Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has launched a review into big tech’s move into payments, deposit taking, consumer credit and insurance. While the FCA acknowledged that the involvement companies such as Alphabet, Amazon, Apple and Meta could bring innovation and benefits to consumers by increased efficiency and delivering healthy competition, it said they could pose…
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The Payment Systems Regulator (PSR) has published its provisional decision on remedies for the card-acquiring market review, following its initial consultation earlier this year. Card-acquiring services are crucial to the UK economy because they enable merchants, like newsagents and supermarkets, to accept card payments. This means, every day, people can pay for goods they need, including…
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The Payment Systems Regulator (PSR) has announced its plans that will see around 400 more financial firms provide Confirmation of Payee (CoP). This essential fraud protection service will increase coverage from 92% of transactions made via Faster Payments (FPS) and CHAPS (when you make a payment transfer from one account to another) to 99% worth…
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The Payment Systems Regulator (PSR) confirmed and published a new rule that paves the way for more banks and building societies to adopt Confirmation of Payee (CoP), the bank account name checking service. Every year thousands of individuals and businesses fall victim to Authorised Push Payment (APP) scams – where they are tricked into sending…
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The Payment Systems Regulator (PSR) has published its initial remedies consultation for its card-acquiring market review. Every time somebody makes a card payment, for example, when buying their weekly groceries, the merchant uses card-acquiring services to accept the payment. These services are critical to the UK economy because they enable consumers and businesses to use their…
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New data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that 91.1% of all eligible card transactions in 2021 were made contactlessly, with the total value of contactless payments made increasing by 40.2%, year-on-year. The data also shows that shoppers increasingly opted for ‘touch and go’ at the…
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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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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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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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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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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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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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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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