A proposal to set up a fund to compensate victims of bank scams has been rejected by payments group Pay.UK. Pay UK says that there has been no industry consensus to finance a central fund. A voluntary code requiring banks to reimburse affected customers is funded to the end of December so from January it…

New research from the Emerging Payments Association has revealed that ‘realtime’ payments are growing rapidly in the UK, signifying potential for business payments for banks and fintechs. The Impact of Realtime on Payments and Data, which details how consumer expectations have drastically changed over a short period of time – and consumers no longer accept…

ClearScore has announced that it has selected Credit Kudos to develop its new open banking powered eligibility solution for products including mortgages, credit cards, and loans. The launch will make a significant difference to thousands of people that currently are either unable to access credit or loans, or are forced to use high-cost options. Through…

A new payment security report by Verizon, has highlighted the disappointing drop in compliance with the Payment Card Industry Data Security Standard (PCI DSS) for the second year in a row. Compliance now stands at just 36.7% worldwide. With Card-Not-Present fraud set to reach £680m in the UK by 2021 and the findings of this…

Halifax has announced that its customers can now benefit from a service feature to protect themselves from gambling-related harm. The gambling card freeze, which is a feature of the banks’ mobile app, was developed in recognition of the ways in which the bank can support customers to manage their money and gamble responsibly. Halifax is…

Banks will need to strike a balance between technology innovation and risk mitigation according to a new report by HSBC. The report says that technology and data advances will enable banks to provide customers with a hyper-personalized largely automated service within the next decade, replacing the traditional retail products-based approach. But the extent of the…

Recent research from the University of Edinburgh Business School has revealed that including gender information in credit scoring models increases the proportion of women accepted for consumer credit without altering the predictive accuracy of these models, The reseearch suggests that women can benefit from gender being taken into consideration in automated decision-making processes, increasing their…

A decade of low pay has driven working families deep into the red, and in nominal terms, household debt has risen 1.5 times faster than wages since 2010. according to new analysis published by the TUC. Real wages in the North East still haven’t recovered to their 2008 levels – the longest pay squeeze in centuries.…

New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew by 8% in September, compared with the same month last year. In Q3 2019 as a whole, new business grew by 4% compared with the same quarter in 2018. In September, credit card and personal loan new business together…

Global provider of secure payment products and customer contact solutions, Eckoh has announced that it has partnered with global payments technology provider Mastercard to offer the Pay by Bank app (PbBa) as an alternative payment capability for contact centres. PbPa was created by Vocalink, a Mastercard company and meets PSD2 standards and requirements for strong…

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