changes that is yet to be largely adopted relates to customer onboarding. You may... Continue Reading →
This blog first appeared as a Linked In post on Access Paysuite's profile. With inflation rising and the possibility of a recession on the horizon, we spoke to Mike Chambers, payments industry expert, Chairman of Answer Pay and non-executive director of Card Industry Professionals, about what is causing the current problems and where companies can... Continue Reading →
Weekly ATM value and volume figures 19 June 2022. Key observations for the week ending 19 June 2022: The volume of ATM Transactions decreased by 26% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 0% when compared to the previous week in 2022. The volume... Continue Reading →
This blog first appeared on Vyne’s website: Why speed matters. How speed in payments can boost every part of your business The world has changed. Customer behaviour has changed. Business needs have changed. The pandemic has shown that in a blink of an eye, shopping can move almost completely online. It’s also shown us that plans... Continue Reading →
Recently Pay.UK announced that the UK’s Confirmation of Payee (CoP) service had processed more than a billion messages. CoP provides an important tool in the ongoing fight against fraud to millions of personal and business bank account customers across the UK. The Payment Systems Regulator (PSR) published a consultation that sets out how the regulator will achieve widespread coverage of the... Continue Reading →
This blog originally appeared on Answer Pay’s website: Where does Request to Pay go from here? and was written by Ian Tomlin. Request to Pay (RtP) is the new messaging interoperability protocol being adopted across the UK to simplify bill payments. It’s been around for a couple of years now but—as this month the UK financial service industry... Continue Reading →
Weekly ATM value and volume figures 12 June 2022. Key observations for the week ending 12 June 2022: The volume of ATM Transactions decreased by 26% 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 →
The cash census: not simply a case of ‘to cash and cash-not’ The cash census is a new piece of research from the RSA exploring the use of cash in an increasingly digital economy. This project aimed to understand the gap between those who reject cash and those who hold on to it; to understand in granular detail people’s attitudes... Continue Reading →
Some thoughts from my recent Q&A session with Access PaySuite on inflation and how it will affect subscription businesses: along with some ideas on how firms might respond to the challenge. How will a 10% inflation rise affect subscription businesses? Short and long term effects on the economy What can companies who use a subscription... Continue Reading →
