Banks and building societies have put in place standard central processes and defined maximum timescales to help customers recover money. When a customer notifies their bank or building society that they have made an electronic payment to the wrong account, action will commence on the customer’s behalf within a maximum of two working days. If a bank is unable to reclaim funds immediately – for instance if the recipient disputes its return – the customer will be notified of the outcome of their bank’s investigation in a maximum of twenty working days from the point of enquiry and in many cases much sooner. If funds cannot be recovered through the standard central process customers will be given clear and accurate information on the options they have available to them – such as court action against the recipient. Banks and building societies will ensure the design of online, mobile and telephone payment channels reduce the risk of a customer making a mistake. This might involve: customers being asked to input account details twice; extra warnings about using the correct account details; or prompting customers to check payment details that have not been used for some time so that they can be updated or deleted as necessary.
Clydesdale and Yorkshire Banks have launched a new prepaid currency card in partnership with MasterCard®. The card is available to Clydesdale and Yorkshire Bank customers in three currencies – Sterling, Euro or US Dollar. Clydesdale and Yorkshire are the only UK high street banks to offer the card instantly and without the need for additional…
Two innovative UK start-ups responsible for millions of contactless tickets and payments per month have joined forces to create a new European leader in smart transactions. Applied Card Technologies (ACT) and digital payments company sQuid have joined forces under a new corporate umbrella, Smart Transactions Group, in a deal valued at $87 million (£53.3 million). Both companies currently operate contactless smart card-based networks, and now share plans to launch NFC and mobile phone-based solutions in the near future. Smart Transactions Group will have pro-forma 2011 revenues of approximately $15 million (£9.5 million) and its payments revenue, measured on a Total Payment Value (TPV) basis, is growing at a significant double digit monthly rate, while transit transactions are also expected to grow 50% in 2011.
Cardtronics non-bank owner of ATMs posted its 4Q/10 consolidated revenues of $134.7 million. This figure is up by 8% from the year ago period figure of $124.8 million thanks to a 12% revenue growth in core business operations, but was down about $2 million from the prior quarter. Additional highlight indicate gross margins were up 32.4% from 31.4% from 4Q/09; adjusted EBITDA was $32.8 million, up approximately 19%; GAAP Net Income of $8.0 million, up from $1.5 million; total withdrawal transactions from its ATMs increased by over 6%; total transactions increased by over 10%; and total transactions per ATM increased by over 8%. For all of 2010, Cardtronics revenues totaled $532.1 million for the year ended December 31, 2010, an 8% increase over the $493.4 million posted in 2009. This was also thanks to core business growth, which was driven by increases in transactions per machine, increased revenues from managed services agreements, year-over-year surcharge rate increases implemented in the United States, and unit growth in the Company’s United Kingdom and Mexico operating segments. Additional revenue was also generated through Cardtronics’ bank branding agreement with PNC Bank to place 135 ATMs in CVS/pharmacy stores across Indiana; signing multi-year agreements with a leading supermarket chain in the Northeast to provide a full suite of ATM management services; agreements with Univision Prepaid Card to provide prepaid cardholders with unlimited free access to ATMs in the Company’s Allpoint Network, and many more national and international developments. For complete details on Cardtronics fiscals, visit CardData.com (www.carddata.com).
Cardtronics’ Bank Machine has forged a multi-year deal with Yorkshire Building Society to take over the management of Yorkshire’s 20 ATMs. The turn-key ATM managed services agreement includes maintenance and cash delivery through Bank Machine’s in-house cash-in-transit company, Green Team. Bank Machine operates over 3,000 ATMs throughout the U.K. with locations ranging from convenience stores to the world-famous Selfridges department stores. Retail customers include Asda, Costcutter, Martin McColl, Punch Taverns, Spar, Tates, and Welcome Break. Bank Machine provides clients with a full-service ATM solution, with capabilities covering everything from site selection to cash delivery.
Payzone, in conjunction with E.ON and npower, is offering their
customers the chance to share in a GBP10,000 free energy prize fund this
winter by paying for gas and / or electricity at 14,000 participating
Payzone outlets across the UK. Starting December 1 until February 8,
E.ON and npower customers who top up their gas and electricity
prepayment cards / keys, pay bills, or make budget payments at Payzone
outlets will be automatically entered into the free prize draw. For the
drawing, 100 lucky customers can win GBP10 that can be used towards the
cost of energy this winter, the equivalent of 400 hours watching an LCD
TV; heating 500 cups of tea; 800 slices of toast; 3125 hours of light
using a 20 watt energy saving bulb; and 100 baths or 200 showers.
In the UK, closure of 1 in 5 consumer accounts was due to non-payment, with
Yorkshire residents exceeding the national average by 13%. Among
Yorkshire consumers, 35% of their accounts were closed by the provider
because of repayment failure. Those living in North East and East Anglia
are the best at repaying, each with only 8% of residents’ accounts
closed for not meeting monthly payments. This, according to
Confused.com, concluded the Yorkshire residents were most likely to
struggle when it comes to credit card payments, followed by residents of
South East, 33% of whom struggle to payoff debt. Confused.com price
comparison services was launched in 2002 and now generates over one
million quotes per month.
Launched on May 27, 2008, the U.K.’s new “Faster Payments Service” has racked up 180 million payments with a total value of just under GBP 70 billion. More than half of all credit card accounts are now payable through the “Service” with four major credit card companies offering the facility to their cardholders. During the year, the sort code checker facility has registered nearly 600,000 hits with customers checking whether they can send money to specific sort codes using the Service.
APACS says the peak day for “Faster Payments” was March 2nd with 5 million payments valuing over GBP 1 billion. CHAPS says its research shows that some UK customers still arenât aware that the new “Faster Payments Service” exists while some are not sure whether theyâve used it. There is a maximum limit placed on the value of each payment sent
through the service, with the maximum value for Internet and phone payments set at GBP 10,000 and standing orders to GBP 100,000.
VocaLink provides the infrastructure for the “Faster Payments.”
FASTER PAYMENTS STATS
Month Total volume (000s) Total value (GBP m)
May 08 334 209
June 08 4,165 2,266
July 08 6,984 3,621
Aug 08 7,945 3,787
Sept 08 11,656 4,853
Oct 08 15,824 6,162
Nov 08 16,144 5,459
Dec 08 19,737 6,514
Jan 09 18,679 6,208
Feb 09 18,476 6,234
Mar 09 22,950 8,183
Apr 09 21,802 8,007
May 09 22,329 7,736
Source: CHAPS and APACS
Launched on May 27, 2008, the “Faster Payments Service” has racked up 180 million payments with a total value of just under GBP 70 billion. More than half of all credit card accounts are now payable through the “Service” with four major credit card companies offering the facility to their cardholders. During the year, the sort code checker facility has registered nearly 600,000 hits with customers checking whether they can send money to specific sort codes using the Service.
APACS says the peak day for “Faster Payments” was March 2nd with 5 million payments valuing over GBP 1 billion. CHAPS says its research shows that some UK customers still aren’t aware that the new “Faster Payments Service” exists while some are not sure whether they’ve used it. There is a maximum limit placed on the value of each payment sent
through the service, with the maximum value for Internet
and phone payments set at GBP 10,000 and standing orders to GBP 100,000.
VocaLink provides the infrastructure for the “Faster Payments.”
Consumer cash distribution network Payzone has signed contracts with
a number of Councils and Housing Associations to extend
their bill payment collection service to the Payzone network.
Almost 2000 retailers, located in Birmingham, Cannock, Dacorum,
Hounslow, Leeds, Luton and Yorkshire will now be able accept payments.
Last year, over 500,000 payments in total were collected by these
councils, offering opportunities for added footfall and increased
commission for retailers. Payzone offers a wide range of services
including pre-paid mobile
phone top-ups, energy pre-payments, bill payments, pre-paid Visa
vouchers, local and housing authority payments, pre-paid Visa and
MasterCard payment cards, payment vouchers for on-line shopping, gift
card and loyalty programmes, transport ticketing, lottery games, parking
and electronic road tolling, debit and credit card acceptance,
contactless payment solutions and world-wide money transfer services.
A new survey shows that 35% of Brits will use a credit card, 14% will use a store credit card, 5% will use a personal loan with the rest using cash or debit cards to cover the cost of their Christmas spending.
For those using the “buy now, pay later” strategy, the leftover debt from Christmas spending is expected to average about GBP 449. The survey by Halifax reveals that consumers are keeping a firm hold of their purse strings this year with 21% changing their shopping habits to beat the credit crunch and 39% admitting to spending less this Christmas. Consumers are also finding other ways to help avoid the Christmas pinch; of those who admitted to changing their Christmas shopping habits, over half will be taking advantage of pre Christmas sales and a third will be cutting back on the number of presents they buy. Halifax also found that a shopper who pays for presents in cash this Christmas will spend on average GBP 317, but it seems people spending on credit cards are cutting back – on average they will spend GBP 234.
APACS reports that during the first three months of the new “Faster Payments Service,” a total of 19.5 million payments were processed through the system. The peak day September 1st when 1.4 million payments were handled. More than 63% of all internet and phone payments are now processed through the new “Faster Payments Service.” Standing orders started to be moved across to the new system from June 6th. The average value for phone and internet payments has increased
substantially; more than doubling from the 2007 average value of GBP 303 to GBP 786 per payment. There is a maximum limit placed on the value of each payment sent through the “Faster Payments Service,” with the maximum value for Internet and phone payments set at GBP 10,000 and standing orders to GBP 100,000.