Debit card spending reaches record high in July as pandemic accelerates growth in online shopping
Oct16

Debit card spending reaches record high in July as pandemic accelerates growth in online shopping

Debit card spending in the UK reached a record high of £59.1 billion in July, data published by UK Finance has revealed. This is up almost a fifth (17.9 per cent) compared to the previous month and an increase of 9.4 per cent compared to July last year. Credit card spending in July amounted to £15 billion, an increase of 15 per cent compared to the previous month, but 24.8 per cent below levels seen last year. The figures suggest that...

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UK Finance proposes next steps for Open Banking
Jun18

UK Finance proposes next steps for Open Banking

A future model for how the UK’s world-leading Open Banking (OB) functions can continue and progress once the current implementation phase ends early next year is set out today in a new report, Open Banking – Future State, by UK Finance in association with Accenture. Open Banking is a secure way to share financial information across multiple providers and is used in products such as account aggregation, where customers who have...

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Fintech Fix: Tapping Out?
Jun05

Fintech Fix: Tapping Out?

Check out this week’s episode of The Fintech Fix, featuring MTA – Metropolitan Transport Authority, NYC and UK Finance. Anyone tired of the travelcard – me too? Find out when contactless payments will touch in for NYC...

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Cards used for half of payments for first time last year
Jun03

Cards used for half of payments for first time last year

Card and contactless payments continued to increase in 2019, with card payments accounting for over half (51 per cent) of all payments for the first time, according to the latest UK Payment Markets report from UK Finance. Debit cards were the most used payment method in the UK with 17 billion payments, of which 7 billion were contactless. Consumer use of credit cards also rose during 2019, up by 7 per cent to 3.3 billion payments,...

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Coronavirus Large Business Interruption Loan Scheme to open on Monday
Apr16

Coronavirus Large Business Interruption Loan Scheme to open on Monday

The Chancellor of the Exchequer today announced details of the Coronavirus Large Business Interruption Loan Scheme (CLBILS). Delivered by lenders accredited by the British Business Bank, the new scheme provides finance to mid-sized and larger UK businesses with turnover above £45m (the upper limit for the existing smaller-business focused CBILS). CLBILS can help provide facilities of up to £25m for businesses with turnover from £45m...

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Simpler Steps for Small Businesses Opening a Business Current Account
Feb02

Simpler Steps for Small Businesses Opening a Business Current Account

Small business owners preparing to open or switch to a new business current account can now do so more easily, as account providers now require the same basic set of information from new customers. The streamlined checklist is included in a new online guide launched today by UK Finance, providing the essential details and documents that most businesses will need to open an account, so those applying can be ready for their first bank...

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20 Years of Innovation: Financial Innovation Awards – the Winners
Dec08

20 Years of Innovation: Financial Innovation Awards – the Winners

The 2017 Financial Innovation Awards, awarded jointly by The London Institute of Banking & Finance (LIBF) and UK Finance, took place last night (December 7). The headline partner was ISACA with the technology awards partner being confirmation.com  Now in their 20th year, the Financial Innovation Awards celebrate those who deliver innovative services, provide excellent customer experiences and put communities at the heart of their...

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UK Finance Responds to Bank of England Base Rate Rise
Nov03

UK Finance Responds to Bank of England Base Rate Rise

Responding to today’s MPC decision to raise the base rate by one-quarter of one per cent, UK Finance Head of Personal Eric Leenders said: “Whilst this is a small rise from a historically low base, anyone who thinks they may find it difficult to manage their finances should always contact their provider as soon as possible to discuss the support that’s available to help them. With most mortgage and personal loan holders, as well as...

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UK Finance Responds to PM’s Speech in Florence
Sep25

UK Finance Responds to PM’s Speech in Florence

Stephen Jones, CEO of UK Finance said: “The Prime Minister acknowledged the importance of a period of adaptation to provide businesses with a clear line of sight on the new arrangements based on mutually acceptable high regulatory standards and an appropriate mechanism to resolve disputes. Early agreement on transitional arrangements is essential for a good outcome for businesses and customers in the UK and across the EU.  Both EU and...

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UK Finance Appoints Amicus CEO to High Profile Board
Jul03

UK Finance Appoints Amicus CEO to High Profile Board

Amicus Finance PLC today announces that John Jenkins, CEO of Amicus has been appointed to the Board of UK Finance, a newly formed, high profile industry body representing banks and financial services institutions in the UK. John Jenkins will join the Board to represent specialists across the Asset Based Lending sector. Some of the other representatives include: Ashok Vaswani, CEO at Barclays UK; Ian Stuart, CEO at HSBC UK; Peter Hill,...

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UK Finance Launches
Jul03

UK Finance Launches

From today, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. UK Finance will represent over 300 firms in the UK providing credit, banking, markets and payment-related services. Its members offer a wide range of financial and advisory services across both mutual and corporates, representing regional, national, domestic and international businesses. Its role will be to help...

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