Gavin Bennett

📢 Today marks an exciting new chapter in the acceptcards® Independent Payment Experts journey. 💷 We’re launching #AcceptCash, utilising Smart Safe technology so businesses can deposit cash into a smart safe and settle to their bank account the very same day. Our cash payments solution responds directly to demand from SMEs for instant, affordable cash deposits to help with cash flow. Especially timely against a backdrop of bank branch closures and a Post Office fighting with growing demand! Who is this service for? Well, we know that businesses with an average monthly revenue of £80,000 would save 73% in cash processing costs via AcceptCash. We expect this to be most of interest to franchisee and enterprise businesses in the retail, convenience and hospitality sectors. However, it’s a tool which we know will help all SMEs with detailed reporting, same-day settlement, accountability, cost savings, efficiencies and much more. We’re pleased to be working with Martin Smith, Strategy & Solutions Director at Cennox to implement and roll-out the new technology in the coming weeks. Ultimately, this service will bring more choice to business owners as well as driving the most efficient and innovative ways of managing cash to make it a more viable payment choice. 🤔 Did you realise that cash is almost double the cost of card payments currently for UK businesses now? This is despite the fact that we know demand for cash is high…hence why we’re wanting to make it a level playing field! Full story over on FF News | Fintech Finance News: https://lnkd.in/ervZ2Jku #Fintech #cashpayments #cardpayments #innovation #financialservices #acceptcards #acceptcash #cashmanagement #paymentsolutions #customerfocused

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New Programme From Responsible Lender Creditspring Helps Unlocks Access to Affordable Credit Neil Kadagathur, CEO and Co-Founder at Creditspring, comments: “Across the UK, there are groups of people who find it difficult to access affordable credit, notably those who are new to the country, have limited credit history, or a poor credit rating due to past debt. Creditspring Go is a simple solution that will help these groups build their credit profile and access affordable credit safely, while supporting them with the information and tools needed to build their financial resilience for the long term.”  https://lnkd.in/e9S2Bwum Kitty Guillaume Jessica Skinner Jonika Lewis Puja Rohra Vance Chau Aditya Surana #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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The Payments Association Calls on New PSR Head to Delay APP Fraud Implementation to Prevent Irreparable Damage Tony Craddock, Director General of The Payments Association, commented: “This move by the PSR represents a prime opportunity to re-set the relationship between the payments industry and one of its most important regulators. We believe that to mitigate systemic risk and prevent damage to the payments industry from some of the PSR’s current plans, significant changes are needed.” Riccardo Tordera-Ricchi https://lnkd.in/eDzN4iPE #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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“No effective competition in the payments market" 💬 That's what the Payment Systems Regulator have stated in an interim report, looking specifically at the supply of scheme and processing services. 📜 The PSR's findings include: “The regulator’s interim report suggests the supply of scheme and processing services is not working well.” “There is currently no effective competition preventing the two biggest schemes raising prices.” “Pricing in the market is complicated and prices have risen substantially over the last five years.” Christopher Owen, Payments Policy Advisor at the BRC, said in response to the report: "This report highlights the lack of competition across card schemes, with fees being introduced without justification or sufficient explanation. The 30% increase in scheme fees since 2017 costs businesses an extra £250 million. It’s now time for action. The PSR must implement meaningful reforms to increase competition, increase transparency, and reduce costs in the payment market." To read the report in full, including remedies suggested by the PSR, click here 👉 https://lnkd.in/ekv6iY76 https://lnkd.in/e_62VTkP #payments #cards #schemefees

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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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💡 New #APP Fraud Reimbursement Rules enter into force today, 7th October All in-scope Payment Service Providers #PSPs that use of Faster Payments Service #FPS and Clearing House Automated Payment System #CHAPS will need to ensure their processes are compliant with the new requirements. ➡️ The Payment Systems Regulator #PSR rules will now require Payment Service Providers #PSPs to reimburse APP Fraud victims up to £85,000; ➡️ Where more than £85,000 is lost and not reimbursed, customers can lodge a claim with the Financial Ombudsman Service #FOS, which has a compensation limit of £415,000;  ➡️ Sending and receiving PSPs will split the costs of reimbursement 50:50;  ➡️ The Pay.UK reimbursement claim management system #RCMS will enable firms to communicate and manage claims; and  ➡️ There will be a requirement to reimburse most APP Fraud victims within five business days, or 35 days If firms ‘stop the clock’ to gather additional information. All in-scope PSPs should ensure that their fraud and consumer protection policies and controls now reflect the new reimbursement requirements as to ensure compliance and effective outcomes. ✅ From providing guidance to conducting fraud assessments, Plenitude’s Fraud Practice can help your firm navigate the new requirements. Prompt action and a strategic plan are key to ensuring your fraud risk management remains resilient, minimises losses and costs, and meets regulatory requirements. For more information visit: https://lnkd.in/e_UCKYWW Learn more: https://lnkd.in/ezy-fx5A

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📣 SurePay joins forces with FIS strengthening delivery of Verification and Confirmation of Payee across the EU and UK! 📣 SurePay is the most trusted Confirmation of Payee (CoP) provider in the UK, and Verification of Payee (VoP) provider in Europe, and has facilitated over 7.5 billion CoP/VoP checks across the UK and EU since 2017. The partnership will help PSPs in the FIS ecosystem access SurePay’s award-winning #CoP and #VoP solutions. Daniel Hurst, Head of Products and Services at FIS: "FIS and SurePay’s Partnership solution in UK and EU can provide the needed confidence to the PSPs and their end customers; data integrity and avoid APP fraud and misdirected payments”. https://lnkd.in/egyWr4AA #partnership #paytech #fraudreduction Jagdish U. Liz Ingman

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We at Payall Payment Systems, Inc. are honored to have contributed to this insightful whitepaper, addressing the critical issue of app fraud in the evolving landscape of cross-border payments. 🌍 The Payments Association’s study highlights how technological advancements in global payments bring both opportunities and challenges, particularly in safeguarding security and trust. The whitepaper also calls for increased collaboration among financial institutions, regulators, law enforcement, and technology providers - an essential step for sharing data, intelligence, and best practices. A huge thank you to FF News | Fintech Finance for spotlighting this vital topic and to The Payments Association for their outstanding work in driving this important research forward. 🙌 Together, we’re shaping a more secure and transparent future for global payments. Read the full article here: https://lnkd.in/eRwFjZf6 #CrossBorderPayments #Fintech #AppFraud #DigitalSecurity #PayallPaymentSystems

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How to Take Open Banking Payments Mainstream 👀 📢 We've launched a new report with 11:FS, analysing what it’ll take to unlock the next stage of open banking payments in the UK. With insight and commentary from key voices in financial services and beyond, plus a survey of nearly 1000 UK merchants for an on-the-ground perspective, the report: 🔸highlights which industries have been early adopters of open banking payments and which will be next  🔸identifies six main obstacles that are hindering the widespread take-up of open banking today 🔸 names Variable Recurring Payments (VRPs) the ‘hero functionality’ that will enable open banking to go mainstream -- if the industry can overcome a few hurdles first 👉 Click here for more: https://lnkd.in/dxVM7Gnr Benjamin Ensor, Laura Watkins, Sacha Holub, Frederick Lawley-Wakelin, Lily Krakowsky, Tom Burton #openbanking #fintech #11FS #gocardless

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OBL was pleased to contribute to the latest industry report from 11:FS and GoCardless: 'How To Take Open-Banking Payments Mainstream' , a timely analysis of key drivers of future adoption, merchant use by sector and the importance of speed, security and trust in any new way to pay. #OpenBanking #SmartData #OpenFinance #Innovation #DigitalInnovation #TechInnovation #Payments #Data #FinTech 

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ThinCats Passes £2bn Funding Milestone for UK SMEs Mike Hackett, Chief Commercial Officer at ThinCats: “This milestone reflects ThinCats’ dedicated approach to the mid-size market and support for the local finance community with whom we work in partnership to help mid-sized businesses thrive. ThinCats’ commitment to regional investment has been a critical driver of growth and we have built up experienced teams across our network of regional support offices, and they work hard to deliver flexible funding solutions for mid-sized businesses across the UK”.   https://lnkd.in/eqMUA4Jk Daisy Knight Ricardo Bougi Ravi Anand Gary Nutley Beth England Diana Portman Stuart Thompson Amany Attia #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Complex and outdated payment technologies contribute to time-consuming government agency processes. Want to see how Catalis is helping governments level up with integrated #PaymentSolutions? Check out our payments brochure and contact us to learn more: https://lnkd.in/ehb4RstS #Government #GovTech #DigitalBusinessTransformation #PaymentSystem

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GoHenry Launches Manifesto Urging Next Government To Improve Financial Education In Schools Commenting on the launch of the GoHenry Financial Education Manifesto, Louise Hill, co-founder and CEO of GoHenry, said: “The next government has a golden opportunity to enhance financial education provisions and secure a brighter future for young people across the country, and it is imperative that we maintain momentum on this critical issue despite the distraction of the General Election. Our manifesto outlines how we feel this can be delivered in a simple, efficient, and effective way, without the need for significant public spending, primary legislation, or overburdening teachers. All of which would be a quick win for whoever comes into power. More importantly, young people want to learn. I hope that whichever party forms the next government takes note of these important voices and gives them access to the practical money skills they need – and want – to navigate the adult world successfully.” https://lnkd.in/eRBU67QZ #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Banking changes to improve security and reduce error Update on changes to payments systems that will help tackle fraud As we highlighted in our April newsletter, the UK payments industry is moving to ISO 20022, the global standard for payments messaging (the data that attaches to financial transactions enabling interoperability between banks, financial institutions, and clients). A key element of ISO 200022 is the introduction of a common payments language, specifically the implementation of Purpose Codes for certain transactions, including property transactions. Implementation date for mandatory use of Purpose Codes moved to 1 May 2025 The Bank of England has taken the decision to postpone the date when they will mandate the use of Purpose Codes for property transactions until 1 May 2025 (as we advised in the April newsletter, the date was previously November 2024). For more information, please see the Bank’s Policy Statement. The Bank of England is encouraging businesses to consider early adoption. For more detail please see Bank of England Enhanced Data in CHAPS. https://buff.ly/4bDQvhP #conveyancing #fraud #conveyancers #cybercrime #onlinefraud

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TSB Bank Partners with Doshi App to Deliver Money Confidence in Schools Katie Osiadacz, Head of Responsible Business, TSB, said:  “Entering adulthood Money Confident is vital to ensuring young people are set up to enjoy a lifetime of stable finances and informed financial decisions.   “We’re on a mission with Doshi to help young people boost their knowledge using the app’s innovative learning platform; so that they start their financial lives in the best place possible.” https://lnkd.in/ebTwM4RY Daniel Rose Matt Hepburn Jaco Koenig Benji Fisher Daniel Truzman Robin Bulloch Declan Hourican George Gordon Cheryl McCuaig #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Starling Bank’s Screening Failures — A Lesson in Compliance In an era where financial institutions face mounting pressure from regulators, Starling Bank’s recent enforcement action by the Financial Conduct Authority (FCA) serves as a poignant reminder: a robust compliance framework isn’t just a regulatory checkbox; it’s essential for the integrity of the financial system. As regulatory penalties become all too common, any lapse in compliance can have dire consequences.  https://lnkd.in/eEYwzJhu ThetaRay Cedric Iggiotti #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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