Access to interbank payment systems continues to grow

12th January 2022 Consumer Lending | #payments

The PSR has published its latest access and governance report, showing trends and developments in interbank payment systems over 2019 and 2020. The report details how new participants have been able to join payment systems (access) and notes developments in how the payment systems have been run and operated (governance). This shows that interbank payment…

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Online retailers warned over Strong Customer Authentication deadline

7th January 2022 Consumer Lending | #payments

UK Finance has warned that retailers with an online presence need to ensure they fully support Strong Customer Authentication (SCA) by 14th March 2022 or risk customer purchases being declined. SCA is a new set of rules from the Financial Conduct Authority (FCA) to help protect customers from fraud when they are shopping online. With…

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Over half of consumers worry increased contactless limit could encourage overspending

More than half (55%) of consumers believe that the increased contactless limit could encourage people to spend more money this festive season. NerdWallet’s Consumer Borrowing Index, a nationally representative study of 5,000 UK adults, has revealed two in ten admitted to spending with less thought since the limit rose to £100 from £45 on 15…

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Payment Systems Regulator publishes framework for the New Payments Architecture

10th December 2021 Consumer Lending | #payments

The Payment Systems Regulator (PSR) publishes its regulatory framework for the renewal of the UK’s interbank payments infrastructure that allows people and businesses to make payments from one payment account to another.  Earlier this year, the PSR consulted on reducing risks to competition and innovation once the New Payments Architecture (NPA) is operational. If these risks materialise, competition…

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PSR outlines Confirmation of Payee plans

3rd December 2021 Consumer Lending | #payments

The Payment Systems Regulator (PSR) has outlined its plans for the Confirmation of Payee (CoP) system. The plans will allow more banks and building societies to work together to ensure even greater number of customers are protected by the name-checking service. Confirmation of Payee (CoP) is designed to help stop fraud and accidently misdirected payments…

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PSR sets out plans for mandatory reimbursements for APP scams

Individuals who have been tricked into transferring money to a fraudster are set to be entitled to reimbursements under new plans by the Payment Systems Regulator (PSR). The PSR is also calling for the biggest banks to publish their performance data in relation to authorised push payment (APP) scams. The PSR is consulting on proposals…

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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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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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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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