Payment Fees – The Difference Between BEN, OUR and SHA

I have received a couple of recurring questions about payment fees, specifically the difference between BEN, OUR and SHA. So, lets get straight to it… Payment Fees / Transaction Charges The sending bank and receiving bank in a payment transaction may charge a fee for processing the payment. Within each payment specific codes are used by ...

The Problem With Payment File Uploads into Internet Banking 1

There are some amazing advances happening in technology right now – we’re sending space probes to Mars with a view to very soon sending man to the red planet, there are driverless cars, machines are doing more through Artificial Intelligence, virtual reality is becoming mainstream, financial services are being revolutionized through an array of fintech solutions ...

11 Things You Need To Know About SEPA Instant Payments 6

Everyone wants everything instantly! Consumers are increasingly accustomed to instant payments through various mobile offerings, and there is a similar ‘instant’ expectation for non-mobile payments. In Europe that means SEPA Payments, hence the emergence of SEPA Inst Payments, or more officially the SEPA Instant Credit Transfer Scheme. Instant payments are clearly the flavour of the ...

SEPA TARGET Closing Days 2017 and 2018

I received an email today asking for the SEPA TARGET closing dates for 2017. I’m guessing other people will also be interested in the SEPA TARGET holiday dates so will share the information in this post. Check out the post SEPA Holidays 2015 / 2016 – YOU Need to Know These Dates! for the holiday ...

The Lowdown on the SEPA Cards Standardisation Volume 2

SEPA card payments isn’t something that i have really gotten into so far, simply because the initial focus was achieving SEPA compliance and then funky fintech stuff started kicking off…! But last week, the European Payments Council issued a press release detailing the publication of a SEPA Cards Standardisation Volume (version 7.1). I must admit, it ...

Payments in Europe, the SEPA IBAN Only Rule and 2016 1

There has been quite a lot of discussion recently about the SEPA IBAN Only rule, and with it some confusion too. So in this post i thought i would try and take the complexity (for corporates) out of the IBAN only rule by providing a simple question and answer guide….. 1. What is the SEPA ...

8 Payments Companies Disrupting the Payments Industry 2

All the hip folk talk about fintech, and particularly payments companies because they are mixing things up and disrupting a world that has traditionally been ruled by large banks. Analysis provided by CB Insights highlights how investment in the fintech (financial technology) sector reached over $12 billion in 2014, and how companies in this sector ...

November 2015 SEPA Rulebook Is LIVE..!

Some of you may be aware that yesterday (22nd November, 2015) saw the introduction of new SEPA Rulebook for both the SEPA Credit Transfer and for the SEPA Direct Debit scheme. The new SEPA Rulebook changes have caused some people to panic, and others to go into denial. I’m exaggerating of course! But the new SEPA ...

A Quick Intro to Implementing the CGI PAIN.001 Format 5

Anybody that is implementing the PAIN.001 format needs to read this! Sometimes when you are looking to update or implement a new payments format it is difficult to know where to start. Add to this the different variety of payment formats, differing bank proprietary formats and requirements, country specific requirements, technical jargon, the squeeze on ...

5 Things You Need To Know About PSD2 – Payment Services Directive 66

Speculation over the much anticipated PSD2 – revised Payment Services Directive – has been gathering for quite a while now. Last week the European Parliament adopted the revised Directive on Payment Services (or PSD2), and with it the PSD2 reality got a little bit closer. PSD2 has been attracting quite a lot of attention, and ...