The UK's Payment Systems Regulator has published an interim report on the supply of card acquiring services. It shows that merchants could make savings by shopping around and either switching or negotiating with their current provider – but many small and medium ones don’t. While many small and medium merchants may not be getting a... Continue Reading →
First UK bank to use open banking to enable credit card holders to pay their balance Tesco Bank is to become the first UK bank to introduce new technology that allows its 2.6 million credit card customers to more easily manage and pay their balance. More: Tesco Bank rolls out Mastercard Open Banking Connect™ to its... Continue Reading →
The UK's Payment System Regulator (PSR) has published its Annual Report and Accounts for the period 2019/20 - the fifth since its inception. Over the last year, the PSR report that they have advanced their work preventing Authorised Push Payment (APP) scams protecting access to cash and promoting innovation and competition in the interests of everyone... Continue Reading →
The Payments System Regulator (PSR) has announced that they are satisfied that the Current Account Switch Service (CASS), operated by Pay.UK, continues to meet the criteria for designation as an alternative switching scheme. This follows a review of information and evidence submitted by Pay.UK, the operator of CASS, for the purpose of an annual assessment.... Continue Reading →
In this September round up of volumes and values of retail payments in the UK we explore the impact of the COVID pandemic and look at whether the individual payment systems will recover the volumes and values they processed at the start of 2020. This is the second retail payments roundup - for last months... Continue Reading →
On this day in 1958 the credit card industry was born - and who better than Dave Birch to help us celebrate! In an article published today by Forbes Dave writes: Today is a very important day for us payments nerds. It is the anniversary of the “Fresno Drop”, the birth of the modern credit... Continue Reading →
Car drivers in the US can now use Amazon's Alexa to pay for fuel with a simple voice command. Available at over 11,500 Exxon and Mobil stations across the US, the “Alexa, pay for gas” command uses the default payment option set in the user Amazon account. The process - which includes geo-location at Exxon... Continue Reading →
In 1984 one UK bank was concerned about losing customers and made a decision that fundamentally changed how Britain’s banking landscape operated. Midland Bank, then one of the UK’s big four banking groups (now HSBC), got rid of fees for cheques, statements and standing orders. In other words, it made banking free of charge -... Continue Reading →
The number of people switching bank accounts is starting to recover according to data just published by Pay.UK. 43,377 Current Account Switches occurred in August 2020 - a significant uplift when compared to the past three months, similar to April but still a far cry from the 111,327 switches that occurred in March. Read, subscribe... Continue Reading →
Bank of England Governor Andrew Bailey on the future of cryptocurrencies and stablecoins On September 3, the Hutchins Center on Fiscal & Monetary Policy at Brookings hosted Andrew Bailey, Governor of the Bank of England, to discuss how these trends are evolving and the growing role of stablecoins, which are cryptocurrencies linked to the price... Continue Reading →
Modulr is the first non-bank or building society to join the Confirmation of Payee service. Confirmation of Payee allows users to check if the payment details they’ve entered for a person or business match the details held by the recipient’s bank. This provides reassurance that payments are being sent to the right recipient and protects... Continue Reading →
Far from being the end of fintech, this the moment where financial innovation and disruption assumes centre stage says Natalie Ceeney. …it’s clear that the pandemic is accelerating the need for financial innovation and disruption. There can be no debate that the future is more digital. For every bank, insurer, mortgage lender or payments enabler,... Continue Reading →
Last week we covered the 39% reduction in ATM withdrawals - the infographic below helps us complete the picture on how people access their cash. Source: Payments System Regulator. In this breakdown we see that: 80% of cash withdrawals (by value) are via ATM’s.6% of cash withdrawals (by value) are via branches (over the counter).2%... Continue Reading →
It wasn’t so long ago that using a bank account involved maintaining a minimum balance and included a whole suite of debit charges that might be levied. The extract below shows the fees that our parents and grandparents might have incurred when using their bank account in May 1981: This extract from a Chartered Institute... Continue Reading →
Use the slider to spot the difference at the Kettledrum Cafe in Rothesay on the Isle of Bute Can you spot the difference? Back in February I made a confession - I paid cash for a beaut Bute meat pie. I am sure I could have purchased a cashless sandwich from the COOP but when... Continue Reading →
Monzo have just announced that they are introducing new fees from the 31 October 2020: It’ll continue to be free to withdraw up to £250 of cash in the UK and European Economic Area (EEA) from your Monzo account every 30 days - after that there’ll be a fee of 3%. If your card expires,... Continue Reading →
Latest cash ATM withdrawal data (week ending 23 August) is now available from Link: There were 31.4 million ATM withdrawals last week (this is 20 million fewer than the equivalent week in 2019). There was a 39% reduction in ATM withdrawals compared to equivalent week in 2019. Source: LINK Eight things we should be thinking... Continue Reading →
The Australian Payments Network (AusPayNet) champion the payments system. They enable competition and innovation, promote efficiency, and control and manage risk to deliver improvements for all users of the payments system. Australia: Future State of Payments Action Plan Given the rapid and increasing pace of change in payments AusPayNet have conducted a consultation on 'A Future... Continue Reading →
This week The Guardian reported on a bit of Confirmation of Payee payment friction. A reader’s problem was explained as "spelling out the problems as banks' name-checker rejects vital payments". I have been unable to receive a payment I am owed because automated messages repeatedly inform the sender that the payee’s name doesn’t match the... Continue Reading →
What is an APP scam? An Authorised Push Payment (APP) scam is when a person or business is tricked into transferring money to a fraudster, thinking that they are sending money to a legitimate person or company. Source: Payments System Regulator Find out more: the PSR’s work to protect people from APP scams. Read Genevieve Marjoribanks’ piece... Continue Reading →
In this August round up of volumes and values of retail payments in the UK we explore the immediate impact of the COVID pandemic and look at the first indications of whether (or not) the individual payment systems will recover the volumes and values they processed at the start of 2020. Note: All data is... Continue Reading →
August marks another cashless year for me, you may remember my last anniversary blog “Don’t think of it as going cashless, think of it as an upgrade to the 21st Century”. You’ll see that this time last year I set myself two key challenges - to banish the paper receipt and maximise the use of frictionless... Continue Reading →
Creative use of branch window space by Barclays, helping their customers navigate their mobile banking app. Picture: Mark O’Keefe This helpful piece of customer education reminded me of a piece I wrote a few months ago about education being the secret ‘sauce’ for the successful implementation of payments regulation…. Education: the secret ‘sauce’ for the successful implementation... Continue Reading →
Ipsos MORI have published results of an independent service quality survey of personal banking in Great Britain. The results are from an independent survey carried out between July 2019 and June 2020 by Ipsos MORI as part of a regulatory requirement, and the information is published at the request of the providers and the Competition and Markets... Continue Reading →
Crumpled up in your coat pocket or bag, you’ll probably find a receipt. That never-read, rarely-used and bin-destined piece of paper is the acknowledgement that something has been paid for or that goods have been received. The oldest, discovered, receipt confirmed the sale five sheep, one lamb and four grass-fed male kids. It was written... Continue Reading →
From today you’ll find “Payments, Payments, Payments” podcasts on the Apple Podcast app.
In addition to finding out how these animals made payments history, in this weeks Payments, Payments, Payments you’ll also find about: Getting the right outcomes for victims of APP scams. Soft POS transforming mobile payments Tikkie Checks changing the way we pay at the restaurant A guest blog by John Bertrand on addressing payment fraud... Continue Reading →
Instant money and instant fraud - how to reverse the trend of greater fraud, a guest blog by John Bertrand. UKFinance reported fraud grew 28% in 2019 to £456 million with Faster Payments, 73% of that total, growing at 33%. UKFinance noted 76% of the fraud comes from the internet and the banking industry covers... Continue Reading →
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.... Continue Reading →
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... Continue Reading →
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... Continue Reading →
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... Continue Reading →
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... Continue Reading →
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... Continue Reading →
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... Continue Reading →
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... Continue Reading →
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... Continue Reading →
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... Continue Reading →
Request to Pay, a new payment messaging service soon to be offered in the UK, could address payment friction. Instead of a paper bill, you’d be able to receive a payment request through an app on your phone, with the bill attached. You could decide to pay some or all of it there and then,... Continue Reading →
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... Continue Reading →
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... Continue Reading →
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... Continue Reading →
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... Continue Reading →
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... Continue Reading →
The FCA has published draft guidance for firms setting out its expectations for banks, building societies and credit unions when they are considering closing branches or ATMs, or converting a free to use ATM to pay to use. The FCA wants to ensure that firms treat their customers fairly when closing a branch or ATM, including considering... Continue Reading →
This article first appeared in the Payments, Payments, Payments newsletter - read, subscribe and share: northeypoint.substack.com/welcome The latest Current Account Switch Service discussion paper provides an update on work to consider how the UK’s current account switch journey could evolve in an era of Open Banking. Enhancing current account switching in the era of Open Banking examines... Continue Reading →
API compliance and risk: Why traditional approaches may fail This is a risk and compliance based guest blog by Northey Point associate Mark Rodgers. For more information visit: Regulatory and Compliance Corner. Gone are the days (not too long ago) when APIs existed only in old fusty back office systems, yanked out of their electronic... Continue Reading →
As part of the development of Northey Point's website and the Payments, Payments, Payments newsletter we are pleased to launch "RC Corner". Led by Northey Point associate Mark Rodgers "RC Corner" will explore payments from a risk and compliance perspective. Businesses face steep challenges in regulation which present twin peaks of difficulties to meet increasing risk and regulatory compliance... Continue Reading →
The Emerging Payments Association (EPA), which celebrates collaboration and innovation across the emerging payments industry, has launched Project Recovery to help the UK FinTech make informed decisions and equip them to survive in the post pandemic world. The FinTech sector has a key role to play in the UK’s economic recovery and so the aim... Continue Reading →
A quarter of a century ago, a window into the money of the future opened in Disney World’s twin town in England, Swindon. Yes, Swindon. Last week saw the Silver Jubilee of the launch of the world’s first central bank digital currency (CBDC), Mondex, in my home town of Swindon. I sure a great many people have... Continue Reading →
