Open Banking

Future governance of Open Banking.

The Competition and Markets Authority (CMA) have published a consultation paper on the future governance of Open Banking. As the implementation phase of the OBIE’s work concludes, it is important to consider how open banking forward in the UK can be driven forward and help customers take more control of their finances.  Your submissions to this consultation process will be important input […]

Cashless

Getting on surprisingly well without (often) visiting your bank

“Customers, helped by external cash dispensers and by credit cards can get along surprising well without often visiting their bank.” D. Vander Weyer, Barclays, 1970. Thanks to innovations like the credit card, after 50 years we have an increasingly ‘cashless’ and an almost ‘chequeless’ society. Also, how often do we visit our bank branch? (If our bank actually has any […]

Newsletter

Why was the Bank of England founded?

Alice Beagley, the Bank’s Museum Officer has written about why the Bank of England was founded: Ever wondered what led to our foundation in 1694? Here’s a quick explanation. In short: The Bank was founded because Charles II didn’t repay the debts he owed to goldsmiths. “Hang on a minute,” I hear you say. “Charles II wasn’t even on the […]

Cashless

Contactless payment limit to rise

With contactless payments accounting for 37 per cent of all credit card and 59 per cent of all debit card transactions it is perhaps, no wonder, that the Chancellor has announced an increase in the UK’s contactless payments limit. In his speech the Chancellor announced that the single contactless transaction payment threshold limit will rise to £100: Following today’s budget […]

Payments Landscape

The rise of Prepaid Cards

The industry often talks about payments as if it’s one, homogeneous group. But in actual fact, that couldn’t be further from the truth. A ‘payment’ is simply the action of paying or being paid. But the method this action chooses in order to complete itself is completely variable. Today, customers are presented with a wealth of methods. Options include debit, credit, and […]

Regulatory

The Bangers ‘n’ Mash of reviews

The Kalifa Review of UK FinTech – the Bangers ‘n’ Mash of reviews Fintech is one of the UK’s great success stories and will help us seize new opportunities around the world. Rishi Sunak, Chancellor of the Exchequer The big news of the last week is the Kalifa Review or as HMT introduce it: UK’s global fintech leadership bolstered by new […]

CBDC

Britain should get ahead on CBDCs

Bank of England should lead the world by developing its own cryptocurrency, urges former WorldPay boss The Bank of England should steal a march on the rest of the world and develop a crypto-currency, a fintech entrepreneur has urged. Ron Kalifa, former boss of payment processing company Worldpay, urged governors at the Bank to embrace the currencies rather than dismiss […]

CBDC

Cross Border CBDC Payments

China and UAE central banks explore CBDC for cross-border payments The central banks of China and the United Arab Emirates are joining their counterparts in Thailand and Hong Kong on a CBDC project investigating cross-border foreign currency payments. The Multiple CBDC (m-CBDC) project will see a proof-of-concept prototype developed designed to support real-time cross-border foreign exchange payment-versus-payment transactions in multiple […]

Request to Pay

Why Request to Pay is as easy as plug and play

Have you read the excellent blog piece by James Stanley at Anglian Water highlighting the customer benefits of Request to Pay? Or maybe you’ve heard Sian Williams from Toynbee Hall discuss why Request to Pay is a step change in consumer empowerment? Source: Pay.UK featured guest blog by Peter Cornforth, Answer Pay Telegram to internet Underpinning all of these customer […]

Faster Payments

Saudi Central Bank (SAMA) launches an instant payment system ‘sarie’

On Saturday the Saudi Central Bank (SAMA) launched an instant payment system ‘sarie’ . It comes as part of a series of SAMA-led initiatives to promote the national payments’ ecosystem and to enhance its infrastructure, aiming to achieve financial inclusion. Customers can send and receive low-value local transactions around the clock and for a low fee, not exceeding one riyal. The system […]

Cash

‘Click and collect’ cash initiative coming to Stoke-on-Trent

Consumers will be able to use a “click and collect” service to access cash directly from shops under a scheme being piloted. The Cash in Shop service is coming to the UK after previously being trialled in Switzerland. The pilot scheme will launch in Burslem, Stoke-on-Trent, Staffordshire, in March, and those behind it described it as the first stage in a […]

Open Banking

Account Information Service as consolidation factor for an Open Ecosystem in Italy

The European payments sector is in the midst of a transformation driven by technological innovation and evolving regulation, redefining its very potential and protagonists. A guest blog by:  Marco Folcia, Sara Marcozzi, Valentina Grilli, Fabrizia Capillo, PWC Italy. In this regard, the birth and consolidation of the Open Banking framework[1] can be attributed, on the one hand, to the widespread adoption of Application […]

CBDC

Sweden extends central bank digital currency trial

A trial of central bank digital currency in Sweden is to be extended for another year to 2021, in a bid to better understand the benefits and implications of a wider roll-out. Sweden’s Riksbank central bank has been working on plans for a digital krona in partnership with Accenture, which the bank said was designed to address the problem of the “marginalisation […]