Please select the white paper from the toggles below to read its summary.
In 2015, the Payments Strategy Forum was formed to lead a process to identify, prioritise and help to deliver initiatives where it was considered necessary for the payments industry to work together to promote collaborative innovation.
Its work was educated by detriments from the wider Payments Community on issues that prevent the UK payments market from functioning in the way the PSR envisages.
Under the simplifying access to market work, one detriment highlighted that smaller and new providers, particularly payment and e-money institutions were increasingly finding it hard to access bank accounts and as a consequence the payment systems.
of ‘derisking’, denies many small and new PSPs the opportunity to access banking and payment services.
In 2016, investments in financial technology (FinTech) companies have doubled compared with the same period last year. So it is not surprising that the UK seems to be awash with FinTech companies – 2,000 today compared with 800 in April 2015 – receiving investments of £524m last year in a sector that employs 61,000 people and generates revenues of £6.6bn.
But the FinTech market is still young. There are only a few examples of FinTech ‘Unicorns’, young companies with market valuations above $1bn. And not many FinTech businesses are listed on the stock market. So few FinTech companies can report meteoric success. But the longer-term financial performance of such companies, and the return on investments by angels, trade investors, Venture Capital firms and Private Equity, is yet to be proven. And sometimes, FinTech business fail spectacularly…
The UK payments industry is world-leading, and its Fintech sector is estimated by HM Treasury to be worth £6bn. The UK is likely to leave the EU in 2019 and when it does, it could potentially lose its passporting rights to the European single market. Without such rights, many regulated payments companies in the UK will be unable to deliver products and services across the European Economic Area (EEA). The Emerging Payments Association (EPA) believes restrictions of passporting rights will damage the emerging payments industry significantly.
However, if passporting rights are lost to UK payments companies, then where should these companies move to become regulated so they can continue to access the EEA? To answer this question the EPA has published a report comparing the most viable options for companies seeking to become authorised in the EEA. Having reviewed 15 countries, the report undertakes a ‘deep dive’ analysis of the six best countries to be considered.
In this report, David Parker of Polymath Consulting clearly explains everything about BINs that you may have wanted to know but were afraid to ask…
This Call for Input seeks views on existing guidance the FCA published in 2009 to assist firms in complying with their legal requirements under the payment services regime.
Brief report by Berkery Noyes on Fintech transactions in the first half of 2015 and related analysis.
The purpose of this research is to examine how the use of encryption has evolved over the past ten years and the impact of this technology on the security posture of organizations. The first encryption trends study was conducted in 2005 for a US sample of respondents.3 Since then we have expanded the scope of the research to include respondents in all regions of the world.
How China’s fintech will change how the world thinks about banking – Swift Payments Innotribe white paper
With the UK’s history of sophisticated financial services, it is unsurprising that the nation is now leading the charge with FinTech innovation. Investments in the sector have grown at 74% a year in the UK and Ireland since 2008, compared with 27% globally and 13% in Silicon Valley.
The payments space in particular has been shaken by new entrants, with an average of £20 billion in annual revenue now generated across payments software, data and analytics platforms. The UK government is keen to maintain this momentum, and has announced a number of schemes to ensure the UK remains at the forefront of global innovation in the financial services sector – from appointing industry veteran Eileen Burbidge as the UK’s FinTech envoy, to announcing a regulatory sandbox for financial services innovators…