Second Menu

NEWS

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 >>

The Clearing House prepares for real-time payments system

US bank-backed ACH, The Clearing House, has moved to develop a faster payments system as it begins the long process of replacing its antiquated current payments system. The Clearing House, a payments company and trade group representing 24 of the nation’s largest commercial banks, announced Wednesday plans to build a real-time payment system to be used by all of the country’s financial institutions. The effort… Continue reading >>

Half of US POS terminals to accept EMV in 2015

The Payments Security Task Force (PST) has announced a forecast of participating acquirers estimating that at least 47% of US POS terminals will be enabled for EMV chip technology by the end of 2015. The estimates are based on forecasts provided by acquirers representing approximately 80% of USpurchase volume. Organizations participating in the forecast include First Data, Bank of America Merchant Services,… Continue reading >>

Cross Border Acquiring interchange concessions – new risks for acquiring?

The recent card scheme cross border acquiring (CBA) concessions have created a new model for cross-border acquiring. By default they have become the European Commission’s ‘Plan A’ as a result of the delayed cards regulation sign-off. Merchants have once again outmanoeuvred banks and have won major benefits from the interchange caps and the significant changes in the terms of the… Continue reading >>

Payments matter as e-commerce sites lose revenue through lack of choice

E-commerce merchants based outside of the UK could be losing out on vital global sales from Generation Y by failing to convert browsers into buyers at the checkout. New research[1] into the online buying habits of 1,000 UK adults commissioned by The PPRO Group found that, of those who have tried to buy goods from overseas retailers, a massive 64%… 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 >>

MasterCard Launch SafetyNet to protect against cyber hacking of banks and processors

MasterCard has launched  SafetyNet, a global tool designed to reduce the risk of cyber hacking of banks and processors. SafetyNet is designed to use the power of MasterCard’s global network, to identify potential attacks before they start and in some cases before the bank or processor is even aware. Leveraging a multi-layer defence it works to ensure partners stay one step ahead… Continue reading >>

Germany to launch XML-based card clearing service

The German central bank says it is working on a new XML-based infrastructure for debit card clearing transactions for the country’s financial institutions. The central bank will work with EBA Clearing and will provide full reach to the German banking community for card clearing based on the Girocard scheme. The infrastructure is based on the pan European SEPA card clearing framework developed… Continue reading >>

Dwolla secures fresh investment to scale global payment network

Dwolla has raised $9.7 million in a further funding round. The highly rated startup set out to build a scalable, global payment network capable of taking on national automated clearing houses and card schemes, with a view to making it easier and cheaper to move money and operating a ‘flat fee or free’ pricing model, with a 25 cent transaction charge… Continue reading >>

World Payments Report 2014

Non-cash payments volumes are expected to grow 9.4% to reach 366 billion transactions in 20131, fueled by strong growth in developing markets and the use of credit (up 9.9%) and debit cards (up 13.4%[1]). With the continued acceleration of electronic and mobile payments growth and ongoing regulatory pressures, the payments industry is seeking to find new and innovative ways to… Continue reading >>