53 Results
John Bertrand MD at Tec 8 Limited
At UK first Global Fraud Summit, HM Treasury plans to introduce legislation, only to apply to suspicious Authorised Push Payments executed within the UK in sterling. The proposed statutory instrument amends the Payment Services Regulations 2017 and allows PSPs to delay the execution of an outbound payment transaction by up to four business days fr...
15 March 2024 /payments /regulation Innovation in Financial Services
EU mandatory regulations for instant credit transfers within the Single Euro Payments Area (SEPA) are right on the money. The key requirement is verification of payee. Today this is absent in the UK, apart from ten mandated banks plus a few more. IBAN (International Bank Account number) is being supplemented to identify the actual owner of the ac...
21 February 2024 /payments /regulation Banking Strategy, Digital and Transformation
Brilliant start to the year with HSBC head of wealth announcing a new Foreign Exchange (Forex) app to take on Wise (1). The app is for existing and new customers wanting to make foreign exchange transactions instantly. This activity fully supports the 695th Lord Mayor of London Lecture on “Harnessing Entrepreneurship to Build a World-Class Economy...
05 January 2024 /payments /markets Banking Strategy, Digital and Transformation
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
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
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
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
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
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
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
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