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Regulatory

Getting the right outcomes for the victims of APP fraud

Today, 6 August 2020, the Payments System Regulator (PSR) published a thought piece: Getting the right outcomes for the victims of Authorised Push Payment (APP) scams. An authorised push payment (APP) scam happens when someone is tricked into sending money to a fraudster. These crimes can have a devastating effect on those who fall victim. At the PSR, we think […]

Payments

What do clients and kids have in common?

The planet found itself gripped by a virus that knows no boundaries, democratic nations wilfully complied with imprisoning STAY AT HOME pleas, and ordinarily over crowded bustling cities were brought to a peaceful but eerie standstill.  Even as we seem to be easing out of the crisis, what are small businesses most worried about whilst trying to work through (in […]

Regulatory

Avoiding a Payments Lockdown

The Emerging Payments Association (EPA), which celebrates collaboration and innovation across the emerging payments industry, has launched a review paper, ‘Avoiding a payments lockdown’, to present to the Financial Conduct Authority (FCA) and the Treasury following the shutdown of Wirecard Card Solutions Limited. The paper seeks to identify the current vulnerabilities of the business models that underpin the payments industry, highlight how […]

Risk and Compliance

Outsourcing / third party management compliance and recent COVID 19 impacts

Outsourcing / third party management compliance and recent COVID 19 impacts This is a risk and compliance based guest blog by Northey Point associate Mark Rodgers. For more information visit: Regulatory and Compliance Corner. FCA regulated Firms whose business and operational models are materially dependent on third parties or who materially outsource core or critical functions are required to have compliant […]

Payments Landscape

Be our guest

As an ambassador for the Emerging Payments Association (EPA) I would like to invite you to join me as my guest at the EPA’s flagship conference PAY360, taking place virtually on the 4th & 5th August. The invite is completely complimentary.  All you need to do is register here using discount code AMB20: https://pay360conference.online-event.co/registration/emerging-payments-2 There are some very exciting sessions on the agenda, including: […]

Payments Landscape

Current account switches fall as social distancing measures introduced

Today (30 July 2020) Pay.UK have published the Q2 2020 Current Account Switch Service (CASS) dashboard. Pay.UK’s headline provides the first insight into how the COVID19 pandemic has impacted the number of people choosing to switch their bank account – “Current account switches fall as social distancing measures introduced, almost 100,000 still switch in Q2 2020”. The quarterly dashboard provides […]

Regulatory

PSR announces development of new strategy for a changing world

The Payment Systems Regulator has announced the development of its future strategy. The PSR wants to hear from you now, before it formally consults, around the end of this year, to define clear outcomes for the payments sector – to set out priorities for the regulator, and what stakeholders can expect from the regulator in the future. Set up in […]

Regulatory

Getting the right outcomes for the victims of APP fraud

Today, 6 August 2020, the Payments System Regulator (PSR) published a thought piece: Getting the right outcomes for the victims of Authorised Push Payment (APP) scams. An authorised push payment (APP) scam happens when someone is tricked into sending money to a fraudster. These crimes can have a devastating effect on those who fall victim. At the PSR, we think […]

Payments

What do clients and kids have in common?

The planet found itself gripped by a virus that knows no boundaries, democratic nations wilfully complied with imprisoning STAY AT HOME pleas, and ordinarily over crowded bustling cities were brought to a peaceful but eerie standstill.  Even as we seem to be easing out of the crisis, what are small businesses most worried about whilst trying to work through (in […]

Regulatory

Avoiding a Payments Lockdown

The Emerging Payments Association (EPA), which celebrates collaboration and innovation across the emerging payments industry, has launched a review paper, ‘Avoiding a payments lockdown’, to present to the Financial Conduct Authority (FCA) and the Treasury following the shutdown of Wirecard Card Solutions Limited. The paper seeks to identify the current vulnerabilities of the business models that underpin the payments industry, highlight how […]

Risk and Compliance

Outsourcing / third party management compliance and recent COVID 19 impacts

Outsourcing / third party management compliance and recent COVID 19 impacts This is a risk and compliance based guest blog by Northey Point associate Mark Rodgers. For more information visit: Regulatory and Compliance Corner. FCA regulated Firms whose business and operational models are materially dependent on third parties or who materially outsource core or critical functions are required to have compliant […]

Payments Landscape

Be our guest

As an ambassador for the Emerging Payments Association (EPA) I would like to invite you to join me as my guest at the EPA’s flagship conference PAY360, taking place virtually on the 4th & 5th August. The invite is completely complimentary.  All you need to do is register here using discount code AMB20: https://pay360conference.online-event.co/registration/emerging-payments-2 There are some very exciting sessions on the agenda, including: […]

Payments Landscape

Current account switches fall as social distancing measures introduced

Today (30 July 2020) Pay.UK have published the Q2 2020 Current Account Switch Service (CASS) dashboard. Pay.UK’s headline provides the first insight into how the COVID19 pandemic has impacted the number of people choosing to switch their bank account – “Current account switches fall as social distancing measures introduced, almost 100,000 still switch in Q2 2020”. The quarterly dashboard provides […]

Payments

What do UK payments statistics tell us about Covid-19 measures?

Jonathan Williams, Principle Consultant and Director of Mk2 Consulting has published analysis of Payment Statistics for the UK from January to June 2020. Jonathan writes: There has been a lot of discussion of the economic impact of the lockdown measures on consumers and businesses. Suggestions of significant impact to GDP have been shown in other data sets but one source […]

Regulatory

HM Treasury: Payments Landscape Review: Call for Evidence

In light of rapid technology developments, HM Treasury is leading a Payments Landscape Review. HMT’s Call for Evidence is the first stage in the review. It sets out the government’s aims for payments networks in the UK, makes a high-level assessment of how well the present system is delivering against the government’s aims and asks questions about the opportunities, gaps […]

Faster Payments

Authorised Push Payment (APP) Fraud: Contingent Reimbursement Model

The Lending Standards Board is consulting on how well measures for protecting consumers and refunding the victims of scams are working and have published a consultation document.  Review of the Contingent Reimbursement Model Code for Authorised Push Payment Scams. The Contingent Reimbursement Model (CRM) Code was launched on 28 May 2019. The voluntary code sets out good industry practice for […]

Confirmation of Payee

More than a million checks a day

Pay.UK have announced that the newly launched Confirmation of Payee service is handling more than one million checks a day. Source: Pay.UK – Confirmation of Payee requests exceed one million per day. Confirmation of Payee is the UK’s new bank account name checking service that helps protect consumers and businesses from certain types of fraud and misdirected payments by letting […]

Direct Debit

Collecting irregular payments

A guest blog by Don Hollingum from Direct Debit 101 – visit: www.directdebit101.co.uk Introduction Direct Debit has been working for thousands of organisations, both large and small, for over 50 years and its usage continues to grow both in terms of the number of organisations that use it and the number of payments collected – in excess of 4.5 billion payments […]

Banking

Banking in the age of the robot

This article first appeared in the Payments, Payments, Payments newsletter – read, subscribe and share: northeypoint.substack.com/welcome Banking in the age of the robot is the first in a series of trends papers which investigate social and economic contextual factors that are influencing millennials’ attitudes towards and engagement with the financial system.  The paper provides a snapshot analysis of how key trends […]

Cash

FCA’s and PSR’s joint approach to Access to Cash

The Payments System Regulator (PSR) state that ‘for many people cash continues to be a vital way of making payments, despite the changes brought about by Covid 19. As High Streets prepare to re-open, more shops will rely on the availability of cash and the ability to access banking services such as deposit facilities to be able to operate.’ Access […]

Cashless

Is the post COVID-19 world a cashless one?

This article first appeared in the Payments, Payments, Payments newsletter – read, subscribe and share: northeypoint.substack.com/welcome The start of lockdown in March 2020 saw the use of cash in the UK halve in a matter of days. Has this begun a move towards becoming a cashless society? What are the benefits, opportunities, and concerns of such a change? It may […]