David Boast

🗣 Simon Eacott, head of payments at NatWest, reveals what the bank is doing to address fraud and what more needs to be done industry-wide. He also offers his thoughts on recent draft legislation issued by the UK government aimed at tackling APP fraud. Read more at the 🔗 Stephanie Melrose #openbanking #fraudprevention #fraud #datasharing #openfinance #payments #financialdata https://lnkd.in/e2DTVxTm

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Equifax UK Launches First-of-Its-Kind Affordability Solution for Lenders Craig Tebbutt, Chief Strategy and Innovation Officer at Equifax UK, said: “The rising cost of living as well as the new Consumer Duty standards are making more robust and accurate affordability assessments a top priority for lenders. Currently, lenders choose to rely on a range of different data sources to help understand consumer income and expenditure levels, which can include current account turnover data, self-declarations or government statistics. Each of these models has different strengths but a combination is likely to provide the most transparent view of financial health. Affordability 360 brings together the power of granular Open Banking data with both bureau insights and statistical data to provide lenders with a deeper view of customer affordability, helping to boost financial inclusion and responsible lending decisions.” https://lnkd.in/eJrkMRmC Emma Henderson Rosie Gratton Smita Patel MCIM Chartered Marketer Bethan Wright Conrad Bator Patricio Remon Jonathan Staward Prof. PgDip (GRC) #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Our Chair, Charlotte Crosswell OBE, recently featured in PaymentsJournal, sharing valuable insights on the government’s newly announced National Payments Vision (NPV) which highlighted the key role open banking initiatives will play in shaping the future of the UK payments landscape. It was encouraging to see the work we do at CFIT, alongside our coalition partners, recognised at this level – a testament to the importance of our ongoing work. 🔗Read the full article here: https://lnkd.in/e8djs4dc #FinTech #Innovation #FinancialServices #Payments

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https://lnkd.in/dFh-uJTA Monzo Bank Chooses GROW with SAP to Enhance Digital Banking Solutions Monzo, which was established in 2015, was one of the first #digitalbanks in the United Kingdom. It currently has over nine million personal customers and 450K corporate customers. Monzo chose SAP’s Business #Technology Platform (#BTP) and #GROW with SAP for #Scaleups for their extensive functionality and pre-existing #localization capacities. Monzo will receive the necessary flexibility and backend support to comply with current legal mandates and regulatory trends in the UK and other nations in the future, thanks to the support of systems integrator #NTT #DATA #BusinessSolutions for the #transformation programme. #fintechnews #technews #viralnews #techforgood #fintech Follow FinTech Publications Intent Amplify™

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Nearly one-fifth of UK consumers plan to increase their use of Open Banking payments in the next five years, outpacing other methods. A study by Emerchantpay reveals that while cards remain popular, Open Banking is gaining traction for online and in-store purchases. Security and real-time balance access are key factors for consumers. Where is the future of open banking heading? Learn more: https://bit.ly/4eP5RTp #OpenBanking #Payments

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In this week's podcast, Darren chats with Hylton Kallner, CEO of Discovery Bank, part of Discovery Limited. Hylton provides an insightful overview of the bank’s journey and offerings, which have transformed the financial landscape in South Africa and garnered attention from international markets. They discuss at length Discovery Banks latest product - Mortgages/Bonds and how that is already disrupting the market. #fintech #challengerbank #southafrica https://lnkd.in/dE74pezG

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Exciting times ahead for the payments landscape! The Bank of England is enhancing its core payments infrastructure to support changing user demands and technological innovations. Find out how they are renewing the RTGS service to drive innovation in wholesale settlement: https://bit.ly/3UGCKcP #BankOfEngland #PaymentsInnovation #RTGSInfraEnhancement

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Instant Payments Liftoff: The Importance of Customer Experience At #EBAday2024, Simon Eacott, Head of Payments, NatWest, discusses the #instantpayments evolution, revolution, and the challenges that remain for #banks required to implement instant #payments. Beyond the technical challenges and the regulatory agenda that has led to congestion in delivery and before full adoption of instant payments can be achieved, #financialinstitutions must ensure they have a #customerexperience that works. #Technology must be embedded in the #customerjourney to allow instant payments to take off, and #consumerprotection must also be prioritised so that the experience is akin to #cardpayments. https://lnkd.in/eANvraGc #fintech #FinextraTV #finance #economy #money #innovation #future #trends #banking #financialinstitutions #NatWest #instantpaymentsrevolution #paymenttechnology

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Are legacy payments holding your institution back? It's time to embrace modernisation and unlock new growth potential. Finteq is known as the leader in the evolution of modernised interoperable payment systems. In keeping with our ethos and drive to innovate at the rapid pace of the technology revolution, our systems must evolve ahead of anticipated changes, challenges, trends and developments. This has cemented Finteq as a trusted service in the banking industry. Our approach has not only streamlined local and international payment processes but, above all else, created an ecosystem of tight safety protocols, protecting our clients and end-users by predicting and delivering at the highest standard. #Fintech #Finance #BankingSolutions #PaymentProcessing #FinTechAfrica

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Otto Benz, Payments Director, discusses the evolution of Nationwide Building Society's journey with Form3. From FPS implementation to multi-cloud and the importance of tackling fraud. He tells all👇 #paymentsplatform #cloudnative #fintech #banking #financialservices

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Why without technology, there would be no banks Join #FinextraTV at the #TemenosCommunityForum 2024 in Dublin, as Maurya Murphy, Senior Product Director, Corporate Banking at Temenos, and Benjamin Wey, Senior Advisor at HAMILTON RESERVE BANK, chat through how #technology can be used to streamline #operations and grow and develop as a #business. For the largest #globalbank headquartered in the Caribbean, technology is essential for resolving problems that all traditional #banks face, such as lack of communication and lack of customer support. There is now an expectation from customers of a much closer link between #banking and technology, and #corporate clients are looking for more personalisation, more choice and more #sustainability in their products. https://lnkd.in/e8jtPYvp #fintech #TCF204 #TCF #finance #economy #money #payments #innovation #SaaS #SoftareasaService #BaaS #BankingasaService #financialservices #financialinstitutions #digitaltransformation #modernization #bankingtransformation #corporatebanking #regulation #compliance #automation #personalization #customization #customerexperience #bankingservice #onboarding

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The Payments Association Launches Its Manifesto, Calling for a National Payments Plan Tony Craddock, Director General, The Payments Association, said: “A review to produce an NPP to ensure the delivery of the government’s NPV&S is critical to ensuring the new infrastructure and legal system underpinning it is appropriate, aligned to the vision, adaptive to change and supportive of the common goal of enabling economic growth and stability in an inclusive, liberal society.” “As the Deputy Governor of the Bank of England wrote, ‘One contribution the Bank of England can make, working with industry, is to redouble our efforts on innovation in money and payments — modernising trains and rails, as the fundamental infrastructure for commerce and the digital economy”. I believe that achieving the Bank’s desired retail payments outcomes will require clear and renewed leadership from UK authorities and the payments industry.” “Our community at The Payments Association is committed to supporting the government and its authorities to produce a compelling, whole-ecosystem NPP by engaging with members from across the payments value chain, from retail stablecoin issuers to cash schemes, in this critical work. Together, I look forward to entering an exciting new era for payments.” https://lnkd.in/exg_pHfF Isabelle Smith Ben Agnew Keri Farrell Billie Pursey #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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The UK Payments Sector Needs a Unified Vision. 🚀 The UK payments ecosystem has long been a global leader. ✔ Security, reliability, and resilience? Unmatched. ✔ Real-time transfers and Open Banking? Pioneering. ✔ Mature digital wallets and regulatory frameworks? A strong foundation. However, despite these strengths, the sector needs a unified direction for the future. This was the central finding of the Future of Payments Review, commissioned by His Majesty’s Treasury. The report highlights a critical challenge: while the UK payments landscape comprises successful components, they don’t always align. Major change initiatives are underway, but the progress has been slower than intended, frustrating many across the ecosystem. The recommendation? A National Payments Vision and Strategy (NPVS) to create alignment, streamline efforts, and accelerate innovation across the sector. The UK Government has already welcomed this recommendation, and a roadmap for the NPVS is expected later this year. Key priorities 🔔 Modernizing interbank payments infrastructure. This includes adopting international payment standards, enabling real-time capabilities for all payments, and acting as an open platform that supports safe innovation by third parties. 💪 Fighting fraud. We’re working with stakeholders across the ecosystem to deliver tools that prevent fraud, detect it quickly, and reimburse victims. 🏆 Preparing for future technologies. From a potential digital pound to regulated stablecoins, we aim to ensure interoperability and readiness for new payment methods as they emerge. The foundation of any payment strategy should focus on delivering what users need most: certainty, convenience, choice, and control. The opportunity ahead is enormous. With the right strategy, we can ensure the UK remains a global leader in payments innovation—supporting individuals, businesses, and the broader economy for decades Tony Craddock and The Payments Association. The sophistication and ingenuity within the UK banking and payments sector provide a solid platform to build, and at BB Merchant Services, we are committed and positive about helping shape this future. As we await the government’s roadmap, our team of experts from the payments industry, who have worked with over 3000 companies over ten years, is positive about the potential for positive change. We have the chance to modernise, simplify, and enhance how money moves across the UK—ensuring the most innovative, most secure systems for future generations. This is an exciting time for payments. https://lnkd.in/dNauB-ds

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Yesterday we saw TSB Bank in the headlines apologizing to customers for missing payments due to technical issues with payment systems. Similarly, on June 28 this year a digital banking meltdown left thousands of UK customers stranded without access to their funds on a critical payday. Major banks like HSBC, Barclays, Nationwide Building Society, and Virgin Money grappled with widespread payment delays, exposing vulnerabilities in the digital banking infrastructure and causing significant frustration and inconvenience. It is common for payment systems to be supported by very large scale physical server estates which are inherently more cumbersome to restore following an outage scenario than their virtual machine counterparts. Cristie Software Ltd can help firms operating critical services supported by physical machines with automated system recovery. Our recovery software integrates with leading backup solutions from vendors such as Rubrik, Cohesity, Dell Technologies and IBM to provide automated full system recovery for physical, virtual and cloud based machines. Visit our Financial Services landing page to learn more about our physical system recovery automation and how we are helping major banks to meet Operational Resilience directives through improved physical system recovery workflows. https://lnkd.in/diPM3zm3 #dora #financeindustry #cybersecurity #insuranceindustry https://lnkd.in/d5CwBPSD

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📢 Caxton Payments Enhances Security with Strategic tell.money Partnership. As part of its relentless pursuit to stay ahead of payment fraud, Caxton Payments has teamed up with tell.money to introduce Confirmation of Payee (CoP) services, adding yet another cutting-edge layer of security to its platform and ensuring customers’ funds are more protected than ever. The implementation comes as the UK’s Payment Systems Regulator is expecting to see near ubiquity of Confirmation of Payee by its deadline at the end of October 2024, marking a significant milestone in payment security. Alana Parsons, COO of Caxton, states: "At Caxton, we’re dedicated to safeguarding our customers’ payments with industry-leading security enhancements, like our new confirmation-of-payee checks. This additional layer of verification helps our users avoid accidental misdirected payments and strengthens protection against fraud. Our customers’ peace of mind and the security of their funds is at the heart of every innovation we bring to the Caxton platform." David Monty, CEO of tell.money, says: "We’re thrilled to be working alongside Caxton on this vital project. Like us, the team at Caxton is determined to provide services that place the customer at the centre. Our CoP solution certainly delivers that peace of mind, not just for Caxton and its customers, but also for the wider ecosystem interacting with those account holders. We believe that a well-functioning payments ecosystem provides the best possible outcomes for all end users, and we are delighted to be working with like-minded people at Caxton." As the holiday season approaches, this enhancement provides timely reassurance for both businesses managing year-end payments and individuals sending money to family and friends. 👉 Read more here: https://buff.ly/41KEA0z #CoP #Fraud #Fintech

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