Credit, Collections & Insolvency News
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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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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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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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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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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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 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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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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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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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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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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Digital bank, Revolut is launching a new service called ‘Payday’ that will enable workers to draw out as much as half of their salary weeks before payday, with the bank to work with employers to grant customers access to their cash as they earn it. As part of the initial launch, Revolut is partnering with…
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A new survey by Nerdwallet has found that four in five consumers plan to spend above pre-pandemic levels throughout 2021 revealing that the recent financial behaviour of consumers and their spending plans have eased now that lockdown restrictions have changed. The research found that 85% expect to sustain or increase spending from current levels by…
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