Weekly Headlines 15 October 2021

15th October 2021

Rollout of the new £100 contactless limit in the UK

Starling Bank and Lloyds Banking Group to let customers set their own contactless limit

SumUp is entering the US market

Monzo offers its business customers a request payment product

PSR decided existing protections, particularly for payments that were unauthorised or were wrongly executed, are sufficient for now

EBA Clearing, SWIFT and The Clearing House partner to speed up and enhance cross-border payments

Banks made record investment in European fintech last year

Splitit offers instalment payments for Discover

 

Rollout of the new £100 contactless limit in the UK

The rollout of the new £100 contactless limit begins today in the UK, following a public consultation and in discussion with both the retail and banking sectors. From January to July of this year 60% of all debit and credit card transactions in the UK were made using contactless.

 

Starling Bank and Lloyds Banking Group to let customers set their own contactless limit

Following the steps of the Lloyds Banking Group, Starling Bank is to let customers set their own contactless limit, noting little demand and a fair degree of concern over the raising of the contactless ceiling to £100.

 

SumUp is entering the US market

SumUp is entering the US market via the acquisition of Fivestars, a loyalty, marketing and payments services provider. The acquisition is SumUp’s first in the US and will provide the company with access to the more than 70 million consumer members and 12,000 small businesses within Fivestars’ network, which currently drives over $3 billion in sales and 100 million transactions per year.

 

Monzo offers its business customers a request payment product

Monzo is offering its business customers a request payment product that enables them to get paid directly by creating a payment link or invoice in just a few taps.

 

PSR decided existing protections, particularly for payments that were unauthorised or were wrongly executed, are sufficient for now

In its response following its call for views on consumer protection in interbank (account-to-account) payments, the PSR has decided that existing protections, particularly for payments that were unauthorised or were wrongly executed, are sufficient for now. For the time being, the PSR will not intervene to introduce additional purchase protection which isn’t yet provided for bank transfers.

 

EBA Clearing, SWIFT and The Clearing House partner to speed up and enhance cross-border payments

EBA Clearing, SWIFT and The Clearing House partner to speed up and enhance cross-border payments. The companies have completed a proof of concept as part of a new initiative, Immediate Cross-Border Payments (IXB), that demonstrates the ability to synchronize settlement in one instant payment system with settlement in the other and convert real-time messages between both systems. The concept could be expanded to additional currencies and is also replicable for more liquidity-efficient high-value payments.

 

Banks made record investment in European fintech last year

Banks made record investment in European fintech last year. Banks took part in a record 142 fintech deals across Europe last year, tripling their rate of fintech investment since 2016. As a whole, banks partook in 17% of the 813+ VC-led deals in European fintech last year.

 

Splitit offers instalment payments for Discover

Splitit is now offering instalment payments for Discover Global Network cardholders worldwide.

 

PSE Innovation Videos

Codat – Opportunities for Open Finance

In this full length conversation with Yasamin Karimi from Codat we discuss the benefits of Open Finance to acquirers as they seek to onboard new customers and carry out credit checks. Yasmin highlights the emerging opportunities of combining accounting, Open Banking, and commerce platform data to create a rounded view of where a business has been, its current cash position and its order pipeline.

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