Payments News

On The Web

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Global

UK’s Supreme Court Rules Against Mastercard, Visa in Retailers’ Fees Battle

“Britain’s highest court on Wednesday upheld an earlier Court of Appeal ruling that credit card companies Visa and Mastercard restricted competition in the way they set fees for retailers, opening the way for them to seek compensation. The case, which dates back to 1992, was brought by retailers Sainsbury’s, Morrisons, Asda and Argos and relates […]
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Global

UK Government Embraces Payment Initiation With TrueLayer Appointment

“The UK government has given financial API provider TrueLayer the green light to provide public sector organisations with its Payment Initiation Service (PIS). The firm has been appointed to the government’s Crown Commercial Service’s Payment Acceptance Framework. Any government organisation can now set up with TrueLayer to accept payment via the Payments API.”
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Companies

Visa Completes Request to Pay Pilot Trials

“Visa has facilitated the first request to pay message sent and received using standards developed by Pay.UK. The messaging service enables billers to directly request funds rather than sending traditional invoices. For each request, receivers are asked whether they would like to pay in full or in part, request an extension, communicate directly with the […]
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Global

UK’s FCA releases updated guidance for payments firms amid COVID-19

“The U.K. Financial Conduct Authority issued renewed guidance on payments firms amid concerns that the COVID-19 pandemic has put additional pressure on many startups that depend heavily on investor support and may not be able to meet original performance targets. “The guidance is part of a broader programme of work the FCA was planning to […]
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Domains

Santander launches PagoFX in the UK, a money transfer app to take on TransferWise and other fintechs

“A leaked Santander internal memo in 2017 likely set wheels in motion . Reportedly written by the bank’s head of innovation, the missive warned that a large chunk of the Spanish incumbent’s profits were at risk — specifically, those generated via international money transfers – because of the growing success of fintech challengers, such as […]
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Global

UK Bans Use Of Credit Cards To Pay For Gambling

“From today (14 April 2020) gamblers in the UK can no longer use credit cards to pay for bets. The move has been welcomed because online gambling has increased during the coronavirus lockdown. The ban, first announced in January by the Gambling Commission and the government’s Department for Culture, Media and Sport, extends to credit […]

On The Wires

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Global

Rapyd Launches All-In-One Integrated Payment Solution in the United Kingdom

“Rapyd, a global Fintech as a Service company, today announced the launch of a single, “full-stack,” payment solution in the United Kingdom allowing businesses locally and globally to access every major local payment method — such as cash, bank transfers, ewallets, and cards — through one easy to integrate connection. In partnership with several major payment partners […]
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Domains

Request to Pay Rules and Standards Framework Launched

“Today (Friday 29 May 2020) Pay.UK is pleased to launch the Request to Pay Framework – the message standards, rules, and terms and conditions for the development of Request to Pay services.   The new Framework can now be used by organisations to create the first Request to Pay propositions, set to underpin a vibrant […]