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.”

On The Wires

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Global

Confirmation of Payee Requests Exceed One Million Per Day

“The new, payment beneficiary name-checking service known as Confirmation of Payee (CoP) is now enabling more than 1 million name-checking requests per day, helping to protect consumers and businesses from certain types of fraud and misdirected payments. The end of June 2020 saw a number of UK banks and building societies complete their rollout of […]
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Deals

Wagestream Goes Mainstream As It Completes a £20m Series B Funding Round

“Income streaming provider, Wagestream, which enables employees to access their earned wages in real time, today announced it has completed a £20m Series B funding round.  Wagestream, which enables staff to draw down a percentage of their earned wages any day of the month for a flat £1.75 fee, has seen demand for its product skyrocket among […]
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Global

UK Finance Proposes Next Steps for Open Banking

“A future model for how the UK’s world-leading Open Banking (OB) functions can continue and progress once the current implementation phase ends early next year is set out today in a new report, Open Banking – Future State, by UK Finance in association with Accenture. The Competition and Markets Authority (CMA) final OB implementation roadmap is due […]
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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 […]