The following mini insights originally featured in this week’s edition of my newsletter – Payments, Payments, Payments.
Top rated current account
The Times “Money Mentor” has released its analysis of top rated current accounts. Money Mentor consider that a top-rated current account will have lower than average charges, including lower than average fees for using your debit card abroad and reasonable charges for its overdrafts. It won’t have any high one-off charges either, for things like cancelling cheques or ordering a new card. It must be a member of the Financial Services Compensation Scheme. Starling Bank is the only personal current account that has achieved a five star rating.
Latest LINK monthly ATM volumes
The latest LINK monthly ATM volumes and values show that the ongoing cashless payments effect of coronavirus is still clear. Digital payment habits formed during the pandemic seem to be sticky.
Confirmation of Payee
Widespread implementation of the UK’s new Confirmation of Payee (CoP) service has been announced by the payments regulator (the Payments System Regulator). Confirmation of Payee helps protect consumers and businesses from certain types of fraud and misdirected payments by letting them know if the account name they have entered matches the account name of the recipient. The Confirmation of Payee service is intended to give businesses and consumers greater assurance that they are sending payments to the intended recipient.
Direct Debit Dormancy period
Pay.UK have temporarily extended the Direct Debit dormancy period to a minimum of 24 months – for those operating a 13 month dormancy period. Due to the increasing offering of payment holidays and deferments during the pandemic the operators of the Bacs Direct Debit scheme believe that these changing payment schedules could cause the minimum 13 month Direct Debit dormancy period to be exceeded in some limited cases. Link: Bacs Direct debit dormancy period extended.
Sweden reviews instalment payment arrangements
Sweden bids to steer customers away from installment payments amid fears over mounting debt. New rules in Sweden to discourage online shoppers from paying with credit could put a dent into the performance of local buy now, pay later company Klarna and other installment-based payment services.
Cardless e-commerce payments
NatWest uses Open Banking for cardless e-commerce payments. NatWest has launched an open banking-based service that lets customers of multiple lenders make instant online payments to participating retailers, without the use of a debit or credit card.
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This piece originally featured in this week’s edition of my newsletter – Payments, Payments, Payments.
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