Community

This is a tremendous coup for MasterCard. Such a strong play in the direct payments space will be a huge asset at a time when the traditional interchange model for cards comes under increasing pressure from retailers and regulators around the world. It also helps them in the Debit segment where they are non-existent in the UK.

In the last few years, MasterCard has transformed itself from being a card scheme to a technology organisation. Their deep pockets and willingness to invest bode well for Vocalink and the UK payments infrastructure.

Wonder if it is within the remit of the Central Bank to regulate the Financial Technology industry. I would have thought that they would only be able to regulate what is deployed, not what is developed.

The complexity of the customer base, the product set and the myriad of UK and EU Regulatory requirements that this divestment must comply with will have severely constrained the bank's choice of divestment options. So, I do have some sympathy for the bank though I am sure with the benefit of hindsight, there are things they would have done differently.

With respect to the previous comment regarding paying everyone £500 and asking them to find another bank, it is quite simplistic. TCF (Treating Customers Fairly) will prevent the bank from doing that for a variety of reasons, e.g. customer's financial situation may have changed and they may not be able to get another account, some vulnerable customers may be incapable of getting another account and so on.. 

I wish the bank well in delivering this divestement as early as they realistically can so that both staff and customers can move on from this state of limbo.

If Brexit happens, then perhaps the whole thing will be may be called off as the UK will no longer be subject to EU regulations. WHo knows....

This has got to be the one of the biggest catches in cybercrime history. Well done FBI and the Justice Department.

We agreed to take part in the Lloyds Bank pilot of this technology when we were moving our mortgage to Lloyds from our previous lender. There were the odd glitches with the video link but apart from that it worked a treat. To be able to sit at home in our living room, see the advisor we were talking to and move a complex product like a mortgage was as though the bank literally came into our living room.  Amazing and thoroughly recommended.

Well done Lloyds Bank.