U.K.

Despite advances in anti-fraud technology, scams remain a major problem for the energy industry, as criminals continue to exploit vulnerabilities present within the current system.

The German challenger bank said that its "several hundred thousand" customers in the U.K. have until April 15 to withdraw money or transfer it to another account.

Projects in both countries are picking up steam and serving as an example to the rest of the world, says ACI Worldwide's Craig Ramsey.

U.K. digital payments provider and challenger bank Revolut is closing soon on its latest fundraising round with investors, including Technology Crossover Ventures, providing a $7 billion to $8 billion valuation for the startup.

While not as large as the U.S. both in number of people and number of credit card owners, the U.K. remains a very lucrative market for issuing banks and card networks, as well as a host of alternative financial service providers catering to younger, underserved consumers.

Fintech bank and payment services provider LHV is now providing real-time payments in the U.K. through the country's Faster Payments scheme, allowing it to handle U.K. currency in addition to euro payments in the Single Euro Payment Area through SEPA Instant.

From Malta to Belgium, the past three years have served as something of a shopping market between payments-based fintechs seeking alternative jurisdictions through which they could still be licensed within the EU, and investment agencies hoping for a piece of their business.

So far this year, Lloyds and Clydesdale and Yorkshire Banks have had payment failures in the U.K. And in the U.S., a software glitch at parking technology vendor Parkeon halted digital payments at meters in New York and other cities.

With the cost of processing business transactions remaining stubbornly high, a number of U.K. fintechs are working to facilitate open banking payments, a method which could soon enable consumers and businesses to make faster payments at a lower cost.

Visa has formed a strategic partnership with Global Processing Services. It also announced its Visa Direct debit push service will power real-time cross-border payments in Europe via TransferWise.

Nationwide Building Society is investing in the U.K. fintech charity app Percent, broadening Nationwide's support of charities and expanding Percent’s user base beyond its traditional core segment of students and young adults.

The Bank of England fined Citi $57 million for failing to properly report capital and liquidity levels at its European investment bank and other global operations.

Merchants are embracing open banking at a high rate, creating new opportunities once consumers get on board, says Nuapay's Brian Hanrahan.

The rise of challenger banks has meant that this revenue stream is becoming increasingly squeezed.

Modern technology is making it easier for fraudsters to trick consumers into believing they are making payments from their accounts to legitimate providers, but governing bodies in the U.K. are putting the brakes on rushing to create a new fund to compensate victims of those scams.

The adoption of payment cards over cash varies by nation, but debit ruled nearly everywhere on the continent.

A week after U.K. fintech Curve announced its integration with Samsung Pay, it is doing the same with Google Pay in a move that will allow its users to link all of their bank cards to Google's mobile wallet.

Cash access has grown tighter in the U.K. as more consumers adopt digital payments and banks shrink their fleets of branches and ATMs. Could the U.S. could see a similar phenomenon?

While the impact of the U.K.’s endemic late payments culture has captured the headlines over the past couple of years, there is arguably an even bigger problem afflicting the country’s merchant population — the threat of not being paid at all.

Goodbox has raised £1 million (about $1.3 million) in capital, mostly from individual investors using the crowdfunding platform Seedrs following a 2017 investment from tennis star Andy Murray.