With only one in five UK consumers using their mobile to make payments, new research suggests that the technology is being held back by consumer fears over security, lengthy sign-up processes and problems making payments outside of individual schemes.
The UK Payments Council has set a date for the introduction of the seven-day account switching service, which will make it easier for UK customers to switch their bank.
Is there anything to fear about the new FCA? Well, possibly quite a lot, it would seem. A hundred or so days into the new era of the FCA and it would be hard for anyone in the wealth management or private banking sector to have missed the message that the regulation of the sector is going to be different from now on.
The introduction of seven-day account switching in the UK in September is a fundamental pillar of UK government plans to inject more competition into retail banking. But the plan has its critics – some of whom warn it may achieve the opposite of what it intends.
All of the UK’s mobile network operators have extended their carrier billing offerings by connecting to Gemalto’s direct billing platform, the mobile security solutions provider announced.
Banks should not be afraid to go further and faster in their adoption of cloud computing, says Mohamed Gamil, chief operating officer at Islamic Bank of Britain.
Market participants have condemned a proposal in the UK House of Commons that calls for the UK government to consider implementing a tax on high-frequency trading activity in the country.
The introduction of seven-day account switching in the UK in September is a fundamental pillar of UK government plans to inject more competition into retail banking. But the plan has its critics – some of whom warn it may achieve the opposite of what it intends.
Mobile operator EE is launching a UK mobile payments service called Cash on Tap, in a move that highlights recent efforts across Europe to make mobile payments a reality.
At a passionate debate in Westminster this week MPs, led by Rushanara Ali, member for Bethnal Green & Bow, called for government action in the wake of Barclay’s recent decision to close accounts for a large number of small payments businesses in the remittances sector.
The London Stock Exchange’s plans to establish a new central securities depository in Luxembourg reveal the way regulation can have unintended consequences – in this case a proliferation of CSDs.
Financial services observers have expressed support for the UK Payments Council’s new roadmap – but serious concerns remain about the viability of the proposals, which are backed by the UK government as part of a drive to improve services for consumers.
The financial services sector needs to be wary of payments solutions that may be solving phantom problems that are of little relevance to the consumer, according to speakers at the Experian payments conference in London on Tuesday.
ICE Clear Europe is to begin clearing for NYSE Liffe’s London derivatives market on 1 July, marking the end of NYSE’s migration from LCH Clearnet, and the beginning of ICE’s integration with NYSE Euronext, which it purchased in December for $8.2 billion.
One in four customers in the UK is now using mobile banking services– and bank-driven systems are leading the way, according to new research by mobile payments specialist VocaLink.
Two different visions of the future of retail financial services did battle at the Building Societies Association annual conference in Harrogate this week , revealing a dilemma facing UK building societies.
The UK financial services sector has asked new regulator the Financial Conduct Authority to do more to support competition, improve its communication with the industry and provide clearer and more predictable regulation, according to a the results of a survey published by the FCA today.
Banks in the UK and Ireland need to adjust to changing consumer behaviour as customers cut back on the amount of time they spend banking online and visiting bank branches, according to new research by Accenture.
Major global banks have praised the FinTech Innovation Lab London, a project which partners senior bank executives with startup companies, for helping to energise the development of innovative new products in financial services, at an investor day presentation in London City Hall this morning.
As one of the world’s leading financial centres, geographically well-positioned between America and the Far East, London is very much a global city. It is perhaps unsurprising then that it also attracts businesses looking to provide financial services worldwide.
London’s financial sector jobs market continues to be depressed, with the number of new jobs on the market down 18% on this time last year, and the number of people looking for jobs down 26%.
As new rules for the central clearing of OTC derivatives loom ever larger on the horizon in both Europe and the US, technology is helping to make the transition easier – but the kind of contracts being traded may well change, according to CME Group.
Seven innovative start-up companies have been chosen to take part in a major new London-based project that aims to bolster advanced technologies in financial services. The seven firms will participate in a twelve-week programme in which they will gain support from the major banks and gather interest from venture capitalists and investors.
