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TransferWise breaks into UK’s RTGS faster payments scheme
TransferWise has become the first non-bank company to gain direct access to the UK’s Faster Payments Scheme, which TW says will help it compete with banks on sending money overseas. TransferWise, one of several start-ups trying to tempt consumers and small businesses away from banks, said it would now be able to offer customers faster [...]
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Five trends for payments in 2018
This past year has seen a number of significant changes in the payments industry. From new transfer methods to the PSD2 push, the demand for faster, smarter, and safer transactions has reached fever pitch. 2017 seems almost as though it was a primer, setting the stage for the game-changing payments progress promised in the coming [...]
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UK payment systems represent systemic risk to financial stability – central bank consolidation underway
In a recent announcement, the UK’s Payment Systems Regulator and the Bank of England (BoE) agreed a framework for the consolidation of Bacs, the Cheque and Credit Clearing Company and the Faster Payments Scheme. The BoE has now gone one stage further and announced it will it will set out plans by the middle of [...]
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Real-time payments: the race against time
The world seems to have got itself into a great big, tearing hurry. Consumers can send and receive e-mail across the globe in near-real-time. They can download a movie to watch immediately, or buy groceries online for delivery within one-hour slots. The payments industry is also engaged in its own race against time, which is [...]
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New settlement model for Faster Payments
A new simpler way to guarantee settlement between banks of payments made through Faster Payments, the UK’s 24/7 real-time payments service, has been introduced as part of changes announced today (Monday 5 October 2015) by Faster Payments Scheme Limited (FPSL). The new ‘pre-funding’ settlement system has levelled the playing field for participating Payment Service Providers [...]
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