Latest opinions that John Bertrand has shared on Finextra

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John Bertrand

Tec 8 Limited

Member since

03 Apr 2020

Location

London

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John's opinions

Reimbursement of APP Scams: Boost for consumers/SMEs

The Payment Systems Regulator issued Specific Requirement 1 on the Faster Payments Scheme Operator (Pay.UK) to insert APP scam reimbursement into Faster Payments. The timetable as follows: Action Financial Service & Market Act 2023 (FSMA) - places statutory on PSR for APP scam payments over Faster Payments by 29-Feb-24 Faster Payments Scheme Op...

21 December 2023 /payments /regulation Banking Strategy, Digital and Transformation

UK Finance Annual Mortgage Dinner and The New Mortgage Charter

An exhilarating evening was held with the members of the mortgage industry on 12 December with people dressed in black tie. The mood was set by the Director of Mortgages for UK Finance and further extended by the chair of akt Charity by providing safe homes for UK LGBTQ young people. Positivity for 2024 was palpable. The Director opened with givin...

17 December 2023 /regulation /retail Digital Banking, Mortgages and Savings

Cyber Wars Going Infinite: Buckle Up

The Michael Lewis book, Going Infinite, The Rise And Fall of A New Tycoon and Erica Stanford’s earlier book Cyber Wars, reflect an accurate but disturbing picture of this unregulated market. At times, the market appears to be a huge Ponzi Scam: The Z/Yen Group believes over 60% of the cyber coins on offer are fake. In the UK, 80% of Bank Accoun...

30 October 2023 /crypto /crime Innovation in Financial Services

Accelerating the use of Instant Payments

European instant payments were introduced in 2017 and by 2022 represented 14% of all SEPA credit transfers. Across the 29 counties, some have yet to start while others, led by the Netherlands, have reached 90% domestic single payments. International instant payments, for example, euro to pound, are beginning to happen but come with a high risk of ...

29 September 2023 /payments /regulation Payments strategies 2015-2020-2030

Global trends for Faster Payments

The trends emerging with Instant Payment Systems are: 1. Increasing in-country systems being released and promoted The latest major country to introduce instant payments is the USA. The Federal Reserve switched on their instant payment program called FedNow in July 2023. Starting out with 35 banks and credit unions and FedNow is planning to add...

21 August 2023 /payments /regulation Banking Strategy, Digital and Transformation

APP Fraud: UK Government and UK Supreme Court at odds: what shall we do as scams jump 24%?

In June the UK Government gave royal assent to allow the Payment System Regulator (PSR) to mandate reimbursements for scam victims. Consumer and small enterprises (<£5 million revenue) are to receive the refunds in 5 working days. Costs to be split 50/50 between the Payer and Payee Banks. In addition, Bank/Payment Service Provider (PSP) must h...

12 August 2023 /payments /regulation Banking Strategy, Digital and Transformation

Supreme Court, July 2023, only where validity of instruction is unclear bank to use Duty of Care

Under the new ruling, when a bank receives a valid payment request with no room for interpretation or choice, the bank must execute the order. That means if the owner of the bank account authorises a clear payment instruction to the bank it has to be paid. The emphasis is clearly on the payer knowing the payee. In 2022 UK APP fraud was £500 milli...

16 July 2023 /payments /regulation Banking Strategy, Digital and Transformation

Instant cross-border payments, with G20 recommendation, are coming.

A superb discussion at EBAday 2023 was on the move to real-time cross border payments everywhere. Movement from next day payment delivery into the bank account to within an hour to become the new norm. “The G20 proposed standard of 75% payments made within 60 minutes.” The G20 standard coupled with the EU are mandating instant euro payments by year...

09 July 2023 /payments /regulation Payments strategies 2015-2020-2030

Instant Payments, Global platforms choices, accelerating scams: Action essential

Having two real time systems in the UK – CHAPS and Faster Payments - is a bonus. The task is to see how they can work together against the growing demand for instant payments regardless of amount and currency worldwide. Can a combination of these platforms become a highly valued asset in global instant payments? In 2023 EU will be mandating the us...

09 June 2023 /payments /crime EBAday

Association of Corporate Treasures (ACT) March 23 Cash Management Conference

The ACT Cash Management conference held in London last week was a well attended, outstanding event covering many issues facing the Corporate Treasures, banks and our selves in these uncertain times. What was clear, real time information and transactions are now a strong driver in business. The arrival of the New Payment Architecture (NPA) in the U...

27 March 2023 /payments /regulation Treasury Management

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