Open Banking

Over half of Building Societies see Open Banking as an opportunity

Over half (55%) of CEOs at Building Societies view Open Banking as an opportunity according to a new report published by Whitecap Consulting, in partnership with the Building Societies Association (BSA).  However, this technology is relatively new and unexplored by the sector with just over a third saying that they have not yet assessed Open Banking’s benefits for their business. Only a further […]

Open Banking

Pivoting Towards Open Banking Payments

The UK’s roughly 90 trillion-pound payments industry is on the cusp of a dramatic makeover. Even before Covid-19, payment providers were under pressure to retool their offerings to better serve an increasingly digitised customer base that demands greater flexibility and control over their money. And the pandemic has only served to accelerate this dynamic.  Meanwhile, after three years of focusing […]

Request to Pay

What is Request to Pay?

An era when every business is a tech company, and every human has a smart phone. Have you noticed how practically every television ad these days includes an image of a person using a smart device or an app?  We live in an era where individuals want-what-they-want-when-they-want-it.  And bill payments haven’t escaped this game changing transformation in attitudes and behaviors.  […]

Payments

Forbes 30 Under 30 recognition for Ciaran Savage

Forbes has recognised Ciaran Savage, founder and Director of UK-based Card Industry Professionals, as one of the ones to watch in Europe in their ‘Class of 2021’. Forbes have featured Ciaran in the Finance category in this year’s ‘Forbes 30 under 30 Europe’ list.  Being named in such a prestigious title is a testament to the success that Ciaran and […]

Cash

Cash and Covid – Leaving no one behind

A guest blog by Conor Sinnott – Conor is an intern at independent financial services consultancy Enryo. Covid-19 has not only driven new changes in consumer habits but also accelerated trends that have been developing since before the turn of the century. This is no more obvious than in the use of cash and coins for the purchase of retail […]

Confirmation of Payee

Fraud & Confirmation of Payee

A guest blog by Bob Ford, Payments Business Analyst and SME. The Pay.UK service of Confirmation of Payee (CoP) has been established for just over a year but the life under lockdown under Covid has not abated the attempts by fraudsters to endeavour to try and scam our accounts of our money. A friend asked for my thoughts on fraud […]

Request to Pay

Experience the future

Answer Pay has announced the go-live of its Request to Pay demonstrator – the new demonstrator enables billers, payers and payment services providers to experience the full Request to Pay journey for the first time, providing a greater understanding of the huge benefits of bill payments utilising Request to Pay. Request to Pay addresses the competing needs of billers who […]

Payments

Celebrating 25 Years of RTGS in the UK

On this day (22 April 2021) in 1996 Real Time Gross Settlement in CHAPS went live – join me and raise a glass to celebrate 25 years of RTGS in the UK. In this edition of Payments:Unpacked we take a look at the CHAPS payment system UK’s Real Time Gross Settlement (RTGS) system operated by the Bank of England. What is CHAPS? The […]

Open Banking

Digital Overlays

Digital overlays use real-time payments to settle a payment or transaction, or to provide an ancillary service for a real-time payments method; these are services over and above the core payment processing that adds value to the standard payments. These can be used to improve the workflows and customer experience in a range of payment scenarios, including bill payments, at […]

Cash

Smart ways for cash

A clever and innovative service from Europe is arriving on our shores. Viacash allows allows cash withdrawals and deposits at the checkout via barcode. This also means you can pay cash for online purchases Barzahlen/viacash is the largest bank-independent payment infrastructure in Europe. It allows cash withdrawals and deposits at the checkout via barcode. Here’s how via cash works for […]

Banking

Converting pounds into kilograms

Can green Fintech’s save the planet? In the latest edition of #fincuts Tanya Thourani asks: How cool is it if your card doesn’t just buy things but fights climate change?  How cool is it if Fintechs could convert pounds into kilograms of carbon emitted? Can you tell which is killing more turtles: the plastic straw or your friend’s flight from London to Milan?  […]

Cashless

Europe embraces contactless commerce

Visa report one billion additional touch-free Visa payments made as consumers embrace contactless commerce. Visa report that: Less than a year since contactless limits increased across Europe, Visa has hit one billion additional touch-free transactions, 400 million of which took place in the UK. Consumers and merchants are increasingly turning to contactless payments as a secure and seamless way to shop […]

Regulatory

Could proposed measures to fight fraud have unintended consequences?

As the Payment System Regulator considers the responses to the call for views on Authorised Push Payment Scams Teresa Connors from Payment Matters considers whether the proposed measures to fight fraud might have unintended consequences. We are pleased to feature this perspective guest blog from Teresa Connors from Payment Matters. Only 45% of reported Authorised Push Payment (APP) losses are […]

Faster Payments

Benefits of Real Time Payments

Akhil Rao has shared some insights on the adoption benefits of Real Time Payments (RTP). The ability to make payments in real-time comes with a number of capabilities and benefits. The most appealing of these to organizations is immediate access to receiving funds, transaction status, and control of cash flow. These assets created by RTP all serve to increase visibility into […]

Banking

No time to stop, the Revolution is here to stay

Mark O’Keefe at Optima Consultancy has published a German Mobile Banking App review. Three take aways from Mark’s report: The challenger banks continue to raise the bar when it comes to what can be done in a mobile banking app. New entrant C24 have launched with a proposition stronger than most in the market and challengers continue to release features at a rapid pace. A […]

CASS

Progress despite headwinds

The UK’s Current Account Switching Service (CASS) plays a vital role in helping consumers and businesses make the most of their money by providing a simple and stress-free way to move their current account. In these unprecedented times, the smooth working of the service is more important than ever. Pay.UK have published the Current Account Switch Service Annual Report – three key […]