Matt Jones

⏮ Why are banks struggling to keep up with instant payments? Find out in this new article published in today's The Times newspaper supplement on the future of payments, featuring our research into SEPA Instant readiness. 1️⃣ Of the 200 European payments professionals we surveyed, 32.5% said they aren't confident that their firms would be ready to receive instant payments by the start of next year. 2️⃣ Only 7.5% were “very confident” of meeting the deadline. 3️⃣ UK-based respondents were the least optimistic that their companies would be ready, with 20% saying that they were "very unconfident”. Find out more insights in the report by using the link below. 🔗 https://lnkd.in/endFD-hT #instantpayments #futureofpayments #sepainstant #sepainst

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Monzo Bank Announces First Full Year of Profitability Amid Record Growth and Accelerates International Expansion Plans TS Anil, CEO of Monzo, said: “This was a landmark year of record growth for Monzo. We surpassed 9m personal customers and 400,000 business customers, launched game-changing new products, closed a £500m capital raise and, as planned, reported our first year of profitability. I’ve never believed in the idea that a company has to choose between either being mission-oriented or focused on business outcomes. FY2024 proved Monzo is doing both – and that our strategy of placing the customer at the heart of everything we do is working at scale. We’ve achieved scale, growth and profitability, and we have all the right components to seize the huge opportunity ahead.” https://lnkd.in/eKJ_2GnK #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Monzo Bank Launches Under 16s Account TS Anil, Chief Executive of Monzo, said: “Monzo customers with children have been asking us when they can share the magic of Monzo with their kids - and now they can! From instant notifications to organising money with Pots and setting savings goals, we’ve packed the product with some Monzo favourites, tools for children to customise their app and neon cards to choose from. This is such an important step on our mission to make money work for everyone, as we welcome a new generation that we’re excited to support from the start of their financial journey and through the many years to come.” https://lnkd.in/eqWgwMuE #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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💡 Last week European Payments Council published third version of Mobile Initiated Sepa (Instant) Credit Transfer and Interoperability Guidance. Below is few highlights from the guidance SEPA Instant Credit Transfers are gaining traction within the SEPA framework, with mobile channels anticipated to play a crucial role in their adoption. Retailers being increasingly interested in SCT-based payments for both in-store transactions and mobile commerce, viewing them as a complement to traditional card payments. Several European countries have already launched various solutions in this area, reflecting the growing momentum for instant payments. Mobile Initiated SEPA (Instant) Credit Transfers (MSCTs) represent a modern approach to digital payments, allowing users to initiate instant credit transfers directly from their mobile devices. 💡 MSCT Transaction Mechanics MSCTs encompass both SCT Inst (SEPA Credit Transfer Instant) and SCT (SEPA Credit Transfer) transactions initiated through mobile devices. These transactions utilize existing payment infrastructures in the inter-PSP (Payment Service Provider) space, focusing on interactions beyond this space, such as between the payer's mobile device and the point of interaction (POI). 💡 Modes of MSCT Transactions There are two primary modes of MSCT transactions based on how payment initiation data is exchanged: 💡 Payee-Presented Data: In this mode, the payee provides necessary data to the payer, either through direct presentation or prior sharing (e.g., P2P payments). This method is widely adopted for various payment contexts, particularly P2P and consumer-to-business (C2B) payments at physical points of sale (POI), often using QR codes. 💡 Payer-Presented Data: Here, the payer provides their identification data to the payee, which can be shared through proximity technology or manually entered. This mode is appealing for businesses wanting to offer enhanced customer experiences but faces challenges such as the need for compatible POI terminals and security concerns regarding data generation. The standardization of QR codes for interoperable SCT Inst payments is currently in the final approval stage by the European Committee for Standardization (CEN). 👉 Click here to read the complete guidance: https://lnkd.in/dyAiPbSz

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Finom Launches SEPA Direct Debit B2B Across Its EMI-Licensed Markets, Expanding Payment Options for European SMEs “With the launch of SEPA Direct Debit B2B, we’re empowering SMEs across Europe to efficiently manage their payment flows,” said Yakov Novikov, co-CEO and co-founder at FINOM. “This feature simplifies complex financial operations, allowing small and medium-sized businesses to automate and manage their outgoing payments to other companies and tax authorities. It’s another step in our mission to build a full-stack financial operating system that enables entrepreneurs to streamline their financial commitments and focus on growing their businesses.” https://lnkd.in/eiaDuxB4 #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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THE NEW UK PAYMENTS VISION Here is a brief summary, especially thinking about APP scams and Open Banking: VISION GOAL: A trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods. The National Payments Vision also outlines THREE KEY PILLARS designed to guide future activity – innovation, competition and security. The (payment) regulatory framework must be clear, predictable and proportionate. The Prime Minister has been clear that regulation should support growth and unlock investment The UK government is establishing the Payments Vision Delivery Committee. The government has outlined its priorities for UK payments through a joint remit letter to the FCA and PSR. The key priorities highlighted in the payments remit letter are: 1) Enhancing coordination 2) Supporting the development of Open Banking and 3) Ensuring high standards of consumer protection 4) Driving an agile and flexible approach to delivering the UK’s retail payments infrastructure needs. The Bank of England, PRA, FCA and PSR will revise their existing MoU on cooperation in relation to the regulation of payment systems by Q2 2025. The Vision clarifies regulatory responsibilities for Open Banking, transitioning away from current arrangements to the FCA acting as the UK’s regulator in the future. PSR has committed to an independent post implementation review of the authorised push payment fraud reimbursement rules, after 12 months. The government considers that the effective delivery of the UK’s retail payments infrastructure now and through time requires a strong and effective payment systems operator. Establishing a sustainable ‘commercial model’ for Open Banking is critical for its development. Adequate consumer protection must be delivered for Open Banking payments, and the government intends to address this through the future framework. Fraud Prevention 1. The government agrees that more focus must be placed on fraud prevention. 2. The Online Safety Act 2023 imposes obligations on large technology platforms to prevent fraudulent content on their services or face substantial fines if they fail to do so. 3. There is also ongoing work from Ofcom with operators to prevent the misuse of telephone numbers by criminals, stem the tide of scam messages and address mobile spoofing. 4. The government is determined that the technology and telecommunications sectors must take further steps to tackle fraud. 5. The government has written to the technology and telecommunications sectors to call for demonstrable action to reduce the scale of incidents and losses from fraud taking place on their platforms and networks. The government will request updates on progress and action taken at the next Joint Fraud Taskforce in March 2025. https://lnkd.in/gDpbbbzZ

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The UK has taken ‘decisive action’ to advance #openbanking with its newly released National Payments Vision. This vision sets a clear direction for the future of payments in the country. It aims to cut through regulatory congestion and build a trusted, consumer-focused, and world-class payments ecosystem built on next-generation technology. The UK recognizes that a long-term regulatory framework is needed to scale open banking effectively and deliver greater competition and innovation. For this reason, the Financial Conduct Authority (FCA) has been appointed as the UK’s primary open banking regulator. The response from industry leaders has been overwhelmingly positive! Many view it as a "roadmap for creating a secure, innovative, and competitive payments sector". Here's all you need to know!👇 https://lnkd.in/e-zxUJdV

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Broken Business Savings Market Is Costing British SMEs £9 Billion a Year in Missing Interest Richard Davies, CEO of Allica Bank, said:  “There’s no question the SME savings market is broken. “The fact the SME savings penalty has got larger since we first did our research last year – while the Bank rate has reduced slightly – is a travesty many SMEs will find hard to understand. “It’s very unfair SMEs don’t get similar rates to large companies, and our research suggests big banks won’t be improving their rates for SMEs any time soon. “It’s time for something to be done to make that change, get SMEs a better deal and release billions of pounds into the real economy.” https://lnkd.in/eqAmuVCf Chloe Fenton (née Vaidya) Georgie Burks Joe Jones James Heath Ravneet Shah Conrad Ford Mitch (Munish) Trehan Nick Baker #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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SME Lender iwoca Secures £270m From Citi and Barclays, Taking Total Investment in the Business Past £1bn Christoph Rieche, iwoca CEO and co-founder said: “This investment will enable us to keep up with the high demand from small businesses for our Flexi-Loan product. Business owners choose us over high-street banks because we make faster lending decisions, typically within 24 hours, and our loan terms are much more flexible. Both of these features are crucial for small business owners, and are only possible due to the technology we have developed over the last decade. With more than 130,000 small business loans processed, we have ample data to build market-leading risk models. This data-driven approach also allows us to lend to businesses that are outside the restrictions imposed by the high-street banks, especially when they don’t have multiple years of trading.” https://lnkd.in/ezXdnC8V #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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EPI launches Wero wallet in Germany The European Payments Initiative (EPI) has launched its mobile-first wallet and instant account-to-account payments system in Germany, with other counties set to follow in the coming months. German Sparkassen and Volksbanken, Raiffeisenbanken customers can now make instant money transfers from account to account between individuals, via their banking app. Deutsche Bank will launch wero later this year, starting with Postbank. Wero enables mobile payments from one phone to another. Unlike traditional transfers, Wero users do not need the recipient's 22-digit account number (IBAN). Instead, a mobile phone number or email address can be used for real-time money transfers. Next year, Wero will get the ability to pay any small professional from the wallet, and also pay merchants online and upon invoices via QR code. This includes the ability for consumers to manage recurring payments for subscriptions or installments, but also to pay in merchant apps at point of sale without going through the cashier. In-store payments at the cash register will also be added in 2026, along with other capabilities, such as BNPL, merchant loyalty, programme integration and expense sharing. https://lnkd.in/ev3nH8_Z

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🗞️🇬🇧 UK government talks scam ecosystem 🌱 The UK National Payments Vision was published yesterday / overnight in Australia. Among big ticket items like the BoE and PSR refreshing the requirements for UK retail payments infrastructure, were these points about scams (or, APP fraud): 1️⃣ the Payment Systems Regulator (PSR) will commission an independent review of the APP fraud reimbursement rule after 12 months. 2️⃣ government wrote to the technology and telecommunications sectors to call for demonstrable action to reduce fraud taking place on their platforms, and give an update by March 2025. 3️⃣ regulators will work with the financial services sector to understand the different intelligence sharing solutions available and the barriers to their wider adoption.  4️⃣ FCA will lead work to manage existing overlaps between the FCA and PSR’s exercise of their fraud functions. 👀 Now all the cool kids are saying scams ecosystem. 😎 https://lnkd.in/gp9XjMqR 💡💡💡 Thanks Ken Palla for the alert. Jonathan Frost if I revise my stance on the UK, can we be friends? #scams #scamsprevention #appfraud #payments #paymentsregulation

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We're not just another comparison website. Here's why: 1️⃣ - Real-time and transparent pricing, even generating Payment Systems Regulator quotations from multiple acquirers. 2️⃣ - In-site adjustments to match your EXACT payments profile.  3️⃣ - Most leading U.K. acquirers are on site. 4️⃣ - Unique middleware that integrates your application straight into your chosen acquirer.  5️⃣ - Apply DIRECTLY on site and be kept up to date with the progress of your applications. 6️⃣- We do NOT aggregate your data across firms to bombard you with phone calls. 7️⃣ - Knowledgeable staff on hand to help with any questions whilst in search.  Head to the website now ➡️

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What does PSD3 mean for cross-border payments? An excellent deep-dive report by FXC Intelligence's Joe Baker on this critical topic for the sector: The report will get you up to speed fast on the topic and covers: - What is PSD3 and its benefits - PSD3’s impact on open banking - How this may level the playing field between banks and non-banks - What have been the main EU payments initiatives to date - What the European cross-border payments landscape looks like - What are cross-border payments companies doing to prepare for PSD3 #fxcintelligence #payments #fintech #financialservices #regulation #banking #openbanking https://lnkd.in/edXUtYpf

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Monzo Bank Tops 10 Million Personal Customers TS Anil, CEO of Monzo, said: ‘What a milestone to add to an already brilliant year! In just under 12 months, two million more customers have chosen Monzo, which means that now one in five UK adults is a Monzo customer. Welcoming more than ten million people to Monzo is an amazing opportunity and ensures more people than ever can experience the Monzo magic. Our uniqueness is in our connection with our customers - and it’s something we’ll stay laser-focused on as we continue to grow and build more game-changing products that transform peoples’ financial lives. We’ve done so much already but we’re just getting started - I’m so excited about what’s next for Monzo.’ https://lnkd.in/eX4vi5RK Cherry Tam Brunswick Group Irina Sukhikh AJ Coyne Fernando Fanton Mike Bray Matej Pfajfar Dr Greta G. Sujata Bhatia Harry Ashbridge #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Monzo has made a profit for the first time, having seen its revenue increase dramatically over the past year. This contrasts with reports, also out today, lamenting that FinTechs or "Neobanks" have failed to dislodge the big banks because their main revenue streams come from payments. Today, Neobanks offer credit cards, loans and savings products so profitability may become increasingly achievable. Despite a wider service offering, most people will continue to use Neobanks alongside a primary account for the short term. They remain important though. FinTech has changed how banking is done and has improved the customer experience. It has opened up a new range of role types and career paths in the new organisations and also in longer established banks. Healy Hunt provides specialist recruitment services for FinTech professionals across Financial Services. https://lnkd.in/ezx2CNr4 #fintech #neobank #executivesearch #recruitment #startup #scaleup

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Payment Systems Regulator and Financial Conduct Authority Launch Joint Call for Information on Big Tech and Digital Wallets David Geale, the PSR’s Managing Director said: “Digital wallets are steadily becoming a go-to payment type and while this presents exciting opportunities, there might be risks too. “Collaboration between regulators and working with industry is crucial to ensure we’re on the front foot to support innovation and competition, making sure everyone benefits from access, protection and choice in payments. “We look forward to hearing views and evidence from a wide range of stakeholders throughout this process." https://lnkd.in/dwNWBy4N #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Data Reporting Pioneer Kani Payments and New UK Fintech Zero | Certified B-Corp™ Team Up to Tackle Climate Change Aaron Holmes Founder and CEO of Kani Payments, says: “The partnership between Kani Payments and Zero Fintech is a powerful one that will support Zero’s ambitious vision of helping its customers to make a meaningful and positive impact on climate change. Zero offers more than just a finance app; it provides a way to make personal finance a part of the solution to environmental issues. “That’s why Kani Payments exists – our data reporting and reconciliation platform has been built by fintech experts and is designed to help disruptive fintechs like Zero to thrive and grow. We do the heavy lifting of making complex data simple and standardised, so that business can focus on giving their customers outstanding products and services.” https://lnkd.in/e5ndM3Qb Richard Theo Melissa Beckett Steven Licciardi Benjamin Dixon David Craven Lisa Stanley (Mann) Ellen Watson #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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