Simon Donaldson

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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“No effective competition in the payments market" 💬 That's what the Payment Systems Regulator have stated in an interim report, looking specifically at the supply of scheme and processing services. 📜 The PSR's findings include: “The regulator’s interim report suggests the supply of scheme and processing services is not working well.” “There is currently no effective competition preventing the two biggest schemes raising prices.” “Pricing in the market is complicated and prices have risen substantially over the last five years.” Christopher Owen, Payments Policy Advisor at the BRC, said in response to the report: "This report highlights the lack of competition across card schemes, with fees being introduced without justification or sufficient explanation. The 30% increase in scheme fees since 2017 costs businesses an extra £250 million. It’s now time for action. The PSR must implement meaningful reforms to increase competition, increase transparency, and reduce costs in the payment market." To read the report in full, including remedies suggested by the PSR, click here 👉 https://lnkd.in/ekv6iY76 https://lnkd.in/e_62VTkP #payments #cards #schemefees

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North East Leaders and Businesses Meet in Newcastle to Discuss How Open Banking is Helping SMEs and Citizens Open Banking CEO Henk Van Hulle said: “Open banking is securely and simply helping businesses manage their finances more effectively, becoming more resilient, productive, and profitable in the process. It’s fostering innovation and growth, and Sage is a perfect example – it’s a strong growing FTSE100-listed company with open banking embedded in its operations.” “Our discussion with the North East fintech sector and local leaders has taken place just as our new Impact Report revealed data showing one in five, or 18%, of small businesses are now using open banking – OBL will keep working closely with industry and regulators to increase the wide range of benefits available to SMEs.” https://lnkd.in/ggCWfCPV #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Monzo has introduced three new security controls-Known Locations, Trusted Contacts, and Secret QR codes—to protect customers from fraud. These opt-in features require customers to use at least two controls for bank transfers or savings withdrawals above a set limit, adding layers of verification based on location, trusted contacts, or QR codes. Digital financial services have brought remarkable advancements, making payments more convenient, inclusive, and efficient. However, these benefits come with challenges such as security risks, regulatory hurdles, technological barriers, and privacy concerns. The controls introduced by Monzo are straightforward solutions that traditional players can adopt to enhance consumer trust. #dfs #tech #digitaltransformation #innovation #controls #fintech

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💰Payments weekly round-up - 11 May 💰 This is what jumped out at me over the last week - what did I miss? 🇬🇧 The UK Payment Systems Regulator (PSR) is consulting on its proposal to direct banks and other payment firms participating in CHAPS (the UK real-time high-level payment system) to reimburse customers who have been victims of authorised push payment scams. The PSR already has a similar policy for the UK Faster Payment System. https://lnkd.in/eCpZNRre 🇮🇳🇬🇭 India and Ghana agreed to link the Indian fast payment system UPI with the Ghana Interbank Payment and Settlement Systems (GhIPSS) within six months. https://lnkd.in/eUtyQCka 🚌 The city of Wichita in Kansas, USA, has waived bus fares due to a cyber attack which has impacted online payment options. https://lnkd.in/eWRZgvXf 🇪🇺 EBA CLEARING announced the completion of a pan-European proof of concept using its "request to pay" service. https://lnkd.in/eq4TACsU

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How did we get to episode four already! Thank you so much Rob Tuckwell for the great insights. Certainly proving that virtual payments go way beyond just travel. #WeAreConferma #ThePaymentsInsiderPodcast #B2BPayments #Payments #Podcast #VirtualPayments #Barclaycard #BarclaycardPayments

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Thanks for having us Accounts Payable Association! Catch the informative session on ISO 20022 below ⬇

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📣 SurePay joins forces with FIS strengthening delivery of Verification and Confirmation of Payee across the EU and UK! 📣 SurePay is the most trusted Confirmation of Payee (CoP) provider in the UK, and Verification of Payee (VoP) provider in Europe, and has facilitated over 7.5 billion CoP/VoP checks across the UK and EU since 2017. The partnership will help PSPs in the FIS ecosystem access SurePay’s award-winning #CoP and #VoP solutions. Daniel Hurst, Head of Products and Services at FIS: "FIS and SurePay’s Partnership solution in UK and EU can provide the needed confidence to the PSPs and their end customers; data integrity and avoid APP fraud and misdirected payments”. https://lnkd.in/egyWr4AA #partnership #paytech #fraudreduction Jagdish U. Liz Ingman

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For those that have asked me, what is NW Boxed and Banking-as-a-Service? We’ve created a short video to address all those questions in one place 🙂

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We've partnered with Open Banking Expo to bring you this brand new report: Rising to the Fraud Challenge 2024. Explore the fraud landscape with industry statistics and crucial insights from Pay.UK and senior executives at Bottomline. Download your copy now ➡️ https://ow.ly/FpS850RMUlq. #FraudPrevention #BankingTech #DigitalPayments #FintechReport

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What a great episode of the “Women Shaping Payments” video series. This video features Emily Foshee, VP, Core Network Products, at Discover Global Network, discussing the future of contactless payments with the moderator Emily McKee, Principal Digital Marketing Management. Check it out.    #DiscoverEmployee #Payments #Inclusion #Contactless #WomenLeaders #WomenSupportingWomen 

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According to the Bank of England's recently published Q4 2023 data, the credit union sector is experiencing momentum like never before. 📈 The data reveals that UK credit unions have grown to encompass a record number of 1.54 million members, showing the increasing trust and value that credit unions bring to communities throughout the country. 🤝 At Glasgow Credit Union, we're proud to be part of this thriving movement. Read more: https://lnkd.in/eVZAf7RX #Creditunions #Financialresilence #Membershipgrowth

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J D Wetherspoon has chosen Payit™ by NatWest Group to provide customers with a NEW way to pay for their food and drinks via the Wetherspoon app 📲 🔒 🏦 Powered by Open Banking, Payit's integration into the app provides patrons with a fast, secure AND reliable means to complete in-app pay orders WITHOUT the need to input card details or use personal information 🍔 💸 The new payment option enables customers to complete in-app orders quickly, with Payit DIRECTLY opening their banking app of choice and allowing the appropriate bank account to pay with - minimising fraud , allowing consumers to enjoy their orders worry-free. 👨‍💻 Mark Brant, NatWest Group Chief Payments Officer comments “This new partnership with one of the UK’s most recognisable brands is an exciting move for Payit by NatWest. It’s one that allows us to provide a company with an extensive consumer base a way to reduce the cost of taking payments. “Ensuring the latest payment technology is available to as many consumers as possible is also one of our key ambitions as a business. The added security afforded by Open Banking technology reduces the risk of sensitive information, such as card details, falling into the wrong hands.” Read more on the link below! 👇 #openbanking #payit #natwest #wetherspoon #paymentacceptance #digitalpayments #fintech #fintechnews #payments

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There’s so much hype around Open Banking payments at the minute (especially if you’ve been keeping your eye on your newsfeeds in the last few days 👀 ) We’re grateful that we’ve been able to work with early adopters like Marks Electrical Group plc over the last year to drive awareness and adoption of open banking to their huge customer base 📈 There’s still a some way to go within OB, but with supporters like Josh Egan, Ryan Burgess & Josh Morris at Marks Electrical we’re making progress 💪 To see how we’re helping Marks solve three key issues, check out the case study: https://hubs.la/Q02y4pXn0

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Why should you join a credit union? 🤔 1. We work for you, 𝗻𝗼𝘁 for profit Yes, we really mean it. Credit unions are not-for-profit organisations and never look to make money from our members. In fact, we’re all about making money for our members by giving you all the tools you need to succeed with your finances. You are the only people that profit from your credit union. As a co-operative, our members own the credit union – yes, you! Your savings act as shares, so you know that it’s only local people who are making the decisions and acting in your best interests. 2. Be treated like a 𝗵𝘂𝗺𝗮𝗻, not a credit score Did you know that only 67% of people in the UK trust the banks they currently bank with? We offer a very personal, friendly service from our highly-trained team who are all based here in South Manchester and all live in the local area, so each and every one of us can relate to you and your financial needs. Credit scores don’t tell us the full story – we know there’s a person behind the number. Every decision we make is based on... 𝗥𝗲𝗮𝗱 𝗼𝘂𝗿 𝘁𝗼𝗽 𝟱 𝗮𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲𝘀 𝗼𝗳 𝗷𝗼𝗶𝗻𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗹𝗼𝗰𝗮𝗹 𝗰𝗿𝗲𝗱𝗶𝘁 𝘂𝗻𝗶𝗼𝗻 𝗵𝗲𝗿𝗲 👇 https://lnkd.in/eJvDEd6V

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