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UK banks charge SMEs £4bn in hidden international money transfer costs
A new study has found that UK banks charge small and medium sized enterprises (SMEs) nearly £4bn in hidden transfer fees each year to make international money transfer payments. 96% of these fees are hidden from the customer using the exchange rate offered. This is the first time that a study into the actual rates charged [...]
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Saxo and SafeCharge collaborate on cross border settlement
Saxo Payments and SafeCharge announced a partnership which will see SafeCharge gain a significant competitive edge, enabling it to offer its clients fast and cost-effective banking services in multiple currencies. The partnership also means Saxo Payments will benefit from a strong distribution network to SafeCharge’s distinguished clientele. SafeCharge was founded in response to the emerging need [...]
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Equens expands portfolio to include end-to-end instant payment
Recently merged Equens is expanding its product portfolio to include an end-to-end pan-European instant payment service. The instant payment solution will not only deliver an interbank automated clearing and settlement solution, it will also be equipped to take on payment processing within a bank. This way Equens can reduce the efforts required by banks to [...]
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Faster Payments increases scheme limit to £250,000
The Faster Payments limit for Banks and Building Societies has been raised to £250,000 per payment from Tuesday 10 November 2015, following an increase to the scheme limit announced by Faster Payments Scheme Limited (FPSL). The increase from the previous £100,000 maximum is the first time the scheme limit has been increased since 2010. The change has [...]
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M-Pesa revenues surge
Safaricom has reported a 24% jump in M-Pesa revenues to KES19.4 billion ($190 million) in H1 2015, as its active user base reached 15.7 million. Interestingly, the operator also revealed a breakdown of its monthly mobile money traffic. Of the KES160.2 billion of real-time payments it carries per month, the biggest chunk of KES107.4 billion [...]
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