Payments News

On The Web

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Global

UK’s Digital Watchdogs Take a Closer Look at Algorithmic Processing

“This “algorithmic processing” is commonplace and often beneficial, underpinning many of the products and services we use in everyday life. From detecting fraudulent activity in financial services to connecting us with friends online or translating languages at the click of a button, these systems have become a core part of modern society. However, algorithmic systems, […]
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Global

UK’s Digital Watchdogs Take a Closer Look at Algorithms as Plans Set Out for Year Ahead

“This “algorithmic processing” is commonplace and often beneficial, underpinning many of the products and services we use in everyday life. From detecting fraudulent activity in financial services to connecting us with friends online or translating languages at the click of a button, these systems have become a core part of modern society. However, algorithmic systems, […]
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Companies

Robinhood Buys U.K. Crypto Firm With Eye on Global Expansion

“Robinhood Markets Inc. agreed to acquire Ziglu Ltd. , a London-based crypto and payments company, ending the U.S. brokerage’s long pause on international expansion. The transaction will give Robinhood a platform that allows customers to buy and sell 11 cryptocurrencies as well as move and spend money abroad, the Menlo Park, California-based company said Tuesday […]
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Global

CMA Writes to Barclays and Lloyds Over Open Banking API Breaches

“The UK’s Competition and Markets Authority has written to Barclays and Lloyds about a series of failures to make accurate and comprehensive data on its products and services available through open APIs. Under the Open Banking provisions of the Retail Banking Market Investigation Order 2017, big banks are required to make accurate, comprehensive and up […]
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Global

U.K. Narrows Scope of Payments Overhaul

“When the blueprint for the U.K.’s New Payments Architecture was unveiled to great fanfare in 2015, it promised to transform the country’s payments systems by providing increased access for consumers, as well as fostering competition and innovation. But the initiative is in danger of falling far short of these goals, and the U.K.’s Payment Systems […]
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Global

Contactless Card Limit Increases to £100 in Britain

“On Friday, the limit for contactless card payments rose by more than half, from 45 pounds ($62) to 100 pounds. It’s a milestone for a country whose banks got an early start with tap-to-pay technology and where 88% of debit and 81% of credit cards now have contactless features.”
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Global

The Payments Landscape in the UK After Brexit

“The UK payments industry highly values the work of the European Payments Council and its members ensured the UK retained its membership of the Single Euro Payments Area, which minimised payment disruption for millions of people and companies across Europe following Brexit. After decades of close collaboration and innovation between the UK and the    […]
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Companies

Britain’s competition regulator sets out new regime for tech giants

“Britain’s competition watchdog outlined a new regime for regulating tech giants such as Google and Facebook, saying it needed new powers to harness the full potential of digital markets and drive competition and innovation. It proposed a new, legally binding code of conduct, pro-competitive interventions in the market and enhanced merger rules, overseen by a […]

On The Wires

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Global

FICO UK Credit Market Report May 2021: Markedly Lower Year-On-Year Increase in Credit Card Spend Suggests Consumers Are Adjusting to ‘New Normal’

“Global analytics software provider FICO today released its analysis of UK card trends for May 2021, which suggests that some consumers are practicing pragmatic financial management, as well as continuing to make use of savings accrued during the pandemic. There are, however, warning signs of the financial pressure growing for those already in debt. Whilst the […]