U.K.

As anti-money laundering requirements tighten in many jurisdictions, financial institutions and fraud prevention platforms are ditching legacy AML solutions for newer technology — but alternatives aren’t easy to come by yet.

Even though security vendors and payments providers are telling merchants they are ready to provide compliance for PSD2 on Sept. 14, a significant challenge remains in the learning curve and technology needs for merchants.

SumUp, a U.K.-based mobile point of sale company, needed a way to differentiate itself from larger rivals such as PayPal, Square and iZettle. Its solution is to offer faster settlement, in partnership with Starling Bank.

As the U.K. rapidly transitions toward a cashless society — with U.K. Finance predicting that by 2028, just 9% of payments will be in cash — even pocket money is going digital. And the disappearance of tactile interaction with cash changes how kids learn about budgeting.

Processors that rely on cross-border payments to reach new territories are feeling the economic squeeze of the looming Brexit deadline.

Gregor Dobbie is taking on the role of CEO of Vocalink as the company looks to expand its B2B payments business in the U.K.

Credit unions across the pond are hopeful that they will be able to push their legislative priorities once Parliament is no longer preoccupied with Brexit.

VCs have been devoting more attention — and funding — to U.K.-based digital remittance providers such as TransferWise, Revolut, WorldRemit and their smaller rival Paysend.

In recent years, the in-aisle payments and checkout-free stores have become increasingly common across the U.K. retail market, especially in the supermarket and grocery sector. Now High Street fashion outlets are coming under pressure to introduce faster and more convenient payment options to keep up with consumer demands.

The U.K.’s Equals Group’s FairFX currency unit has purchased Hermex FX, another U.K. firm serving corporate customers with currency exchange and payment services.