Gary Wright
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garyoaks.bsky.social
Gary Wright
@garyoaks.bsky.social
32 followers 29 following 87 posts
If you think nobody cares about you, try missing a couple of payments.

www.finextra.com
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garyoaks.bsky.social
Payment firms must ensure customer money is kept separate from their own so that it is available to be returned if they fail but it doesn’t happen in many cases. “A consumer protection disaster.”

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FCA tightens the screws on e-money firms; consumer groups say "too little, too late"
The UK's Financial Conduct Authority has finalised new rules to protect consumer's money in the event of payment firm insolvency.
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August 11, 2025 at 8:23 AM
garyoaks.bsky.social
Poor implementation of compliance and regulation tools contributes to the increase in financial crime. Surely this is not a shock! EBA will introduce a new legal framework but the need is for more proactive regulation in today’s digital age.

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EBA warns of money laundering risk in fintech sector
The ongoing digitalisation of financial services has increased the risk of money laundering (ML) and terrorist financing (TF), according to the European Banking Authority (EBA).
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August 4, 2025 at 6:13 AM
garyoaks.bsky.social
Financial Conduct Authority state online digital loan processes are not as clear and helpful as they can be to help applicants manage their finances.

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FCA seeks improvement to digital loan processes
The UK's Financial Conduct Authority has called for improvements in digital loans processes to help people better understand what they're signing up for.
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August 1, 2025 at 6:59 AM
garyoaks.bsky.social
Crypto is for everyone! Beginning in 2026 Chase customers are able to link their accounts to Coinbase and buy crypto with ease. A further example of financial institutions offering regulated access to crypto services.

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JPMorgan to let Chase customers link accounts to Coinbase crypto wallets
Millions of Chase customers will soon be able to directly link their accounts to Coinbase wallets, making it easier than ever for huge swathes of Americans to buy crypto.
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July 31, 2025 at 3:36 AM
garyoaks.bsky.social
Revolut’s banking licence is still pending but why? Applicants are given circa 12 months to prepare for final authorisation. Why the delay and what is the clash?

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Bailey and Reeves clash over Revolut banking licence - FT
The Bank of England governor has reportedly clashed with chancellor Rachel Reeves over efforts to accelerate Revolut's authorisation as a fully-licenced bank.
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July 30, 2025 at 8:29 AM
garyoaks.bsky.social
Deutsche Bank is the latest institution to offer Wero the new European digital payment system. Developed by the European Payments Initiative it facilitates instant, account-to-account transfers for consumers and businesses. A growing market.
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Deutsche Bank to offer Wero payment acceptance
Deutsche Bank's Merchant Solutions business is integrating Wero into its payments acceptance offering ahead of the mobile wallet's launch in Germany.
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July 29, 2025 at 6:14 AM
garyoaks.bsky.social
Communities and town centres across the UK are set to benefit from a wave of new cafes, bars, music venues and outdoor dining options, as the Government slashes red tape to breathe new life into the high street.

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Red tape slashed to revamp high streets with new cafes and bars
Communities and town centres across the UK are set to benefit from a wave of new cafes, bars, music venues and outdoor dining options, as the Government slashes red tape to breathe new life into the h...
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July 28, 2025 at 9:30 AM
garyoaks.bsky.social
Having led the launch of Metro Bank, Atom Bank and 86 400 in Australia Anthony Thomson is at it again. This time the venture, currently called Family Offices Bank, will serve wealthy individuals and investment groups. Launch is next year.

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Anthony Thomson to launch new global wealth bank
Anthony Thomson, the founder of Metro Bank and Atom Bank, is seeking to shake up the private banking market with the creation of a new international bank to serve family offices and ultra high-net-wor...
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July 27, 2025 at 5:03 AM
garyoaks.bsky.social
Long overdue but a much welcome initiative. NatWest will revamp the data storage on 20 million customers across the bank to help anticipate and respond to customer needs faster with more personalised services.

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NatWest hires AWS and Accenture to consolidate customer data across the bank
NatWest has signed a five-year deal with Amazon Web Services and Accenture to consolidate its customer data streams into a single, bank-wide data platform, enabled by AI.
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July 27, 2025 at 4:57 AM
garyoaks.bsky.social
Multiple use of AI in financial services, increasingly agentic AI in order to improve compliance operations and governance. Is this the best use?

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FS firms turn to agentic AI for compliance operations
The majority of global financial institutions are actively implementing agentic AI in order to improve their compliance operations, according to research from Fenergo.
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July 26, 2025 at 10:18 AM
garyoaks.bsky.social
Nationwide members have a little soul searching to do. Do they want the returns they get from a financial institution growing in size and performance, or the cosy high street welcoming community portrayed in the media! The former for me please.
July 26, 2025 at 9:29 AM
garyoaks.bsky.social
What happens when mobile networks collapse! Countries across Europe have been reassessing their dependence on online payment services in the face of geopolitical uncertainty and cyber threats.

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Spanish mobile networks go dark
Spain has been struck by a widespread outage across all mobile networks just four weeks after suffering from a nationwide electricity blackout, highlighting the perils of relying solely on online paym...
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May 21, 2025 at 4:00 AM
garyoaks.bsky.social
Cash is still king! “The increasingly turbulent global situation, increased cyber attacks and major power outages in Europe show the importance of being able to make payments even when the internet is down” states Sweden’s central bank.

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Sweden's central bank comes down hard in favour of cash payments
Sweden's push to become a cashless society is rapidly heading into reverse, as the central bank sdubmits proposals to introduce an obligation to accept cash in the sale of essential goods, and to stre...
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May 20, 2025 at 3:25 AM
garyoaks.bsky.social
We got it covered! Read all the news and insights from Finextra NextGenNordics, Stockholm. Many thanks to the 350 plus attendees from over 150 organisations-from #banks, #fintechs, #regulators, infrastructure providers and everyone else.

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NextGen Nordics 2025: Live updates from Stockholm
What’s next for Nordic payments? Follow the conversation at NextGen Nordics 2025.
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May 5, 2025 at 11:41 AM
garyoaks.bsky.social
Are there are serious risks that unregulated AI tools, such as generative search engines, could provide misleading or inappropriate financial advice?

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Tisa calls on UK regulators to clamp down on AI search engines
The Investing and Savings Alliance (Tisa) is calling on UK regulators to protect consumers from the ‘wild west’ of AI search engines.
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April 22, 2025 at 2:56 AM
garyoaks.bsky.social
Bank of England emphasise that no final decision has been made to pursue a digital pound but work continues on the “challenging” design phase to explore its feasibility and set-up.

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Digital pound offline payments 'challenging' - BofE
Offline payment functionality is technically feasible for a future digital pound but there are trade-offs that make it challenging, according to new Bank of England research.
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April 21, 2025 at 6:09 AM
garyoaks.bsky.social
Do you get frustrated by those obvious scam ads? Google and other Big Tech firms like Meta remain the primary source of scam accounts but one is trying to tackle the problem.

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Google used AI to banish half a billion scam ads in 2024
Google has been using AI to crack down on advertising fraud, meeting a key demand from banks and politicians to bear down on scam accounts.
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April 20, 2025 at 8:52 AM
garyoaks.bsky.social
Action needed. Between 2017-23 Visa and Mastercard raised their scheme and processing fees by more than 25%. An extra cost of at least £170m per year for UK

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PSR accused of "failure of vision" over light-touch remedies on card scheme fees
The Payment Systems Regulator has set out a series of remedial measures to address the scheme and processing fees imposed on merchant by Visa and Mastercard.
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April 4, 2025 at 5:02 AM
garyoaks.bsky.social
Vishing fraud (defrauding people over the phone and enticing them to divulge sensitive information) is on the increase. Criminals often have personal information harvested from social media to make these deceptions sound convincing. Be aware.

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Vishing fraud up 79% in 2025 – AIB
In January and February 2025, AIB saw a sharp increase in reports of phone call fraud, with overall voice phishing, or vishing, increasing by 79% compared to the same two months in 2024.
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March 31, 2025 at 2:16 AM
garyoaks.bsky.social
Bank overdraft fees in the US are limited to a $5 charge but not any more!

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Senate overturns rule that limited bank overdraft fees to $5
Senate Republicans hand ‘biggest banks billions in profits from overdraft fees that kick working people when they’re down,’ Elizabeth Warren says
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March 29, 2025 at 7:46 AM
garyoaks.bsky.social
A significant ruling for the banking industry is the finding, “that banks are willing to take steps to try to assist victims of fraud does not mean that the courts should find they have a legal obligation to do so.”

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Santander scores victory in APP fraud retrieval case
Santander has scored a significant High Court victory in a push payment fraud case over its responsibility to return £415,000 that was sent to a scam account.
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March 27, 2025 at 4:51 AM
garyoaks.bsky.social
Hmm, think we get the direction of travel on Martin Samuel’s thoughts of #England under #Tuchel.

#Football #TheTimes
March 26, 2025 at 8:05 AM
garyoaks.bsky.social
Revolut the bank is coming. UK banking licence ✅, staff hired ✅, system testing underway ✅.

#Revolut #Banking

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Revolut staffs up and carries out testing ahead of UK banking switch
Having finally secured its UK banking licence, Revolut is hiring staff and testing its systems as it aims to move millions of customers to its new bank entity this summer.
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March 26, 2025 at 5:57 AM
garyoaks.bsky.social
How important is AI to a business and how do senior management assess the value it offers? By understanding it.

#AI #Banks #Payments

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Lloyds puts leadership team through AI training programme
Lloyds Banking Group is calling in edtech Cambridge Spark to help run an AI training programme for its senior leaders.
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March 25, 2025 at 6:19 AM
garyoaks.bsky.social
There is a proposal to remove the £100 contactless limit on card payments. What should it be?

#Payments #Cards

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FCA seeks feedback on scrapping £100 contactless limit
The UK Financial Conduct Authority is inviting feedback on its previously-floated proposal to remove the £100 contactless limit on card payments.
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March 24, 2025 at 10:01 PM