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Carney launches review Chaps payment system outage

The Bank of England governor, Mark Carney, has launched an independent review into the worst disruption of Britain’s banking payment system, the Chaps payment system, in seven years. The BoE said part of its real-time gross settlement system (RTGS), which underpins large transfers between bank accounts, had been “paused”, after routine maintenance – reports the FT. The breakdown meant the Chaps payment system, which last year processed… Continue reading >>

Royal Bank of Scotland enters P2P lending market

Royal Bank of Scotland is set to enter the peer-to-peer (P2P) lending market in the latest sign that alternative finance is gaining traction by moving into the mainstream. The high street bank is planning to pilot an online peer-to-peer platform before the end of the year in a tie-up with a third party operator – reports the FT. The move is part of… Continue reading >>

MasterCard and Zwipe announce world’s first biometric contactless payment card

MasterCard and Zwipe announced their partnership for the launch of the world’s first biometric contactless payment card featuring an integrated fingerprint sensor. The launch of the card comes after a successful live pilot with Norway’s Sparebanken DIN, aligned to the Eika Group, as an answer to the complex challenge of providing a fast, convenient payment solution that does not compromise on… Continue reading >>

Alibaba make new financial services push

Chinese e-commerce firm Alibaba Group said on Thursday it has folded six different businesses into a single business unit and changed the name of its Alipay financial services affiliate to Ant Financial Services Group as it steps up its push into the financial services industry. Alibaba has been aggressively offering new financial services around Alipay, including a money market fund for consumers,… Continue reading >>

SIA launches mobile money service

Italian payment processor SIA has launched a SEPA-compliant smartphone-based mobile money transfer service, enabling users to send and receive money in real time to and from their phone contacts. The ‘Jiffy’ app, which utilises SEPA credit transfers, is available on Android, iOS and Windows Phone operating systems. The Jiffy app links users’ current accounts, the IBAN code of the account… Continue reading >>

Kotak Mahindra offers Facebook mobile money transfers

Indian bank Kotak Mahindra (KMB) has unveiled a mobile money transfer service enabling Facebook users to make funds transfers to each other. The KayPay application utilises India’s Immediate Payment Service for mobile phone payments, enabling users to register their account details and conduct transfers using their Facebook log-in credentials and a one-time password from KMB. Users also receive instant notifications… Continue reading >>

Japanese social media network Line moves into payments

Japanese social media messaging network Line has entered the payments market with a service for both online and in-store transactions. Line, which has 560 million registered users worldwide, will enable Japanese customers to link the Line mobile app to their bank accounts and credit cards. Users will then be able top up their Line account and make purchases online and… Continue reading >>

New UK regulator will supervise Visa and MasterCard

The UK government is planning to put supervision of MasterCard and Visa alongside the UK’s main interbank payment systems under the remit of the new Payment Systems Regulator (PSR), which has been tasked with promoting competition within the payments industry. Major payment networks such as Visa and MasterCard, interbank systems such as Bacs, CHAPS, Faster Payments, Link and the cheque… Continue reading >>

200 billion card payments worldwide in 2013

A total of 205 billion card payments were made worldwide in 2013, a rise of 13% on 2012, according “Global Payment Cards Data and Forecasts 2013-2019”, a new report from RBR. This growth was slightly higher than the 11% increase in card numbers to 10.8 billion, which reflects an expanding global physical and virtual merchant acceptance network, as well as… Continue reading >>

UK card transactions top 1 billion a month for the first time

The number of UK card transactions, made by either debit and credit, in a single month passed 1 billion for the first time in August, according to the latest figures from The UK Cards Association. 375 transactions are now made every second in the UK, with debit cards leading the rise. Consumers made 1.006 billion transactions using their debit and credit cards in the UK in August, up by 9.2% on the same month in 2013. The… Continue reading >>