4855 Results from /payments
Retired Member
In a paper SEPA looks wonderful, but implementation is lacking. Just in my own experience I run in to difficulty few weeks ago, because SEPA could not deliver the promise. I paid a bill from my belgian online bank to Finland. As in Finland, companies require reference codes for automatic payment settlements. That is good and saves a lot of time/mo...
12 April 2013 /payments /wholesale Online Banking
I find myself at the forefront of many debates these days. And I’m not talking about politics, but rather how we will pay for products or services in the future. A year ago, the topic of mobile payments circulated as mild Internet banter in terms of how money is exchanged across sources, rails and platforms. Today, this complex subject makes its wa...
10 April 2013 /payments
Can a solution based on Faster Payments become a viable alternative to the card schemes in the UK?.. I (very much) think so. Faster Payments service is based on the "account to account" system, i.e. it runs on inter-bank rails bypassing the card networks. Hence, it's (almost) cost-free, from the payment perspective. Retail payments - as w...
10 April 2013 /payments Innovation in Financial Services
In 1995 the average UK customer of HSBC visited the branch just over twice a month; in 2012 they only popped in just over three times a year. This illuminating statistic came from Brett King in an entertaining presentation today, where he drew parallels with the destruction of high-street book shops, HMV, Blockbuster and the like. In traditional ...
09 April 2013 /payments Innovation in Financial Services
The stories we hear on the recent freeze and confiscation of funds held in bank accounts in Cyprus seems to be more focused on individuals. In the UK we have heard many stories of retirees who had the bulk of their savings in a Cypriot bank, with one poor couple having just sold their property in Cyprus, with the funds sitting in a Cypriot bank pr...
09 April 2013 /payments
While the requirements for SEPA Credit Transfer (SCT) migration are relatively well-understood and straightforward, migration to SEPA Direct Debits (SDD) is a more challenging undertaking. The SDD schemes (core and B2B) were launched nearly 3 years after SCT in November 2010, and adoption was further delayed by ongoing uncertainty about the abilit...
08 April 2013 /payments
We encounter some common concerns when we’re working with companies to implement a payments project. Outsourcing or revising A/P processes can seem daunting, but we can address some of the larger concerns here. I’ll cover moving from check to virtual card first, and in the next blog, I’ll discuss concerns with ACH and check printing projects. Ch...
Gareth Ellis Account Manager at ACI Worldwide
With the mobile phone hitting 40 this week, it’s amazing to see how far it has come since the first model back in the 70s. With an estimated six billion mobile subscriptions worldwide, we’re seeing more and more handsets replacing many things we take for granted, including money. But for a decade and a half, mobile payments have struggled to make ...
05 April 2013 /payments
Paul Love VP Business Development at Konsentus
"Lets shake on it" - A handshake has always been the way to seal a deal. It is a human interaction, based on trust and relies on the honor and integrity of the parties involved. Last week an article in the Telegraph "Cash or card? Soon we'll be paying by handshake" suggested that customers may also be able to "pay by hands...
05 April 2013 /payments Innovation in Financial Services
"The hardest thing of all is to find a black cat in a dark room, especially if there is no cat." It was Confucius who described the current problem that the payment industry is facing: there is none. At least, not the one they are solving. It is easy, with all the hype around "mobile", "contactless" and "a trillio...
04 April 2013 /payments Innovation in Financial Services
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