Digesting the Digits – PA manifesto looks to solve £485m payments issue

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Number crunching is a key component of the payment industry, with digits scattered across the sector’s key stories. 

Each week, Payment Expert digests these digits and brings an overview of the past payments week in numbers. This edition looks at the Payments Association’s latest guidelines on improving customer safety. 

PA unveils new tactics to combat ‘£485m financial sector shortcomings’

A new manifesto tailored to provide guidance on combating fraud and making UK payments safer was recently published by the Payments Association (PA). 

In it, experts from the industry body outlined three top pledges that will minimise risk for consumers, including ramping up efforts against Authorised Push Payment fraud, which the PA branded as a “£485m issue for the industry to solve”. 

Key suggestions revolved around the introduction of new mechanisms that will increase collaboration in data sharing between financial institutions, Big Tech, as well as merchants. 

Western Union introduces zero fees for Morocco money transfers

In wake of the earthquake that brought Morocco to its knees, money transfer firm Western Union has introduced zero-fee financial corridors to the country as a sign of solidarity. 

People looking to send money to the African state either as donations to the government’s disaster fund or as financial support for relatives living there, can now do so without bearing additional cross-border fees. 

Mohamed Touhami el Ouazzani, Head of Africa at Western Union, added: “As the country moves forward, all of us – people and organisations combined – must continue doing whatever is within our means to support. Western Union stands in solidarity with the people of Morocco.”

Galileo taps Mastercard to alleviate costs for 47% of SMEs

Fintech firm Galileo Financial Technologies is expanding its instalment support for small businesses amid a study suggesting that rising costs are a top concern for SMEs.

In a research conducted by Mastercard, almost half (47%) of small business owners have replied that they find it difficult to adapt to the new economic landscape, and that they mostly see trouble with rising costs. 

To address this, Galileo and Mastercard have teamed up by offering banks and other fintechs the option to supply small business clients with instalment financing, securing easier access to capital.  

Ginger Siegel, North America Small Business Lead at Mastercard, added on the news: “Our goal is to provide small business owners with solutions and resources to help their businesses grow and thrive.” 

Brite secures $60m funding round to fuel instant payments

Brite Payments has announced the latest financial support of its strategy to develop and accelerate the adoption of instant payments. 

The firm has successfully attracted a $60m funding round spearheaded by Dawn Capital, together with VC firm Headline and existing backer Incore Invest. 

Brite commented that it will use the funding to fuel its global expansion, strengthen its footprint in existing markets and scale product development,  which will see more businesses being offered instant A2A payments through Open Banking capabilities.

Metro Bank eyes stability after 325m investment

Despite recent rumours of financial difficulties, Metro Bank has revealed an extra £325m in investor funding.

Recent media reports suggested that both NatWest and Lloyds are looking to acquire a stake in the company amid a period of uncertainty. However, Metro Bank was quick to fan out any doubts through its latest financial statement. 

Since its founding in 2010, Metro Bank has experienced a period of rapid growth to become a serious player on the UK retail banking scene.