Included in this issue: Pay with Siri: Barclays launches voice-only payments; Bank of America applies AI to streamline client payment processing; Second annual review of BoE, PRA, FCA and PSR MoU on UK payment systems and more...
Pay with Siri: Barclays launches voice-only payments
Barclays now allows its UK mobile banking customers with iPhones to make voice-enabled peer-to-peer (P2P) payments using Siri, Apple’s voice assistant. To use the feature, customers must opt in on Barclays iPhone app. Once they do, they can initiate a payment to any mobile contact or existing “payee” by asking Siri to send a given amount. The payment is then verified using Apple’s Touch ID before being processed and sent. Barclays is introducing this feature at an opportune time: voice payment adoption is low, but its use is on the rise.
Second annual review of BoE, PRA, FCA and PSR MoU on UK payment systems
The Bank of England (BoE) has updated its news for financial market infrastructures (FMIs) webpage. The BoE, FCA, PRA and Payment Systems Regulator (PSR) have different mandates in relation to payment systems in the UK. In March 2015, they entered into a memorandum of understanding (MoU). The MoU sets out a high-level framework for managing the risk that the actions of each of the authorities may have implications for the objectives of the others. The Financial Services (Banking Reform Act) 2013 requires the authorities to review the MoU on an annual basis.
CMA publishes final versions of regulated payment systems appeals rules and guide
The CMA published the final version of its rules of procedure governing appeals made to it under section 79 of the Financial Services (Banking Reform) Act 2013 in respect of certain decisions made by the PSR under the Act. It has also published a guide to assist participants involved in such appeals. A particular point of note in this guide is that the CMA has expanded its explanation of the costs rules. The rules took effect on 18 August 2017.
PSR consultation on regulatory fees for 2018/19
The PSR has published a consultation paper (CP17/30) on its regulatory fees for 2018/19. In CP17/30, the PSR is considering whether and how to review its approach to allocating and collecting regulatory fees. CP17/30 closes on 28 September 2017. The PSR will consult on any potential rule changes in its second consultation in November 2017 and intends to publish its decision in March 2018. At the same time, the PSR will consult on the final fee rates for 2018/19, with the final rules published in July 2018.
Bank of America applies AI to streamline client payment processing
Bank of America has worked with fintech start up High Radius to apply artificial intelligence to corporate processing of accounts receivables. The application is designed for large or complex companies that manage a large volume of payments where the remittance information is either missing or received separately from the payment.