Catch up on Finextra’s most-read payments stories from last month.
G20's cross-border payments plan to miss 2027 deadline
The G20's roadmap to improving cross-border payments was officially introduced in 2021. The G20’s Financial Stability Board (FSB) now reports that global financial institutions are set to miss the
first deadline of 2027. "It's becoming clear that the (G20) targets are not going to be hit by 2027," commented FSB deputy secretary general Martin Moloney. A combination of outdated technology,
inflexible regulations and dominant legacy banks are cited as cause for the delays.
AWS outage hits UK banks' online services
On 20 October 2025, an AWS outage affected thousands of customers, who experienced problems with card payments and were unable to access their online bank accounts. According to website Downdetector, the outage involved 500 companies and caused more than
4 million reports from users. The issue was resolved on the same day.
UK watchdog clears Global Payments' $22.7bn Worldpay acquisition
Earlier this year, the financial technology company Global Payments announced a blockbuster deal to Worldpay from GTRC and FIS for $22.7 billion, while offloading its Issuer Solutions business to FIS for $13.5 billion. After the announcement, the UK’s Competition
and Markets Authority (CMA) launched an inquiry which concluded in October, clearing the Worldpay acquisition. A separate investigation into FIS's planned acquisition of the Global Payments’ Issuer Solutions business, Tsys, is still ongoing.
Revolut faces further UK license delays
While Revolut emerged victorious in their fight for a UK banking license last year, its woes continue as regulatorory concerns over the neobanks’ risk controls relating to cross-border payments persist. The Finextra news desk writes that “officials are seeking
assurances that Revolut will boost its risk management controls as it pursues rapid international expansion. The company recently outlined a five-year global plan to invest £10 billion and create 10,000 jobs as it targets 100 million customers by mid-2027
and entry into 30 new markets by 2030.”
Klarna to launch digital wallet and debit card in UK
BNPL provider Klarna announced the launch of a debit card and digital wallet earlier this month in a move designed to disrupt the core aspect of retail banking: everyday consumer spending. The product launch of the digital wallet, Klarna Balance, and Klarna
Card follows the FCA authorisation from July 2025 to provide e-money services. Klarna Card is backed by Visa and has already been rolled out across Europe after an initial launch in the US.
TrueLayer to acquire open banking rival Zimpler
London-based payments network TrueLayer has announced an agreement to buy Nordic competitor Zimpler, expanding its user base to 20 million and gaining a greater presence in key Nordic markets such as Sweden and Finland. TrueLayer had previously reported
a $55m loss for 2024 and has laid off 25% of its staff in November 2024 in a bid to make the company profitable. The Finextra news desk writes that “no financial details of the planned acquisition, which is subject to regulatory approval, were disclosed.”
PayPal integrates Mastercard Agent Pay into wallet
Mastercard and PayPayl announced in October that Mastercard's agentic payments platform is being integrated into PayPal's wallet to allow AI agents to execute transactions for users. PayPal will additionally pilot the Mastercard Agent Pay Acceptance Framework,
to co-develop and test with agents and merchants.
UK payments industry warns government regulatory overhaul more 'reshuffle than reform'
Earlier this year, the government outlined plans to scrap PSR and consolidate most of its work into the Financial Conduct Authority, in a move designed to cut through the "regulatory congestion" as part of the National Payments Vision. While the Payments
Association initially welcomed the move, it has now, responding to a government consultation paper, warned that the plans for a post-PSR landscape "risk jeopardising UK payments reform". Tordera-Ricchi commented: “Our members stress the need for flexible,
proportionate supervisory tools without duplicative rules or directions. Concerns remain about who will have clear responsibility for competition oversight in the payments market, with participants keen for greater clarity on this point.”