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Established 1995
Sunday 24 July 2016


PSR: Indirect payment systems access ‘is improving’

Work to open up access to the UK’s payment systems is generating positive results, according to a new report from the Payment Systems Regulator (PSR). The body has published the final conclusions of its review into competition in the supply of indirect access to payment systems, as part of its wider work to help banks, building societies and other payment service providers (PSPs) access the payment systems which enable funds to be transferred between people or institutions.

ASX boosts its trade monitoring system

The Australian Securities Exchange (ASX) is to deploy Metamako’s MetaMux system for the real-time monitoring of its new trading platform. The technology will also be used for the timestamping and time synchronisation of its internal network traffic. Founder and CTO of Metamako, Dave Snowdon, noted: “High-precision monitoring of the timing of network messages is a critical part of the puzzle for all types of finance firms – exchanges are no different.”

MasterCard to buy VocaLink in £700m deal

MasterCard has announced that it will be acquiring a 92.4 per cent stake in bank-owned payments technology company VocaLink for around £700 million. VocaLink Holding’s existing shareholders also have the potential for an additional earn-out of up to £169 million if performance targets are met. Under the agreement, the majority of current VocaLink shareholders will retain 7.6 per cent ownership for at least three years.

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Insurance firms ‘benefiting from new tech’

InsurTech startups have the potential to significantly improve the insurance industry, new research from Startupbootcamp InsurTech and PwC has claimed. The global survey of over 1,300 startups working in this field revealed that 35 per cent are placing priority on methods to improve customer relationships.

Retail banks ‘stalling’ on customer service

Customer service in the retail banking sector has failed to improve in the past year, according to the latest UK Customer Satisfaction Index (UKCSI), released by
The Institute of Customer Service. The report found that banking is the only sector of the economy that has not improved its rating for customer satisfaction since July 2015, despite moves to increase competition and quality of service.

Orange Digital Ventures backs Payjoy

Orange Digital Ventures has invested in Payjoy, a digital platform that allows people with limited or no access to credit to pay for a smartphone in regular instalments. The investment came as a part of Payjoy’s Series A funding round, which included other venture capital firms such as Union Square Ventures, Draper Nexus Ventures, Fenway Summer Ventures and Core Innovation Capital.

Nucleus & IMS break UK’s P2P loan record

Nucleus Commercial Finance says it has broken the British peer-to-peer (P2P) lending record by agreeing a £14.5million finance facility with the steel stockholder Industrial Metal Services (IMS). The deal is over four times larger than the previous P2P record, which was for a £3.5 million loan issued by P2P lender ThinCats to insurance group LAMP. The Nucleus loan will bankroll IMS’ new stock purchases and general cash flow, and consists of invoice, asset and property finance.

France added to Apple Pay roster

Apple Pay has launched in France for Visa and MasterCard debit and credit card holders from French banks Banque Populaire and Caisse d’Epargne (the BPCE group). Users with compatible iPhones and Apple Watches can tap their device at any contactless point of sale terminals in France. France has more than 400,000 merchant locations live with contactless payment capabilities.

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Banking in 2020

An expert panel, including Lloyds, Metro and Dell, discuss how banks can grow their business in the digital age

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Michelle Stevens talks to Carl Churchill, the MD of NetPay, about technology trends in the payments industry and the company’s expansion plans

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