U.K.

Treasury Select Committee Puts Spotlight on Banks’ IT Failures

The Treasury Select Committee today said it is turning its guns on the retail banking sector after an astonishing string of IT failures, with a new inquiry on operational resilience to launch following the high-profile system outages.

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One in Five Brits Never Carry Cash Because of Phone and Card Payments, Study Finds

One in five Brits now never carries cash, a study has found. Researchers who polled 2,000 UK adults found many are now opting to pay using different methods such as chip and pin and smartphone payments. Half believe cash is ‘on the way out’ and will ‘soon’ be superseded by alternative ways of paying for […]

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Has the Number of UK/US Businesses That Use Cryptos as Payment Gone Up?

Cryptocurrency gained favour with UK and US business peoples very quickly. However, was it ever anything more than a fleeting trend? Is cryptocurrency here to stay, or has it had its moment already? Well,┬áthe UK is reportedly well-positioned to be a global leader in the crypto economy, as the digital currency moves from strength to […]

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Singapore, UK and Canada Central Banks Issue Joint Report on Cross-border Payments

The central banks of Canada, Britain and Singapore on Thursday jointly released a report on cross-border payments and settlements, which provides a framework for assessing transactions in greater depth and discusses how alternative payment models can be implemented.

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Smartphone Payments Now Account for 6% of All Card Transactions in UK

Uptake of smartphone payments such as Apple, Google and Android Pay in the UK has quadrupled over the last two years, account for nearly 6 of all card transactions, according to new research. The study, from Cardlytics, indicates that as a proportion of total payments, mobile transactions in the UK have jumped from 1.3 in […]

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Starling Bank Announces Partnership With Post Office

Starling Bank has become the first mobile-only bank to partner with the Post Office to offer Everyday Banking services to its customers. The partnership will allow Starling current and business account customers to deposit and withdraw cash through the Post Office’s 11,500 branches nationwide.

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UK Banks Publish Fintech Collaboration Toolkit

A collective of top UK banks and and financial technology firms have helped to craft a set of guidelines designed to improve engagement between fintech startups and financial institutions.

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The Mobile Payments Series: The UK

What’s holding back adoption? Primarily, contactless credit cards. Paying with a contactless credit card is a mainstream payment option that people have been comfortable using for a long time, said Christopher Bendtsen, senior forecasting analyst at eMarketer.

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Bank of England Launches Cash vs Cashless Challenge

As part of a new open forum on the future of money, the Bank of England is challenging Brits to see if they can live for a week either using only cash or not using cash at all. The BofE says banknotes will remain an essential form of payment for some time – just this […]

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Australian Banks Planning to Abandon London as Brexit Looms

Australia’s banks are beginning to put in motion plans to shift staff and other assets out of London after Brexit. Australia’s largest bank by assets, Commonwealth Bank of Australia, is planning to base 50 staff in the Dutch capital, Amsterdam. Others including Macquarie, Westpac, and ANZ Bank are making plans on the continent.

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Card Chaos at Tills as Entire Network Crashes Across UK

There was chaos at shops, pubs and restaurants across the UK last night after thousands of businesses were left unable to process card payments due to a network meltdown. Customers of Tesco, Asda, Boots, Sky Bet and Vue Cinemas were affected, reporting that their credit and debit cards had been declined or could not be […]

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UK Financial Watchdog Mulls Ban on High Risk Crypto Derivatives

This story was shared from this site The Financial Conduct Authority (FCA) is eyeing a potential ban on the sale of cryptocurrency derivatives, the Financial Times reported.

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