(More) Real time delays After writing about delays for the UK’s proposed New Payment Architecture (NPA) earlier this week in “New Payments Architecture: It's been a while” news arrives from Canada. Payments Canada’s Real-Time Rail (RTR) payments system is part of a multi-year, multi-system payments modernisation initiative. RTR will allow Canadians to initiate payments and... Continue Reading →
Insights for Innovation: Five Global Instant Payment Facts To Shape the Future of Faster Payments in the UK The UK’s Faster Payments Scheme in 2024 is not that different from the version launched 16 years ago. The much anticipated new vision for payments in the UK will undoubtably have the Faster Payments rails at the... Continue Reading →
Dining out on acronyms We use abbreviations every day - in writing, texting, note-taking, talking and, of course, in payments. There are a few different categories of abbreviations, and acronyms is one of them. When you shorten a phrase by using just the first letter of each word and then pronounce it as a new... Continue Reading →
As a reader of Payments:Unpacked you will know that payment systems are vital to a country’s economy and play a remarkable role in ensuring that payment for the goods and services consumed are efficient, safe, resilient and friction-free. Given the popularity of last week’s “Don’t worry about it, I’ll Tikkie you” briefing we will now take a... Continue Reading →
NAB has becomes the latest Australian bank to automatically block abusive and threatening meassges in the description and reference fields of online payment transactions. More than 10,000 abusive transactions from 6,800 unique customers were blocked in March 2022. Payments in the NAB app on iOS and Android that feature offensive words and phrases won’t be processed... Continue Reading →
You wait ages and then three buses turn up at once The old joke that you wait ages for one bus, then three come along at once, is bordering on cliché. But, according to City Monitor, it also turns out to be true and not just because of bad planning, but also because of maths1. The... Continue Reading →
Just before the pandemic hit is I was in the Middle East talking payments strategy. The UK’s Faster Payments system was described as ‘the granddaddy of all instant payment systems’, this made me proud of what we have achieved in the UK payment space (and my small part in it!) What also became clear is... Continue Reading →
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... Continue Reading →
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... Continue Reading →
Pay.UK have published summary findings from primary research exploring perceptions of consumer protections in payments. The research explored a range of topics, including consumer understanding of payment behaviours; the role of protections; usage and attitude to Faster Payments; and perceptions and gaps in payment protections. Whilst the issue of fraud and APP scams are critical... Continue Reading →
Mastercard's Vocalink has won the contract to build the clearing and settlement infrastructure for Canada's new real-time payments system. The decision comes more than 18 months after Payments Canada first picked Italian provider SIA over Vocalink and CGI for the contract. The three rivals had made a 2017 shortlist of bidders to help develop the... 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 →
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 →
How much do you know about the UK's Faster Payments scheme? Data source: Pay.UK In Thursday's edition of the 'Payments, Payments, Payments' newsletter we will be exploring the UK's instant payment scheme - Faster Payments. Don't miss out: Read, Subscribe and share at: northeypoint.substack.com/welcome Thursday's newsletter is a subscriber edition - use this free 7... Continue Reading →
