How accessible are financial services?
As the cost-of-living crisis takes its toll, more vulnerable groups are at risk of not receiving the support and help they need to access financial services.
May 23, 2023
As the cost-of-living crisis takes its toll, more vulnerable groups are at risk of not receiving the support and help they need to access financial services.
High levels of data and machine learning are key if financial institutions want to tackle the sophisticated nature of payment scams.
In a challenging economic climate, businesses must adapt and innovate to keep up with consumer needs and preferences.
The Payments Association’s Project Regulator has created a five-step checklist for firms that have fallen behind on preparing for the new rules.
Financial exclusion in the older population continues to rise and businesses must work together to find solutions that can help this group transition as payments become more digital.
The payments sector has the knowledge and expertise to make open finance a frictionless process that helps customers improve their financial health.
While those hit hardest by the cost-of-living crisis could benefit from using open banking, Stuart Wakefield questions whether the payments sector should be doing more to help.
Banks and businesses are struggling to work out the impact of HSBC’s purchase of SVB because the deal and the bank’s intentions lacks transparency. Investors and payment experts come together to discuss the matter.
Embedded and invisible payments with reduced friction is on the horizon for retail payments, but players across the chain must not forget why there is friction. Santander’s chief payments officer Paul Horlock dives into what’s next.
With the Bank of England opening its consultation on digital currencies, the key question for the payments sector is could a digital pound interact with the existing infrastructure.
Open banking is leading the way for open finance and open data where robust open APIs and data management will be the cornerstones of success.
With decreased payment volumes and increased risks of market consolidation, The Payment Association examines how a recession could reshape the industry.
With Apple and Google already laying the foundations for biometric acceptance, the drive behind its adoption now comes from consumer demand for fast, secure and accurate ways to pay.
The G20’s payments roadmap will not succeed if there are no international regulatory and data collection standards, and transparency measures. The coming year could be pivotal for everyone in the multi-layered cross-border payments chain.
While current accounts are not profitable for banks, having loyal customers allows them to cross sell other products and services it offers
The Payment Association’s Project Cross-border hosted a forum in partnership with EPA Asia and IIF to explore the challenges a CBDC could pose and what technology could do to disrupt international transactions.
As buy now, pay later becomes increasingly popular in a recession, the payment method could either give consumers a safe refuge to weather the storm or uncontrolled levels of debt.
Hiding behind technology enables fraudsters to use emotive language to target their victims, so industry experts examine how can people identify the red flags.
With consumer spending likely to fall over the next two years, the payments sector must be innovative to grow and serve the most financially vulnerable groups.
Be recognised as an industry leader at the most important payments awards – The PAY360 Awards. Nominations are now open for 2023 awards. You have until 17 February to submit your entry.
The Payments Association’s Project Regulator working group will continue to engage with the FCA in 2023 to ensure members can thrive in the UK payments market.
Many firms still haven’t had the opportunity to drill down on the implications that the Consumer Duty has on their business. A recent webinar outlines the key steps to take.
Project Inclusion, led by Josh Berle of Mastercard, showcased the best fintechs offering sustainable and inclusive payments products in 2022 to energise the industry towards better practices. The team engaged
Santander is calling for more to be done to combat fraud because the PSR’s mandatory reimbursement plans for APP scam victims will be an unsustainable cost for banks and schemes.
Virtual cards used for B2B transactions can offer tailored payment solutions for customers, while suppliers could gain instant payments and enhanced data, according to several firms using the payment method for B2B transactions.
Payment firms should be prepared for a higher cost of compliance when the Financial Services and Market Bill enters into force in 2023.
Payments firms have the potential to unlock transaction data to infer a lot about global ESG impacts and drive real change across environmental, social and governance goals. Carbon accountability is coming and companies need to choose a strategy.
Open Banking is predicted to grow to 304 million users by 2026. Merchants, payment service providers (PSPs) and consumers will all benefit from the lower fees, immediacy and increased convenience that Open Banking offers.
When it comes to supporting customers through the cost of living crisis, it seems the payments sector has faded into the background and innovation has stalled. Project Inclusion intends to turn that around.
The Payments Association asked Kate Fitzgerald, head of policy at the Payment Systems Regulator, about her work and what she will be discussing at the Financial Crime 360 conference.
The use of cryptocurrencies, stablecoins and biometrics may solve some of the barriers to quick and safe cross-border payments.
In the coming months, Project Financial Crime members expect criminals to become quicker at exploiting the government’s cost of living schemes to help the vulnerable.
Representatives from companies such as Starling Bank, American Express, Nationwide, Visa, Mastercard, Bottomline, Clearscore, Vyne, Pennies, Tink, Eversheds Sunderland, Baker Botts and many more came together to discuss the future open banking model.
Rather than building a single global rulebook for payments, regional rulebooks are the better approach in the medium term, according to industry participants.
The G20’s payments programme is moving into the practical phase of its plans to improve cross-border payments. Where does it fall short?
As more organisations move to a cloud-based payments platform, the decision on whether to opt for a private or public cloud will depend on what is most cost effective for a firm.
The payments industry is in a unique position to develop solutions that can help retailers and customers with the cost of living crisis.
Companies wanting to expand into Africa should look at how neo-bank Kuda and mobile payments platform OPay have successfully penetrated the Nigerian market and overcome regulatory hurdles.
As consumer concerns rise about their finances, essential and non-essential spending, and managing their outgoings, the payments industry can create solutions that include clearer communication, personalisation, and transparency, especially around credit terms.
ISO 20022 is becoming the new global language for payments and cash management messaging. Paul Olukoya, managing director of payments, cyber and data at Grant Thornton UK LLP, offers his tips to overcome the implementation challenges that firms are facing.
Companies such as Monzo, Starling, Revolut and Curve worked with Mastercard to scale their businesses. How are fintechs winning market share by working with the global technology company?
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