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October 7, 2024
Top Post
Tensions Rise Between Banks and Tech Companies Over Online Fraud Liability in the UK
CNBC
"Tensions are escalating between banking and payment companies and social media firms in the U.K. over who should be liable for compensating people if they fall victim to fraud schemes online. Starting from Oct. 7, banks will be required to start compensating victims of so-called authorized push payment (APP) fraud a maximum £85,000 if those individuals affected were tricked or psychologically manipulated into handing over the cash."
On the web
Bank of England Sees Support for Extending Settlement Window
The Full FX
"With the world and payments and settlements rapidly evolving, the Bank of England says it has been “encouraged” by the level of support for extended RTGS settlement hours, noting the current hours are “unlikely to remain sufficient in an increasingly 24/7 and global world”."
October 3, 2024
On the web
Banks to Put Four-Day Hold on Suspicious Payments [BBC]
BBC
"Banks will have the power to pause payments for up to four days to give them more time to investigate fraud, the government has said. Currently, transfers must be processed or declined by the end of the next business day, but the new law will allow an extension of three more days."
September 25, 2024
Top Post
PSR Confirms Its Decision on App Scams Reimbursement
Payment Systems Regulator
"The PSR has confirmed the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams starting from 7 October. Having given careful consideration to all the feedback and information received, the PSR board has decided that the maximum reimbursement limit for Faster Payments will be £85,000."
September 24, 2024
On the web
Mastercard Expands First-Of-Its-Kind AI Technology to Help Banks Protect More Consumers From Scams in Real Time
Mastercard
"Mastercard updated its Consumer Fraud Risk (CFR) solution to increase the ways it helps protect consumers from Real Time Payment scams. The AI-powered insights give more UK banks greater visibility into potentially fraudulent transactions so they can stop scams before they take place."
New American Express Research Shows UK SME Businesses Are Planning for Growth as Optimism Rises for the Third Consecutive Year
American Express
"Optimism among the UK’s small and medium-sized businesses has grown for a third consecutive year, according to new American Express research, with almost seven in 10 (69%) saying they are confident about the future of their company — rising from 67% in 2023 and 65% in 2022."
September 23, 2024
On the web
PS24/6 Supporting the Identification of APP Scams and Civil Disputes [UK]
Payment Systems Regulator
"In 2023, we published policy statements PS23/3 Fighting authorised push payment fraud: a new reimbursement requirement and PS23/4 Fighting authorised push payment scams: final decision. These policy statements set the detailed parameters for the Faster Payments Scheme (FPS) authorised push payment (APP) scams reimbursement requirement. We also published three legal instruments which give effect to the policy. The start date for the reimbursement policy is 7 October 2024."
September 18, 2024
On the wires
FICO and Jersey Telecom Collaborate to Tackle Authorised Push Payment Fraud [UK]
Business Wire
"In the fight against the growing problem of financial scams, global analytics software leader FICO has collaborated with Jersey Telecom to develop a powerful solution that enables direct, near real-time intervention to protect customers. FICO and JT worked with leading UK banks to identify the most relevant telephony signals that indicate an active scam."
September 12, 2024
On the web
New Bill Introduced in Parliament to Clarify Crypto’s Legal Status
GOV UK
"The Property (Digital Assets etc) Bill, introduced in Parliament will mean that for the first time in British history, digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the law."
September 4, 2024
Top Post
Mastercard and Visa Will Face Multi-Billion Pound Lawsuits Over Multilateral Interchange Fees on UK Businesses
Lelezard
"The Competition Appeal Tribunal has given the go-ahead for the collective action that could see businesses compensated for the unlawful multilateral interchange fees ("MIFs") set by Mastercard and VISA that applied to transactions involving commercial cards in the UK. The claim alleges that businesses that received payments by commercial cards paid fees much higher than they should have been, causing them significant losses."
On the web
UK Reportedly Poised to Slash Amount Banks Must Refund to Fraud Victims
the Guardian
"The UK is reportedly poised to slash the planned maximum amount that banks will have to refund to fraud victims – from £415,000 to about £85,000 – after strong lobbying from lenders, fintechs and some politicians."
CTS Eventim Adds Tink’s User-Friendly Pay by Bank Service to Its Checkout Options
Tink
"Harnessing Tink’s expansive pan-European network, Pay by Bank is now a checkout option for CTS EVENTIM customers across Austria, Germany, the Netherlands, Poland and the United Kingdom – with ambitions to expand into more markets throughout 2024."
August 2, 2024
On the web
Future-Proofing Payments in the Contactless Era With SoftPOS [UK]
GlobalFinTechSeries
"Recent findings by UK Finance reveal the true extent to which payment technology has evolved in recent years, with a recent survey showing that an overwhelming 93% of card transactions in the UK are now contactless."
August 1, 2024
On the web
Payment Systems Regulator Publishes Latest APP Scams Performance Report for 2023
Payment Systems Regulator
"In a significant step towards greater transparency, the PSR publishes annual data on payment firms’ APP scam performance."
July 30, 2024
On the web
The Bank of England’s Approach to Innovation in Money and Payments
Bank of England
"The Bank of England has published a Discussion Paper on its approach to innovation in money and payments. The Discussion Paper sets out how rapid innovations in payments can impact on the Bank’s monetary and financial stability objectives, bringing both opportunities and risks."
July 26, 2024
On the web
Open Banking Marks Major Milestone of 10 Million Users (UK)
Open Banking Limited
"Open Banking Limited (OBL) announced today that there are now 10 million consumers and small businesses regularly benefiting from using open banking technology. The milestone comes days after the Government committed to introducing a Smart Data Bill in the King’s Speech, which will unlock the full potential of open banking and expand smart data schemes into other economic sectors."
July 24, 2024
On the web
Surprise Jump in Number of UK People Mainly Using Cash for Daily Spending
The Guardian
"There has been an unexpected jump in the number of people who mainly use notes and coins for their daily spending, despite the UK moving closer to becoming a cashless society, a report has found."
On the wires
Britain Makes It Tougher for Banks to Close Branches
Reuters
"Banks in Britain must comply with tougher rules from September that require them to delay branch closures until they can show regulators that local communities would still have free access to an alternative provider of cash."
July 23, 2024
Top Post
Device Takeover Fraud: A Cheat Code for Fraudsters, a Rising Threat for Financial Institutions
UK Finance
"Amidst all the regulatory and industry focus on Authorised Push Payment (APP) fraud, a new type of digital fraud has been rising in the UK, somewhat under the radar."
On the web
UK Watchdogs Probe Competitiveness of Big Tech’s Digital Wallets
BNN Bloomberg
"UK regulators are probing the competitiveness of digital wallets provided by the likes of Apple Inc., Alphabet Inc.’s Google and PayPal Holdings Inc. as well as what risks these new technologies bring for the consumers and businesses that rely on them."
Payment Systems Regulator Policy Statement on Mandatory Reimbursement
TLT Solicitors
"The Payment Systems Regulator published its policy statement The Faster Payments APP scams reimbursement requirement: compliance and monitoring July 2024 in response to the Consultation paper – The FPS APP scams reimbursement requirement: compliance and monitoring."
July 16, 2024
On the web
UK Watchdogs Probe Competitiveness of Big Tech’s Digital Wallets
BNN Bloomberg
"UK regulators are probing the competitiveness of digital wallets provided by the likes of Apple Inc., Alphabet Inc.’s Google and PayPal Holdings Inc. as well as what risks these new technologies bring for the consumers and businesses that rely on them."
July 3, 2024
On the web
Lenovo Launches Open Banking at Checkout With Trustly
Open Banking Expo
"Lenovo has launched an Open Banking at checkout service for its customers in the UK and Continental Europe which is provided by Trustly enabling customers to pay for Lenovo products and services directly from their bank account."
June 21, 2024
On the web
Bank of England to Set Out Plans to Open up Interbank Payments
Reuters
"The Bank of England said it will set out plans by the middle of this year to widen access to Britain's interbank payment system, part of efforts to boost the country's financial infrastructure."
June 3, 2024
On the web
DNA Payments Launches POS Alipay+ Acceptance for Over 50,000 UK Merchants
DNA Payments
"DNA Payments has grown its portfolio of POS alternative payment methods by launching Alipay+, a suite of cross-border mobile payment and digitalisation technology solutions operated by Ant International."
May 22, 2024
Top Post
Fraud Remains a Major Problem as Over £1 Billion Is Stolen by Criminals in 2023 [UK]
UK Finance
"UK Finance today releases its 2024 annual fraud report, detailing the amount its members reported as stolen through payment fraud and scams in 2023. Criminals stole £1.17 billion through unauthorised and authorised fraud in 2023, a four per cent decrease compared to 2022."
May 21, 2024
On the web
Market Review of Card Scheme and Processing Fees Interim Report [UK]
Payment Systems Regulator
"Cards are the most popular way for consumers to pay for goods and services in the UK, so it is crucial that the market works well. Every time people use a Mastercard or Visa debit or credit card for transactions with UK businesses, UK businesses pay scheme and processing fees, some of which are mandatory or core and some of which are optional."
May 8, 2024
On the web
PSR Consults on Directing App Scams Reimbursement for CHAPS Payments
PSR
"The Payment Systems Regulator (PSR) is proposing to direct banks and other payment firms participating in CHAPS to reimburse their customers who have been victims of authorised push payment (APP) scams."
April 24, 2024
On the web
UK Businesses Must Prioritise Payment Technology to Build Customer Loyalty and Stay Competitive: New Research From Lloyds Bank and Freedompay
EIN News
"New research from Lloyds Bank and FreedomPay highlights the importance of UK businesses investing in new payment technology."
March 26, 2024
On the web
Payment-Processing Outages at UK Retailers Raise Reliability Issues for Cashless Transactions
CIO
"Payment disruptions at supermarkets and fast-food outlets in the UK over the past week will force CIOs to consider whether improved reliability is something they can’t afford not to pay for."
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