Dave Tonge

Last week, Innovate Finance responded to three Payment Systems Regulator (PSR) consultations on tackling authorised push payment (APP) scams 3️⃣ 📝 For their mandatory reimbursement scheme to work, adequate, fully-functional and effective systems must be in place. In our response to the PSR consultation on compliance and monitoring, we raised the following issues to the PSR and Pay.UK: 👉 Challenges with manual reporting of APP scams by payment service providers;  👉 Uncertainty surrounding the cost and readiness of the claims management system; and  👉 Ensuring that all in-scope payment service providers are identified, registered and onboarded to the claims management system. Read our response in full here👇 🔗https://lnkd.in/eyNdFawB The other two consultations we responded to are as below: 1️⃣ APP scams data publication guidance: https://lnkd.in/euQen3T5 2️⃣ Reimbursement for CHAPS APP scams: https://lnkd.in/eRf--mjQ Adam Jackson | Christopher Foo | Paul Worthington | Megan Jenkins | Jago Corry | Michael Carter | Roberto Napolitano, MBA

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Latest #GFT Banking Disruption Index highlights mounting debt worries for UK consumers. Our new research includes key findings on: Brits credit card debt Reliance on credit facilities to cover everyday spending Consumer knowledge of repayment terms Read our press release and download our report here https://okt.to/rWqt68 #TeamGFT #Banking #BDI #Report #DebtManagement

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GoHenry Launches Manifesto Urging Next Government To Improve Financial Education In Schools Commenting on the launch of the GoHenry Financial Education Manifesto, Louise Hill, co-founder and CEO of GoHenry, said: “The next government has a golden opportunity to enhance financial education provisions and secure a brighter future for young people across the country, and it is imperative that we maintain momentum on this critical issue despite the distraction of the General Election. Our manifesto outlines how we feel this can be delivered in a simple, efficient, and effective way, without the need for significant public spending, primary legislation, or overburdening teachers. All of which would be a quick win for whoever comes into power. More importantly, young people want to learn. I hope that whichever party forms the next government takes note of these important voices and gives them access to the practical money skills they need – and want – to navigate the adult world successfully.” https://lnkd.in/eRBU67QZ #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Open Banking Standard v4.0 update and release: we've closed the consultation and incorporated industry feedback - release scheduled for end of June. Discuss v4.0 implementation and migration questions at our webinar on 18 June. Request an invite >> https://lnkd.in/excN8CYg #OpenBankingStandards #fapi #OpenBanking #Fintech #Innovation 

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#Fintech sector representatives have said they are hoping to see ‘momentum’ in the UK #publicsector’s use of #openbanking, just over six months after the #government’s procurement agency (Crown Commercial Service) launched a ‘dynamic purchasing system’ (DPS) to encourage it. At an event in the City of London this week, private-sector representatives on a discussion panel were asked by Global Government Fintech whether they were optimistic that the DPS would help to accelerate public-sector take-up. Innovate Finance and TrueLayer respondents were both positive, highlighting not only the benefits in terms of expanding the use of open banking (and new contracts for supplier companies) but also for the delivery of government services and, in their view, improving user experiences. Read all about it => https://lnkd.in/gG3-Rznw Global Government Forum Adam Jackson Francesco Simoneschi Marion King Ian Hall Open Banking HM Treasury #innovation #payments #data #smartdata

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Learn from Monzo Bank on how they are assisting vulnerable customers with debt management approaches at the Utility Week Consumer Vulnerability & Debt Conference 2024, taking place 17 September. Download the brochure to find out more https://bit.ly/44SMq7M

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This article in City AM reports on new Treasury plans to “embrace” the UK’s fintech sector by embracing smart data, a form of data portability that allows companies to more easily transfer information. You can read the full article here: https://lnkd.in/dSY5P7Zi

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The UK is a pioneer in open banking payments for the public sector. Richard Newman, OBL Corporate Affairs Director, explains the many cost savings and administrative efficiencies it offers in this article for Government Business. Read the article here>> https://lnkd.in/enhD2AXG #openbanking #openfinance #publicsector

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Scratching your head on how best to report your #financedemissions or set your ESG/Net Zero goals and strategy? On Tuesday 11th June, Kamma will be joined by speakers from Bankers for Net Zero (B4NZ) and Just Group plc for a discussion on just this! See below to register #netzero #mortgagelender#ESG #climatetargets #transitionplan

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The Payments Association Invites Incoming Chancellor to Show Leadership, Unlock the Potential of UK Payments as an Enabler of Growth, and Effectively Combat Fraud “We see the Chancellor’s appointment as an opportunity to maximise the potential of the payments sector while refocusing on its greatest threats”, said Tony Craddock, Director General of The Payments Association. “It is essential that the new government and the payments industry work collaboratively to protect the UK’s global leadership position. A clear vision and strategy from the new Government will generate significant investment and promote the UK’s position as the global payments leader solidified and see sustained growth in every UK region.” https://lnkd.in/e_fUujKT #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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🌟 Calling All Innovators: Open Finance Data Innovation Challenge! 🌟 Smart Data Foundry launched a unique UK Fintech innovation challenge with FinTech Scotland, which aspires to improve UK citizens' financial futures. The Challenge: As life expectancy rises, so does the need for better financial planning. We're looking for groundbreaking solutions that harness the power of Open Finance data to revolutionise how people prepare for the long haul. Whether it's savings, pensions, or investments, your ideas could be the game-changer that shapes the future of financial security. If your idea is successful, you could win up to £50,000 to bring it to life! And that's not all. With the backing of industry giants like NatWest Group PwC and Royal London, you'll have the necessary support and resources to turn your idea into a reality and make a significant impact in the fintech world. How to Get Involved: Whether you're a seasoned pro or a fresh face in the #fintech scene, we want to hear from you! Explore our industry challenges, brainstorm ideas, and let your creativity shine. Test out ideas by utilising our aizle.ai synthetic data sets. No matter where you are in your journey, your perspective could be just what we need. Take advantage of this chance to be part of something special. Together, we can make a real difference in people's lives. 👉 Apply now, and let's build a better financial future together! 👈 https://lnkd.in/emH8U6-H

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PSR and FCA have launched call for information on Big Tech and Digital Wallets while seeking views on the benefits and risks digital wallets bring to people and businesses. The use of digital wallets has grown rapidly over the last few years, and it’s likely that more than half of UK adults now use one. An estimated 14% of point of sale terminal transactions and 38% of e-commerce transactions, by value, involved a digital wallet in 2023.    The regulators are keen to better understand the impact on consumers and businesses that digital wallets’ increasing popularity creates, including: - the range of benefits that digital wallets bring for service users - whether there are any features that mean payments don’t work as well as they could for consumers and/or businesses - their role in unlocking the potential of account-to-account payments and how they could impact competition between payment systems; and - whether digital wallets could raise any significant competition, consumer protection or market integrity issues, either now or in the future.   The PSR is interested in understanding how digital wallets impact consumers’ choice of payment options at checkout. It hopes to gain better understanding of the implications of digital wallets’ growing role in payments, and the implications for competition between payment systems including the PSR’s strategic objective of unlocking the potential of account-to-account payments. FCA is looking to understand how digital wallets may impact competition in the supply of financial services and the operational resilience and systemic safety of the UK financial services sector. The consultation ends on 13 September and its a great opportunity for all market participants to offer inputs. Christopher Woolard CBE Genevieve Marjoribanks Richard Monks Abigail Viljoen Jane Hayward Green Matthew Baxter Andrew Pilgrim Francesca Clausen Simon Spencer Peter Neufeld Tom Bull Thomas Wicka David Williams James Sankey Alex Noble Jean-Philippe Faillat Matthew Hatch Jessica Rodgers Amarjit Singh 💙

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PIMFA - Personal Investment Management & Financial Advice Association Sets Out 5-Year Agenda for Government to Create a UK Culture of Thriving Financial Health Liz Field MSc, Chief Executive, PIMFA said: “The start of a new Parliament earmarks a natural reset point for industries to consider how they align with government policy programs and identify where they can work with government to transform policy ambitions into positive tangible outcomes.” “As this government will look to utilise the financial services sector to drive growth, investment and wealth, I believe that there is significant scope at this crucial early stage for the government to look across the full spectrum of the financial services sector. This means looking to properly utilise the retail investment market, in addition to its traditional focus on capital provided by larger institutions.” “The wealth management and financial planning industry provides access for UK individuals to take a real stake in the economy through their investments as well as safeguard their own financial health. This principle of ownership should be a key consideration for the government as it returns to its missions of wealth creation and growth. In setting out our agenda for government today, we aim to show how elements of these government missions can be delivered through harnessing a combination of change, and in some cases, stability.” “We look forward to working closely with the new government and wish them every success in delivering upon their priorities for this sector across the term of this Parliament.” https://lnkd.in/efV65eCJ #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Brilliant talk with a few key takeaways This flip book on “Coordination Headwind” https://lnkd.in/eUiiyPQ9 Imagine what would change if you spoke to you team and said “You are EXPECTED to make key decisions” Retrospectives on why key decisions were brought up, and what could change for you to be able to make that decision in future.

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We are delighted to launch v4.0 of the Open Banking Standard which has been developed in collaboration with the ecosystem. Updates will support the future development of #OpenBanking and deliver further benefits to end-users. Find out more >> https://lnkd.in/ec_2yJTm #OpenBankingStandard #FAPI #ISO20022 #TechInnovation #Fintech #Innovation #DigitalInnovation

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