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Crypto Currency

Future of cryptocurrencies and stablecoins

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 of some stable asset or […]

Confirmation of Payee

Modulr becomes first non-bank or building society to launch Confirmation of Payee

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 Modulr customers from certain types […]


How do we access cash?

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% of cash withdrawals […]


Paying a fair price for the banking services we receive

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 of Banking text book helpfully […]


Spot the difference

Use the slider to spot the difference at the Kettledrum Cafe in Rothesay on the Isle of Bute 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 faced with a bueat Bute steak pie and chips at […]


Four ways to avoid Monzo’s new fees

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, is stolen or if you’re […]


39% reduction in ATM withdrawals

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 about as the way we […]

Payments Landscape

How can Australia’s payment action plan help the UK’s changing payments landscape?

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 State for Australia’s Payment Systems’. […]

Confirmation of Payee

Confirmation of Payee

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 name on my account. MdW, […]


Protecting people from Authorised Push Payment Scams

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 on getting the right outcomes for […]

Payments Landscape

Retail Payments Round Up

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 publicly sourced and is the […]


Education: the secret ‘sauce’

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 of payments regulation It’s 1997 […]


Personal banking service quality

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 Authority so you can compare […]


Metro Bank launches Sensibill’s Digital Receipt Management

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 on a piece of clay […]