Today, 30 April 2020, saw the publication by Pay.UK of the Current Account Switch Service Dashboard covering the period 1 January to 31 March 2020. The Current Account Switch Service (CASS) has completed 6.6 million switches since launching in 2013, 280,520 of which took place between January and March 2020. With much talk of the rise of the challenger bank […]
Sometimes the smallest enhancement to my banking app brings a disproportionate smile to my face. As you would expect I’m a massive fan of the consumer benefits of the Bacs Direct Debit Guarantee and would always choose to make my regular payments by Direct Debit safe in the knowledge that I am protected should something go wrong with my payment. […]
A guest blog by Don Hollingum from Direct Debit 101. For more information visit: www.directdebit101.co.uk Why use Direct Debit? Direct Debit, the product, has been working for thousands of businesses, 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 […]
The Emerging Payments Association (EPA), which celebrates collaboration and innovation between new and existing finance companies, has today (28 April 2020) published a report on open banking. Northey Point was pleased to be a contributor to this report. The report provides an analysis of opportunities for payments in open banking and strategies for realising them. With an overview of global […]
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A guest blog by Don Hollingum from Direct Debit 101. For more information visit: http://www.directdebit101.co.uk Why use Direct Debit? Direct Debit, the product, has been working for thousands of businesses, 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 […]
Moving the “UK Fintech Week 2020″ to an online format was a smart move – especially as it meant that I could join the excellent ‘The Future of Cash Post COVID-19” webinar moderated by Natalie Ceeney and supported by Graham Mott and John Howells from LINK (the operator of the UK’s ATM network) – all from the comfort of a […]
A guest blog by John Doyle, Managing Director, The Payments Business. To find out more visit: https://thepaymentsbusiness.com The world is divided into two types of leaders (well there are probably many more, but we’ll settle on two for now). Corporate Leaders who successfully build businesses and Industry Leaders who successfully impact on society or economic behavior. Gerard is clearly the […]
Updated: 4 April 2020 What is Confirmation of Payee? Confirmation of Payee (CoP) is an account name checking service that the UK banks are introducing to online banking payments. The service was due to go fully live by the end of March 2020, however given that the directed banks are managing COVID-19 related risks and are working hard to protect […]
A guest blog by Don Hollingum from Direct Debit 101- Visit: http://www.directdebit101.co.uk Why offer Direct Debit? Direct Debit has been working for thousands of businesses, both large and small for over 50 years. Its usage continues to grow both in terms of the number of organisations that use it and the number of payments collected, in excess of 4.5 billion […]
This morning the Payment Systems Regulator (PSR) published their annual plan and budget for 2020/21. Given that the plan was finalised before the impact of COVID19 had affected our daily lives, Chris Hemsley’s (PSR, Managing Director) ‘launch’ video explains that the PSR will need to adjust the plan to reflect the significance of the pandemic, whilst ensuring that payment systems […]
‘A compelling account of Britain’s worst ever banking failure; as you read you will laugh, cry and fume’ Robert Peston I was in two minds as to whether I ought to read ‘Making It Happen’ but these events had a significant impact on my time leading the UK’s retail payments system – if you were in the industry during this […]
Cash usage dropped by half over the last week, it is vital that digital payment options are accessible, inclusive and equitable for all in society. The planned increase of the contactless limit from 1 April is an excellent first step. However, don’t forget that with digital wallets like ApplePay payments are not constrained by a limit. Just 6 days away […]
A guest blog by Don Hollingum from Direct Debit 101: https://northeypoint.com/direct-debit-101/ Direct Debit has seen many advances since it was introduced over 50 years ago, and not just in the volume of payments collected. Direct Debit has seen many new stakeholders entering the market which has provided many new opportunities for collecting organisations. All participants are governed by one set […]
Authorised push payment (APP) fraud is soaring, in 2019 there were 122,437 APP fraud cases in the UK, with losses hitting £456 million, up from £354 million in 2018. Of particular note is the sobering fact that financial providers only returned about a quarter of losses (£116 million) to victims. UK Finance (the body that represents banks and other financial […]
Confirmation of Payee (CoP), the account name checking service that the UK banks are due to implement by the end of March 2020 has, today, been subject to a COVID-19 related update by the Payment Systems Regulator. The PSR have today announced: “We understand that many of the directed banks are managing COVID-19 related risks and are working hard to […]
