Payments News

On The Web

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Global

FCA Warns Buy Now Pay Later Firms About Misleading Adverts

“The FCA has warned firms that offer Buy Now Pay Later (BNPL) products that although some agreements are unregulated the financial promotions of all BNPL products must comply with the financial promotion rules. Unauthorised firms might be committing a criminal offence if they don’t have an FCA-authorised firm approve their financial promotions.   Authorised firms selling […]
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Global

UK Group to Test Stablecoin Payments, Provide Data to Bank of England

“The Digital FMI Consortium, a group of private-sector companies, said it plans to test cross-border payments and provide recommendations to the Bank of England using its own sterling-backed stablecoin, dSterling. “The backing of the dSterling will be pounds held in a Bank of England reserve account and it is 100% backed,” a company spokeperson told […]
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Global

Open Banking Oversight Committee Takes Next Step with Creation of Working Group

“Bryan Zhang, the co-founder of the Cambridge Centre for Alternative Finance at the University of Cambridge Judge Business School, will head up the strategic working group for the oversight of open banking. The UK has moved another step closer to a clear vision of the open banking Oversight Committee with its latest appointment.   Bryan […]
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Global

FICO UK Credit Card Market Report April 2022

“FICO’s report of April 2022 UK card trends shows some early signs of the impact of the widely reported cost-of-living pressures. The monthly report based on the largest consortium of UK cards data shows a typical rise in card spend and balances, but also a slight increase in missed payments. Average monthly spend hit £760, […]
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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 […]