Latest opinions that John Bertrand has shared on Finextra

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John Bertrand

Tec 8 Limited

Member since

03 Apr 2020

Location

London

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John's opinions

Future of Payment Review UK – six months on

Joe Garner’s Future of Payment review published in 2023 on behalf of the UK Government reflected the complexity of the current instant payment UK environment. The situation has allowed the UK’s early leadership in global instant payments to decline. The UK is starting to fall behind in terms of person-to-person payments made by bank account transf...

10 April 2024 /payments /regulation Banking Strategy, Digital and Transformation

By delaying instant payments, if suspicious, be effective?

At UK first Global Fraud Summit, HM Treasury plans to introduce legislation, only to apply to suspicious Authorised Push Payments executed within the UK in sterling. The proposed statutory instrument amends the Payment Services Regulations 2017 and allows PSPs to delay the execution of an outbound payment transaction by up to four business days fr...

15 March 2024 /payments /regulation Innovation in Financial Services

EU mandatory regulation is on the money

EU mandatory regulations for instant credit transfers within the Single Euro Payments Area (SEPA) are right on the money. The key requirement is verification of payee. Today this is absent in the UK, apart from ten mandated banks plus a few more. IBAN (International Bank Account number) is being supplemented to identify the actual owner of the ac...

21 February 2024 /payments /regulation Banking Strategy, Digital and Transformation

Will HSBC become the Google of Forex?

Brilliant start to the year with HSBC head of wealth announcing a new Foreign Exchange (Forex) app to take on Wise (1). The app is for existing and new customers wanting to make foreign exchange transactions instantly. This activity fully supports the 695th Lord Mayor of London Lecture on “Harnessing Entrepreneurship to Build a World-Class Economy...

05 January 2024 /payments /markets Banking Strategy, Digital and Transformation

Reimbursement of APP Scams: Boost for consumers/SMEs

The Payment Systems Regulator issued Specific Requirement 1 on the Faster Payments Scheme Operator (Pay.UK) to insert APP scam reimbursement into Faster Payments. The timetable as follows: Action Financial Service & Market Act 2023 (FSMA) - places statutory on PSR for APP scam payments over Faster Payments by 29-Feb-24 Faster Payments Scheme Op...

21 December 2023 /payments /regulation Banking Strategy, Digital and Transformation

UK Finance Annual Mortgage Dinner and The New Mortgage Charter

An exhilarating evening was held with the members of the mortgage industry on 12 December with people dressed in black tie. The mood was set by the Director of Mortgages for UK Finance and further extended by the chair of akt Charity by providing safe homes for UK LGBTQ young people. Positivity for 2024 was palpable. The Director opened with givin...

17 December 2023 /regulation /retail Digital Banking, Mortgages and Savings

Cyber Wars Going Infinite: Buckle Up

The Michael Lewis book, Going Infinite, The Rise And Fall of A New Tycoon and Erica Stanford’s earlier book Cyber Wars, reflect an accurate but disturbing picture of this unregulated market. At times, the market appears to be a huge Ponzi Scam: The Z/Yen Group believes over 60% of the cyber coins on offer are fake. In the UK, 80% of Bank Accoun...

30 October 2023 /crypto /crime Innovation in Financial Services

Accelerating the use of Instant Payments

European instant payments were introduced in 2017 and by 2022 represented 14% of all SEPA credit transfers. Across the 29 counties, some have yet to start while others, led by the Netherlands, have reached 90% domestic single payments. International instant payments, for example, euro to pound, are beginning to happen but come with a high risk of ...

29 September 2023 /payments /regulation Payments strategies 2015-2020-2030

Global trends for Faster Payments

The trends emerging with Instant Payment Systems are: 1. Increasing in-country systems being released and promoted The latest major country to introduce instant payments is the USA. The Federal Reserve switched on their instant payment program called FedNow in July 2023. Starting out with 35 banks and credit unions and FedNow is planning to add...

21 August 2023 /payments /regulation Banking Strategy, Digital and Transformation

APP Fraud: UK Government and UK Supreme Court at odds: what shall we do as scams jump 24%?

In June the UK Government gave royal assent to allow the Payment System Regulator (PSR) to mandate reimbursements for scam victims. Consumer and small enterprises (<£5 million revenue) are to receive the refunds in 5 working days. Costs to be split 50/50 between the Payer and Payee Banks. In addition, Bank/Payment Service Provider (PSP) must h...

12 August 2023 /payments /regulation Banking Strategy, Digital and Transformation

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