Bitcoin and United States Notes

There was once a new currency that allowed for anonymous transactions and was issued in a fixed total amount in order to stabilise its value. However, it was a fiat currency, not pegged to gold or another fixed asset. Not surprisingly this novel currency was highly volatile in value, constantly rising and falling. Its introduction... Continue Reading →

From Morse code to Monzo

Raconteur have been thinking about the history of Fintech. Innovations in the financial sector have transformed the way we save, spend and trade. Banking systems, which once relied on London bank clerks meeting in the Six Bells tavern to exchange cheques, are now automated thanks to advances in technology.  Customers have also benefitted, with a slew... Continue Reading →

Digital solutions where size no longer matters

Credit card usage has grown exponentially since the launch of Barclaycard in 1966 and card payments overall from the first debit card, also from Barclays, in 1987.  The move from paper vouchers to electronic processes led to greater growth in businesses offering card acceptance but entry and fixed monthly costs still meant that, until relatively recently,... Continue Reading →

Don’t miss a trick

As Black Friday approaches, HSBC has enlisted magician Troy von Scheibner to show Brits how fraudsters play mind games designed to gain victims' trust and pressure them into handing over personal information. Don't miss a trick Purchase scams - where fraudsters trick shoppers into paying in advance for goods or services that are never received... Continue Reading →

Promoting a UK pound based CBDC

The Digital Pound Foundation has been formed as an independent body to promote a UK pound based CBDC. Chaired by Jeremy Wilson, the independent forum is backed by Accenture, CGI Group and Ripple and will push for the implementation of a digital pound and digital money ecosystem. The Digital Pound Foundation argues that the adoption a CBDC will... Continue Reading →

HM Treasury: Payments Landscape Review

The HMT payments landscape review has just been published and outlines the government’s vision is for a payments sector at the forefront of technology and innovation. Underpinning this vision are the government’s high-level aims for payments: UK payments networks that operate for the benefit of end users, including consumers. a UK payments industry that promotes and develops... Continue Reading →

Connecting the future

The Emerging Payments Association announced its rebrand to The Payments Association during the EP Awards ceremony on the 6th October, with the name change taking effect throughout the month. The association has seen significant growth over the past few years and has increased its volume of members by 20% in the last year alone, welcoming names such... Continue Reading →

Simpler, safer and more empowering

Interested in Request to Pay but want to find out a little bit more? Four articles that help unpack Request to Pay. Pay by Link or Request to Pay? Peter Cornforth, Answer Pay’s Commercial Director asks, if Pay By Link is so straight forward then why has it seen more success? He suggests that the... Continue Reading →

What’s the Chase?

Tanya Thourani has been reflecting on Chase’s entry into the UK’s current account banking marketplace: Source: Tanya Thourani Tanya asks: Will you value a modern offering from an established financial institution or a more established offering from a modern institution?Last month, JPMC launched a digital retail bank in the U.K, challenging the British rivals (Neo +... Continue Reading →

Central Bank’s are focussing on CBDC’s

In the latest issue of the e-Pound:Unpacked newsletter, we take a look at the creation of the UK’s Central Bank Digital Currency Taskforce, see which Central banks are discussing CBDCs and look at the New Zealand central banks consultation on the future of money. Central Bank Digital Currency Taskforce Source: HM Treasury HM Treasury have published the... Continue Reading →

Contactless control

Lloyds Banking Group customers will be able to set their own limits when the new £100 ceiling on contactless card payments comes into effect in October. The upcoming hike in the contactless spending limit on consumer debit cards has raised fears that they could become a target for fraudsters, who can escape unchecked for at least... Continue Reading →

A guide to Variable Recurring Payments

A guide to Variable Recurring Payments in open banking from Yapily Yapily have been unwrapping Variable Recurring Payments; What are Variable Recurring Payments (VRP)?Variable Recurring Payments (VRP) are a huge milestone for open banking. This allows variable payment amounts to be collected on an ongoing basis and, when fully mandated, will act as a smarter, flexible... Continue Reading →

Are Direct Debits doomed?

Nancy McCaw at ORG has been thinking about whether the revised NPA scope and timeline means that Direct Debit is now doomed. Nancy writes: The recent Payment Systems Regulator (PSR) determination that Pay.UK must revise both the scope and timeline for the introduction of the New Payments Architecture (NPA) was no great surprise to industry observers. Progress... Continue Reading →

Growing digital payments

Join me on Wednesday 6th October at 11am at Access All Areas, The Access Group’s virtual event next week, where I’ll be talking through how the pandemic has accelerated digital and how to optimise your payments for this new landscape and grow your revenue.  Sign up here: https://dash.hubilo.com/#/event/6506/1541651/session/78936/basic-details

A question of trust

Ahead of last week’s Money2020 event Anne Boden (CEO over at Starling Bank) has been gathering her thoughts on trust in the banking industry and the future of embedded finance. OK, I’ll say it. A lot of people don’t trust banks. This was, in great part, a motivation for the creation of Starling. Dissatisfaction with banks was... Continue Reading →

PSR strategy for a changing world

The PSR has been consulting on a new proposed five year strategy - views were required to be submitted by the 10 September 2021 and the PSR propose to use the feedback received to finalise their strategic approach and ensure that they focus on the right outcomes and, ultimately, publish a strategy that is balanced... Continue Reading →

Monetising digital grazing

Ex-Ripple and Visa executives unveil global retail micropayments network for Web 3.0 pingNpay, a global micropayment network backed by blockchain technology, has announced that it will make its network operational next year. The start-up plans to create a new category of high frequency, low value payments (below $20 per transaction) aimed at unlocking new digital retail... Continue Reading →

Happy St. Lubbock’s Day

Bank Holidays in the UK were introduced in 1871 by banker and politician John Lubbock, the first Baron of Avebury.  As well as his banking and political activities Sir John was also a scientific writer and tried to teach his dog to read. According to Horace G. Hutchinson in the Life of Sir John Lubbock,... Continue Reading →

How Request to Pay safeguards the UK’s 24 million financially vulnerable

In an era of individualism and empowerment, how is the payments industry responding to the needs of vulnerable households? This article explores how Request to Pay balances biller priorities with consumer and small business needs. The Choice Factor In the United Kingdom today, one in six working households—or 17.4 percent— are living in poverty, 1.5 million consumers are in water poverty, over 20 million... Continue Reading →

Compare and Contrast

In this week's Payments:Unpacked newsletter from Mike Chambers at Northey Point you'll find: Request to Pay Vs. Open Banking It would be really interesting to do a compare and contrast of Request To Pay Vs Open Banking powered services that will do similar soon with Variable Recurring Payments… From a customer and a biller perspective. This... Continue Reading →

Confirmation of Payee Commitment

Banks committed to deliver Confirmation of Payee extended capability by end 2021 In response to a recent call for views from the Payment Systems Regulator (PSR), the SD10 firms (a group of the major banks: Lloyds Banking Group, Bank of Scotland, Barclays, HSBC, NatWest, Nationwide and Santander who were initially directed by the regulator to... Continue Reading →

Request to Pay VS Open Banking

It would be really interesting to do a compare and contrast of RTP Vs open banking powered services that will do similar soon with VRP... From a customer and a biller perspective. This was an observation made in response by Chris Higham to a recent LinkedIn post by Mike Chambers at Answer Pay. The original post is at: https://lnkd.in/dECzVCM4 So... Continue Reading →

Swiping left on magnetic stripes

Vicki Hyman at Mastercard has been writing about the end of the magnetic stripe on our debit and credit cards: In the early age of modern credit cards, they had to write down account information for each card-carrying customer by hand. Later, they used flatbed imprinting machines to record the card information on carbon paper... Continue Reading →

Changing the landscape

Software is eating the world Arguably, the biggest change to our daily lives in our lifetime has been the proliferation of mobile telephony and the always-on socio-digital culture. Mobile phones have become key to identifying ‘us’ in a world of digital. Their multi-colour covers define us. Their notifications punctuate our lives. And, unsurprisingly, we want... Continue Reading →

Click and Collect your Cash

In the midst of a digital payments revolution it is all too easy to discount physical notes and coins as being an historic artefact with no place in today's payment mix. However, despite a 38% week on week decrease in the use of the UK's ATM's (2019 vs 2021) the Financial Conduct Authority state that... Continue Reading →

Stablecoins (explained in 10 minutes)

10-minute explainer on Stablecoins by Dave Birch from the Centre for the Study of Financial Innovation There are about $117 billion of various sorts of so-called stablecoin out there - and some serious folk worry about the systemic implications. Not (necessarily) Dave Birch, who acknowledges that there are scams, and that there is a need... Continue Reading →

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