British banking providers have completed their Roadmap for Open Banking. That’s according to an announcement Monday (Sept. 9) from Open Banking Limited (OBL), which had gotten confirmation on the completed roadmap from the U.K.’s Competition and Markets Authority (CMA). This means that the nine banking providers mandated by the...
The payments industry in the United Kingdom is reportedly advocating for changes to fraud-reimbursement rules that are set to be enacted Oct. 7. Despite changes announced by the Payment Systems Regulator (PSR) Wednesday (Sept. 4), the industry is pushing for further amendments to these rules,...
It’s said in jurisprudence that hard cases make bad law. Bad laws have the unintended consequences of hurting society, encouraging bad behavior, or both. In payments, and in the United Kingdom, the hard choices of what to do about authorized push payment (APP) fraud are...
The U.K.’s payment regulator is reportedly making a drastic cut to its fraud reimbursement plan. Banks and payment companies in England would have had to reimburse victims of scams up to £415,000 ($544,000), but will now have to pay a maximum of £85,000 ($111,000), the...
May 21, 2024
Higher fees from the payments networks across the pond have not translated into better service, according to a new report. The U.K.’s Payment Systems Regulator (PSR) issued a 158-page report Tuesday (May 21) that charged increases in the fees levied on acquirers and issuers through the past five years by U.S. firms Visa and Mastercard […]
March 13, 2024
The world’s cybercriminals all share one thing in common: they understand people can be exploited. After all, people make mistakes. They fall for scams, and frequently either ignore or fail...
December 13, 2023
Beyond the card networks, among those that may feel the squeeze should cross-border interchange fees see new caps in the United Kingdom are neobanks. As reported Wednesday (Dec. 13), the...
October 06, 2024
This week marks a major change in how U.K. banks and payment firms address fraud. Beginning Monday (Oct. 7), these organizations will be required to reimburse the victims of authorized push payments (APP) up to £85,000 ($111,000). Great Britain’s Payment Systems Regulator (PSR) had called for the reimbursement rules following a surge in APP fraud, […]
September 09, 2024
British banking providers have completed their Roadmap for Open Banking. That’s according to an announcement Monday (Sept. 9) from Open Banking Limited (OBL), which had gotten confirmation on the completed roadmap from...
September 06, 2024
The payments industry in the United Kingdom is reportedly advocating for changes to fraud-reimbursement rules that are set to be enacted Oct. 7. Despite changes announced by the Payment Systems...
September 04, 2024
The U.K.’s payment regulator is reportedly making a drastic cut to its fraud reimbursement plan. Banks and payment companies in England would have had to reimburse victims of scams up...
