Paul Swinton

📢 Today marks an exciting new chapter in the acceptcards® Independent Payment Experts journey. 💷 We’re launching #AcceptCash, utilising Smart Safe technology so businesses can deposit cash into a smart safe and settle to their bank account the very same day. Our cash payments solution responds directly to demand from SMEs for instant, affordable cash deposits to help with cash flow. Especially timely against a backdrop of bank branch closures and a Post Office fighting with growing demand! Who is this service for? Well, we know that businesses with an average monthly revenue of £80,000 would save 73% in cash processing costs via AcceptCash. We expect this to be most of interest to franchisee and enterprise businesses in the retail, convenience and hospitality sectors. However, it’s a tool which we know will help all SMEs with detailed reporting, same-day settlement, accountability, cost savings, efficiencies and much more. We’re pleased to be working with Martin Smith, Strategy & Solutions Director at Cennox to implement and roll-out the new technology in the coming weeks. Ultimately, this service will bring more choice to business owners as well as driving the most efficient and innovative ways of managing cash to make it a more viable payment choice. 🤔 Did you realise that cash is almost double the cost of card payments currently for UK businesses now? This is despite the fact that we know demand for cash is high…hence why we’re wanting to make it a level playing field! Full story over on FF News | Fintech Finance News: https://lnkd.in/ervZ2Jku #Fintech #cashpayments #cardpayments #innovation #financialservices #acceptcards #acceptcash #cashmanagement #paymentsolutions #customerfocused

20

3 Comments

There’s lots to like about the now published #NationalPaymentsVision for the UK… I can recognise a number of priorities and challenges The Payments Association (and others) have been talking about for some time. That in itself, is hugely encouraging. The Government is listening. A UK Government making a commitment to collaboration, and that sees the importance and opportunity of the Payments industry, is incredibly positive and something I applaud. On initial reading, some key points within the detail: The vision - “A trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.” ·      “Payments Vision Delivery Committee” – Senior representatives from the FCA, PSR, Bank of England, and chaired by HM Treasury. ·      Innovation, Competition and Security (3 key pillars driving all activity) ·      BoE and PSR will lead on requirements for upgrades/replacements for FPS and UK retail payments infrastructure. Approach agreed no later than end Q2 2025 ·      Reforming of PAY.UK ·      Coordination between regulators needs to improve - the government is concerned that the collective impact is hampering the sector’s capacity for innovation and growth. ·      Commitments to ‘explore’ CBDCs and a Digital Pound ·      Government support for adoption of digital identities in financial services ·      Priority initiatives in Open Banking and Fraud (Financial Crime) o  PSR commits to 12 month review of APP R after 12 months (plus recognition of role of tech and telcos) o  Regulators to examine data sharing initiatives across the financial services sector. o  Adequate consumer protection must be delivered for Open Banking payments, and the government intends to address this through introduction of a dispute resolution process o  The FCA is to be the UK’s regulator on Open Banking ·      A push to boost cross-border activity and international interoperability, but not at the expense of consumer protection or financial stability. Now is the time for #action and #delivery.  The Payments Association will play it’s role, and looking forward to working with government, regulators and the wider industry to support this vision. https://lnkd.in/e6RsUU7r

21

UK-based fintech ClearScore has acquired credit marketplace Aro Finance Limited as part of its strategy to grow its presence in Embedded Finance. #fintechnews #creditmarketplace #embeddedfinance #ThePaypers

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

11

Interesting comments from Marion King, Trustee of OBIE at the https://lnkd.in/ezwadQYJ yesterday, along with some great data points. “Open Banking together with Real time payments could and should provide a viable alternative to cards” “The Economic model, the pricing mechanism. How is this [open banking] paid for; who pays in the value chain. Because without an effective fair exchange of value the open banking market will not be able to afford consumer protection.” “So where are we now in bridging the gaps . . . . . Standing up the Future Entity, that is the replacement of open banking. That will be a central capability that will manage: the scheme, the trust framework, the standards basically the rules of the game and will liaise and interop with other open data sectors so it goes beyond just payments.” 17% of small businesses use open banking 1.5bn API calls in March 60% of API calls have a payment attached to it, gateway to enabling a transaction or a payment Estimated that UK Open Banking is worth around £4bn of growth and employs around 5,000 people. Tony Craddock Jan van Vonno The Payments Association Adam Cox Sindy Cain Georgina Wilczek

8

The Competition and Markets Authority (CMA) has announced the completion of its Open Banking Roadmap unlocking a new era of financial innovation. Ben Beecroft, Head of Monitoring at OBL comments Read more here >> https://lnkd.in/eZSAKjvJ #OpenBanking #SmartData #OpenFinance #Innovation #DigitalInnovation #TechInnovation #Payments #VRPs Financial Conduct Authority | HM Treasury | Payment Systems Regulator

56

1 Comment

Throwback Tuesday? 75% of customers rate all channels, including branch, as equally important and 44% of FI's globally, struggle to boost product-use frequency … Therefore redistributing new branch formats to engage customers where they actually spend their day, makes solid sense and creates new sustainable P+L models. But when you build a "pop-up", it's good to meet all of your customers expectations. TSB did just that with their Nottingham pop-up, and leveraged the simplicity and deployment speed of OneBanx' solution to enable customers to enjoy full service banking on site. Read more about it here #givepeoplewhattheyneed #cashaccessmatters https://lnkd.in/d3GFu4f6

18

Big Banks Denying UK SMEs Vital Cash as the Savings Gap Grows Again Richard Davies, CEO of Allica Bank, said: “Our latest data continues to underscore the need for an overhaul of the status quo, as UK SMEs continue to be short-changed by the big banks and their meagre interest rates. With the savings gap once again breaching 3%, there has never been a more appropriate moment to make steps towards a more transparent savings market. “The current state of the market means that the average UK SME is missing out on an average of £2,268 a year. For more established SMEs, the impact of this can be even greater. According to our data, a business with £1 million in the bank would be losing out on an average of £30,200 if it banks with one of the big six. “Business banking needs to change for the better – and we can start by making sure that all businesses have a clear picture about how to get the best deal on their savings. Better rates are out there – but customers need to know where to look.” https://lnkd.in/e3V7BRSs Philippa Gerrard Chloe Fenton (née Vaidya) Pragyani Bora Carlie Southworth James Heath Conrad Ford Grant Brown #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

8

New Report Indicates UK SMEs Are Optimistic About the Future Corin Camenisch, Product Marketing Lead at SumUp commented on the survey: “As champions for small merchants, we conducted this survey to discover the confidence levels of small business owners and decision makers in the UK to better understand the challenges they face, gauge their optimism about their future, and identify areas where support for SMEs might be needed. “Overall, confidence levels of small business owners and decision makers across the UK are high. This positive outlook suggests that small merchants are prepared to navigate potential uncertainties and continue to thrive. “We have provided tips off the back of our findings for those just starting out in business, or who are looking to deal with unexpected market fluctuations on our full campaign page.” https://lnkd.in/e975UtrF #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

1

Business Confidence Holds Steady Highlighting Optimistic Outlook from UK Businesses Hann-Ju Ho, Senior Economist, Lloyds Bank Commercial Banking said: “We are beginning to see a consistent trend emerge from our Barometer results in recent months. Businesses are feeling increasingly confident about the economy, coinciding with falling inflation and hopes that interest rates will start to fall this year. “There continues to be a mixed picture among the regions, with the biggest rises seen in Wales and the South West. The strongest confidence was reported in the East of England, with confidence rising for the third consecutive month. Confidence in the North East eased slightly but remained strong in April. “The second quarter of 2024 has started brightly for businesses, and we are seeing firms expressing greater confidence in an enduring economic recovery.” https://lnkd.in/eg-utkrb Paul Gordon #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

2

The Payments Association Calls on New PSR Head to Delay APP Fraud Implementation to Prevent Irreparable Damage Tony Craddock, Director General of The Payments Association, commented: “This move by the PSR represents a prime opportunity to re-set the relationship between the payments industry and one of its most important regulators. We believe that to mitigate systemic risk and prevent damage to the payments industry from some of the PSR’s current plans, significant changes are needed.” Riccardo Tordera-Ricchi https://lnkd.in/eDzN4iPE #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

15

Episode Six (E6) Partners with Muloot Money to Offer Payment Solutions to UK Businesses and Individuals Read more: https://lnkd.in/d2HGk_WJ #EpisodeSix #MulootMoney #PaymentSolutions #UKBusinesses #FintechPartnership #finance #fintech #FinancialIT

6

SME Growth on the Line as Businesses Await Budget Mike Randall, CEO at Simply Asset Finance, says “It’s evident that the Government does not yet have the full confidence of UK business, but the budget is an opportunity for that to be tackled head on. Businesses up and down the UK recognise that the next 12 months offers a real opportunity for them to grow. But they need a helping hand to seize it. “The OECD recently updated its growth forecasts for 2024 from 0.4% in May, to 1.1%. While achieving this requires the success of small and medium sized businesses, if the UK is to be serious about growth, the investment ambition needs to be much greater. The Government needs to recognise the importance of the budget to these growth plans, listen to what businesses need, and take action to support them accordingly. “By providing targeted support around high energy costs, reducing red tape, and offering tax incentives for innovation, the government can empower SMEs to innovate, grow, and compete locally, nationally, and even globally. By doing that, we can create an environment where SMEs thrive, driving economic growth and innovation.” https://lnkd.in/esbQ5N8D Tara Brill Esther Vincent Alexandra McWilliams Richard Chadwick Ylva Oertengren Stefan Wolvaardt Mike King #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

8

A welcome easter egg 🥚 in today's Bank of England piece on innovation in money and payments, is confirmation that the new Government 👉 will 👈 take forward the National Payments Vision 🛣 That's another tick in the box ✅ for open banking payments, after the Government also brought back the Smart Data Bill, key for underpinning open banking standards. Now if only we could see some progress on VRP from the Payment Systems Regulator and acknowledgment of the risk APP fraud rules pose to growth in the payment sector... Read our piece on the National Payments Vision: https://lnkd.in/eTTiGwNR The Bank of England's Approach to innovation in money and payments: https://lnkd.in/eiFKmxTE #progress #growth #payments #openbanking

64

21 Comments

Open Banking are marking its SEVENTH anniversary of PSD2 being implemented and the creation of Open Banking! 🎉 🇬🇧 🚀 PSD2 was implemented in the UK on 13 January 2018 and paved the way for open banking in the UK and over the course of the past seven years, OBL has facilitated its implementation through the Open Banking Standard and helped to foster an ecosystem worth £4 billion to the economy. 👏 💸 There are now over 11.7 MILLION active users of open banking-enabled products and over 22.1 MILLION open banking payments made monthly, providing consumers and businesses with a simple, secure way to move, manage, and make MORE of their money. 👩‍💻 Marion King, Chair and Trustee of OBL, said: “As we reflect on the last seven years, we should be collectively proud of the financial innovation and the benefits open banking delivers to consumers and businesses, as well as the wider economy. We’re at a pivotal stage in the evolution of open banking, with legislation and regulation coming forward that will not only put it on a commercially sustainable footing fit for the long term, but also move us towards open finance and other smart data schemes.” Read more on the link below! 👇 Samantha Boyle Henk Van Hulle Luke Ryder Fiona Fenn SmithPatrick Cannon Graeme Marsh Tony Duarte Andrew Siggemann Richard Newman #openbanking #psd2 #ukfintech #fintechinnovation #digitalpayments #openfinance #openbankingpayments #smartdata #ukeconomy

5

ColCap UK and Molo Complete £300 Million Securitisation ColCap UK’s Treasurer, Paolo Tanca, commented, “This deal represents a significant milestone for us, showcasing our ability to structure and execute successful RMBS transactions in the UK market. We are excited about the opportunities for future growth and expansion.” Esther Morley Matthew Kimber https://lnkd.in/eyBXKnyR #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

26

HELP AT YOUR FINGERTIPS 👇🏼 Payments is a competitive space, it’s difficult to #innovate in to solve problems, as in general you are either looking to solve the problem for a merchant, or the problem for The payments company developing….. With the 🧞‍♂️- we wanted to do both! For the industry ✅ The genie busts attrition by capturing segregated data and through AI creates the merchants own library of transactional and behavioural insights. It can then deliver the answer through the terminal to any questions a merchant has on the data…. Think Alexa - but for your business transactional data. If a merchant switches their terminal, they lose all of the machine learning and data that has built up - bad times ✖️ - result - less churn ✅ The genie reduces calls to help desk, as it has a built in 1st line AI assisted support function, the support is around anything transactional, operational or contractual ✅ The genie makes it easy for us to communicate directly with a merchant for the introduction of VAS or to get important messages to them quickly right where their attention is. For the Merchant 📱 1st Line help without having to sit on hold to the acquirer or an ISO 📱Features such as “split billing” “tip managment” and email receipts as standard 📱Embedded finance through Recap delivering MCA opportunities direct to merchants 📱 Alternative payment options and ledgers, such as cash and Open banking. 📱 Live transactional data ftom their whole merchant account viewd on the device 📱 White label in the merchants or a partners brands/colours And much much more….: At Modern World Business Solutions we believe this is our best innovation yet as it solves multiple issues for multiple links in the value proposition. A next gen payments application delivered by a next gen payments ISO. You can register your interest with the genie and keep up to date with how things are progressing, and even register to be part of the pilot on the link in the comments. 🔥

14

2 Comments

Monzo Bank Raises Additional $190 Million TS Anil, CEO of Monzo: “The huge interest we see from global investors is testament to the momentum and strength of our business model and the commitment of our teams, who put our customers at the heart of everything we do. With even more rocketfuel for our ambitions and exciting products in the pipeline, there’s no doubt in my mind that the best of Monzo is yet to come.” https://lnkd.in/etJWG4yq #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

10

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

28