Payment software firm acquired by Secure Trust Bank

25th November 2021 Alternative Consumer Lending |

Secure Trust Bank PLC (STB) has announced that it has agreed to acquire AppToPay, owner of a proprietary technology platform to support STB’s planned entry into the digital Buy Now Pay Later (digital BNPL) market. STB, through its V12 Retail Finance business, is already a provider of point-of-sale retail finance, with a network of more…

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Ecospend appoints Head of Solutions

Ecospend, q provider of Open Banking APIs, has announced the appointment of Sarah Lambert as Head of Solutions. Lambert will be working with the team to help Ecospend identify and deliver data-based solutions, powered by open banking technology, that meet the needs of more vulnerable customers. As a Sales and Affordability product specialist, Lambert will…

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UK Finance announces strategy for open banking payments

23rd November 2021 Consumer Lending |

UK Finance has set out recommendations for the future strategy of open banking payments in a new report. There are now over 2.5 million open banking payments a month compared to just 320,000 in the whole of 2018, and the recommendations in the report will help support the development of more products and services for consumers.…

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AI and Machine Learning revolutionising payments

18th November 2021 Consumer Lending | #payments

The Payments Association (formerly The Emerging Payments Association (EPA)) has announced the release of its latest research, ‘Using AI Intelligently: Smart ways to use Artificial Intelligence in Payments’, showing how artificial intelligence (AI) and machine learning (ML) are being used in the payments, finance and banking sectors and how they may be used in the…

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Businesses predict strong festive trading period as payments volumes rise

British SMEs are starting to feel more confident about the performance and resilience of their own businesses, despite challenges in the wider economy, according to the latest quarterly Barclaycard Payments SME Barometer. Over half (54 per cent) of UK SMEs are expecting revenues to increase in Q4, compared with performance in Q3 2021. Yet concerns…

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Credit & Collections Technology Awards announces 2021 winners

5th November 2021 Arrears and Recoveries | #innovation

The winners of the 2021 Credit & Collection Technology Awards have been announced following a live in-person event yesterday (Thursday 4th November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the fifth annual event honoured the UK’s technological innovators, celebrating outstanding…

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Payment Systems Regulator publishes card-acquiring market review

4th November 2021 Consumer Lending | #payments

The Payment Systems Regulator (PSR) has published its final report into its card-acquiring market review. The document sets out the regulator’s conclusion that the supply of card-acquiring services does not work well for small and medium-sized merchants and large merchants with annual card turnover up to £50 million. Merchants with annual card turnover between £15,000…

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Consumer spending slows

4th November 2021 Consumer Lending | #economy

While consumer spending has continued to bounce back post-pandemic, research by Nationwide shows that growth has started to slow. Between July and September growth in consumer spending hit 3%, marking a slowdown following the 14% increase recorded in Q2.  The study, which looked at more than 620 million transactions by Nationwide consumers, also revealed that…

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Tesco Bank joins faster Payments Scheme

27th October 2021 Consumer Collections |

Tesco Bank customers can now send and receive payments in real-time, 24 hours a day after becoming a direct member of the Faster Payments Scheme. By joining the scheme (which is run by Pay.UK), Tesco Bank customers will benefit from a simple, smart, and secure payment process that enables them to transfer money, pay a…

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PSR sets out plans for fraud prevention tool

The Payment Systems Regulator (PSR) has set out its latest plans to fight fraud and protect victims of APP scams by outlining its next steps for the wider implementation of fraud prevention tool, Confirmation of Payee (CoP). Every year thousands of individuals and businesses fall victim to Authorised Push Payment (APP) scams – where they…

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Rollout of new £100 contactless limit begins

15th October 2021 Consumer Collections | #payments

The national roll-out of the new £100 spending limit for contactless card payments will begin today (Friday 15th October). Consumers will start to see retailers accepting contactless card payments up to £100, which will give them more flexibility when shopping in-store. This will also help with bigger spends where speed and convenience are valued, such…

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Nearly 75% of people want to set their own contactless limit

22nd September 2021 Consumer Collections |

A new study by KIS Finance has revealed that 73.1% of people want the option to set their own contactless limit. From 15th October 2021, the limit for contactless payments will increase from £45 to £100 per transaction. The Chancellor, Rishi Sunak, has stated that this “will make it easier than ever to pay safely and…

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Call for Government to take action on card fees

13th September 2021 Consumer Collections |

A group of trade bodies representing tens of thousands of businesses across the retail and hospitality sectors are appealing for Parliament to intervene to protect British businesses and consumers from the mounting cost of anti-competitive practices in card payments. The British Retail Consortium (BRC), British Independent Retailers Association (BIRA), Association of Convenience Stores (ACS), Federation…

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