Whilst UK banks are already trialling the biometric credit card, consumers must be made aware of the wide range of benefits biometric payment cards have to offer for biometrics to be embraced as the next generation of payment technology.

Below David Orme, Senior Vice President at IDEX Biometrics ASA explains how biometric fingerprint authenticated payment cards will bring new levels of security and convenience to the payment market, taking the bank card into the 21st century.

Biometric technology continues to gain momentum in many areas of our lives. Earlier this month, NatWest became the first UK bank to trial a biometric credit card, which will see consumers carrying out contactless payments using their fingerprint, instead of a PIN, for authentication.

As similar trials take place around the world, we can expect this new payment technology to become an everyday necessity within the next year. But as biometric smart cards start to roll out, consumers may wonder, “why do I need another form of payment technology?”

The reality is, biometric fingerprint authentication cards bring many strengths that will make our payments, and therefore our everyday lives, more secure. With fingerprint authentication cards starting to land in people’s wallets, payments will soon become the area where consumers interact most strongly with biometric technology on a daily basis. Consequently, it is vital to make it clear to consumers just how much they stand to benefit from biometric-enabled payment cards, to encourage rapid adoption and ensure their successful roll-out.

Advanced levels of security

The biometric payment card has been developed to bring new levels of security to payment transactions. Fingerprint authorisation links a particular person to their payment card — as, for transactions to be processed, the owner’s fingerprint has to be matched on-card. This connection to the owner’s physical identity reduces the potential for payment fraud and improves authentication security, for both card-present and card-not-present fraud.

Biometric fingerprint payment cards also provide end-to-end encryption, securing the user’s card and their biometric data, which never leaves the card. This ensures hacking and breaches of fingerprints aren’t scalable.

Biometric payment card technology will also integrate with the expectations of Strong Consumer Authentication (SCA), part of the second Payment Services Directive (PSD2), a new European regulatory requirement to tackle online and payment fraud. For consumers, this currently means providing at least two factors of authentication such as a PIN, or a one-time passcode, are combined with the possession of a payment card, even for contactless payments.

But with biometric payment cards, the card owner can authenticate with the non-intrusive method of placing their fingerprint on the sensor while tapping their contactless card on the PoS system. This will allow users to benefit from the flexible, convenient factors of secure authentication, rather than having to remember PINs.

Making payments more convenient

While consumers value the extra security biometric smart cards bring, it’s important for this new payment technology to be as convenient as possible to ensure wide-spread adoption. Therefore, biometric-enabled payment cards need to deliver significant security improvements with very little impact on the current contactless experience, or changes to user behaviour.

Of course, consumers have been shopping with payment cards for decades and understand how to use them. Likewise, the majority will already be familiar with fingerprint authentication, thanks to its near ubiqui­tous use on smartphones, to unlock devices or to authenticate mobile payment app transactions. This familiarity and comfort with the technology reduces the barrier to adoption of biometric payment cards.

With this new payment method, a user will replace PIN entry with fingerprint authentication for all transactions. The fingerprint sensor is conveniently positioned on the card, taking into account the typical way a consumer will hold it when completing a transaction to minimise any change to the payment process.

With this new payment method, a user will replace PIN entry with fingerprint authentication for all transactions.

Importantly, existing PoS retail infrastructure must still be used to ensure smooth roll out of biometric authentication cards. This is because consumers are already used to the technology, as well as to minimise the need for additional investment from retailers.

On top of this familiarity, the shopping experience will likely become even more convenient with the adoption of biometric payment cards. By adding secure fingerprint verification to the payment authentication process, contactless transaction limits could actually be increased or even eradicated en­tirely, meaning users can benefit from not having to remember PINs, and can pay via secure contactless for all transaction values.

One card to rule them all

Nowadays, the average consumer has multiple cards weighing down their wallets, from debit and credit cards, loyalty schemes, contactless public transport tickets, IDs, healthcare cards and more. This seems out-dated in an age where we expect to do so many things all from one smartphone.

In smart phones, biometric technology is already used to securely access many different applications, including banking and payment apps. In much the same way, this multi-application authentication process can be incorporated in a physical payment card with a built-in biometric fingerprint scanner. This will reduce the number of cards in a person’s wallet, making it faster to tap-and-go securely for many different transactions, all from one card.

Achieving top-of-the-wallet status

Today, consumers expect more speed and convenience from their services, and the same applies to the payment process. They’re looking for a transaction procedure that is fast, secure and free from hold ups. Adopting biometric fingerprint authentication will help achieve this, making payments more beneficial. This will also allow banks and financial institutions who introduce this technology to achieve top-of-wallet status with their cards.

Overall, biometric fingerprint authenticated payment cards will bring new levels of security to the payment market, taking the bank card into the 21st century. Through biometric fingerprint-authentication cards, consumers can access the best in terms of payment security, convenience and usability. As a result, now is the time to embrace this new form of payment technology.

According to recent figures from the British Retail Consortium, cash has gone from the most common way to pay for shopping in the UK to third ­– in only a few shorts years. It now accounts for just £1 of every £5 spent in shops, with contactless, phone and watch payments all increasingly growing in popularity.

You may therefore find yourself asking: why do we still need cash if we don’t use it anymore? Shouldn’t we be adopting these new and improved methods of paying for goods instead?

Well, no not quite yet – cash still has a major role to play in our society. Listed below are five key reasons why.

1. Not everywhere accepts cards

Nothing beats a greasy kebab from a food truck after a night on the town, or a cheeky purchase from a handicraft stall while out shopping. However, these sorts of places often require you to pay with cash, mainly because the vendors can’t afford to offer card payment alternatives.

Just because you have a fancy phone or watch that can pay for things with a simple tap, that doesn’t necessarily mean everywhere else is up to your level of digital savviness. Roadside stands, super hole-in-the-wall restaurants and food vans often only ever take cash so, unless you want to trade your fancy phone for a burger, you’re going to need some cash.

2. It’s great in an emergency

Let’s set the scene: you’re on a night out enjoying yourself when you realise you’ve run out of drink. You head to the bar, order another one, and get your wallet out ready to pay. Suddenly, you realise that your card is missing – you must have lost it dancing earlier on.

In these types of situations, having cash available can make a huge difference. Not only can it allow you to buy that drink you were after, but it also enables you to carry on enjoying your night, and get home safely in a taxi when you’re ready to head back home.

3. It makes tipping easier

When you visit a restaurant, it’s usually courteous to leave a tip. While some restaurants include this on the bill beforehand, or make a point to ask for it on the card reader itself, many people prefer leaving a handful of cash behind instead – depending on the quality of service provided.

Similarly, if you use a card to pay for purchases at a smaller restaurant, service provider or store, they won’t actually receive the full amount of money you pay. This is because using a card machine actually costs the company money themselves; somewhere between 0.6 – 3.5% of the purchase price, plus an additional fee on top.

4. Cash prevents overspending

If you are looking to stay in control of your finances, many studies have shown that people spend a lot more when paying with a credit card, compared to cash. This is because the tangibility of actually having to part with cash makes the ‘pain’ of the payment process feel much more real. By using a credit card, you don’t see the money leave your account, so the whole process of paying feels like it hasn’t even happened.

The pain of paying with a card only sets in once you make the brave decision to actually look at your bank balance.

5. Cash protects your privacy

Spending money on a credit card creates loads of data. This data, in turn, can be easily accessed by prying eyes, such as the government, hackers, or corporate financial institutions.

Cash, on the other hand, is relatively untraceable, as it leaves no track record of who handled it, when, and at what time. Therefore, if you’d rather keep your data and purchase records to yourself, cash is the only means of doing this.

This doesn’t have to be for any criminal motive either: say you have a joint bank account with your partner and are on the lookout for a birthday present for them, they could easily see what you bought them if you paid for it using the joint credit or debit card. Surprise ruined.

We’ve witnessed a number of game-changing challenger banks launch over the past 4 years including the likes of Monzo, Revolut, Starling Bank and N26 all offering new and advanced technology resulting in a significant accelerant of changes within the card and payment industry.

Challenger and neo-banks have the advantage of not being limited to technical legacy, allowing them to build agile systems. Unlike traditional banks, their systems enable them to quickly develop and launch new features and functionality based on user experience. Examples of these have been items such as easier access to foreign exchange, cryptocurrencies and gold, as well as being able to provide competitive conversion rates and easier ways to spend. Other examples include speedy account opening without visiting a branch, real-time alerts, advanced saving options, along with expense and business tools to limit administration.

Many challengers do not have high street branches and therefore the physical card and packaging are the only tangible aspects of the banks. This intensifies the need for fresh innovative designs that not only stand out in the market but also portray the brand in a unique and creative way. The need for challenger banks to differentiate their card design from their competitors is rapidly rising as the market grows. Interestingly, these banks have been able to tap into the social media savvy demographic, encouraging them to spread the word through clever marketing campaigns, a move which is further boosting sign-ups.

We are seeing design trends emerging such as the use of bright luminous colours, pearlescent and metallic inks, alternative card orientation, notches, tactile varnishes, coloured cores and different personalisation methods. One of the most noticeable new trends we are seeing is the rise of portrait orientated cards with the personalisation on the reverse. The reverse personalisation allows the bank and scheme logos to be the focus of the card, keeping the face clean and simple by moving the cardholder name, company name, PAN, expiry date and security code all printed on the reverse. This offers room for an eye-catching layout with few limitations. The new wave of design trends is injecting inspiration and innovative into payment cards, allowing people to feel excited about the contents of their wallet.

We are seeing design trends emerging such as the use of bright luminous colours, pearlescent and metallic inks, alternative card orientation, notches, tactile varnishes, coloured cores and different personalisation methods.

The simple and striking direction is certainly the way challenger banks are moving when considering their look and feel. We are also seeing a rise in dark and metal cards being utilised for premium or VIP cards aimed at high net worth individuals. As well as more extravagant cards that incorporate materials such as gold and even the addition of diamonds. These cards have a superior look and feel and suggest a certain ‘status’ for users along with the accounts providing additional benefits.

Coloured core is a design element which refers to the colour of the outer edge of the cards. Achieved at the manufacturing stage of the production process, the lamination is completed using a coloured plastic. The use of coloured core enables the product to stand out in a customer’s purse or wallet. As well as being easy to locate, the coloured core can complement the main design and again differentiate from other cards.

Another popular technique is the addition of a hot foil stamp to enhance logos and other aspects of the design e.g. the contactless symbol. The hot foil gives a premium feel and is available in a range of metallic colours. Previously silver and gold were the most commonly used, however, these are being replaced with bespoke colours such as red, black, blue and yellow. The hot foil is stamped on post lamination and can offer intricate logos and designs.

On top of this, the use of tactile effects can be utilised to give depth and texture, creating a distinguished design. Again, this can give a premium feel when used correctly. We have seen this technique used to enhance patterns within the design as well as to substitute ink, giving a subtle and unique finish. We recently developed a sample card with a leaf on the face and added water droplets on the leaf with a gloss varnish to create a 3D effect. This was particularly well received.

Some challenger banks are also moving away from the traditional card shape and incorporating a notch on the edge of the card.

Some challenger banks are also moving away from the traditional card shape and incorporating a notch on the edge of the card. This not only enhances the design but it also predominately used to assist visually impaired users to know which way to insert the card into an ATM. The notch can be manufactured on both horizontal and portrait cards.

With several new and evolving printing techniques, it is now possible to work closely with the card manufacturer to create stunning cards which represent the brand and become a valued asset for the cardholder.

Ensuring the card compliments the brand fully and is printed with the best possible techniques our design and prepress teams at allpay.cards work onsite collaborating with our manufacturing team, to establish the most time and cost-effective way to achieve the requirements from the brand and meet the designer’s visions. By inviting them to ‘design days’, clients have the chance to explore their ideas on-site with the experts who really know ‘what is possible and how to make it happen’.

By offering effective ways to shortlist designs before moving into a full manufacture run including utilising our visualiser software, we can present a video which incorporates the clients' design, scheme elements and logos, mag tape and chip along with any enhancements. The software allows us to showcase the card in a 360-degree movement showing how the colours and effects change in lighting. This is the most time and cost-effective way to shortlist.

Another service provided to ensure the design is perfect prior to launch is ‘plastic proofing’. This is essentially a card manufactured through the full manufacture process displaying all elements of the card so that the brand can physically see and feel the card prior to moving into a larger manufacture run. We regularly provide plastic proofs which include either completely different designs or the same design with slight variations to colours, or alternative enhancements.

Advances in manufacturing processes have certainly contributed to a more creative approach to the card design. Working with an experienced team which offers guidance and advice throughout the full process, from concept and design, manufacture, through to personalisation and fulfilment with a full delivery suite is key. This ensures clients can provide their users with the best card product possible.

For more information please visit: https://allpay.cards/

Luckily, thinkmoney have uncovered the unspoken benefits for businesses if Britain were to ditch cash.

In addition, their research has also revealed which UK regions are the most prepared for the ‘death of cash’.

1. The Average Business Would See a £23,145 Boost

Research has revealed that businesses lose out on £23,145 when they only accept cash transactions.

2. Lower Risk of Illness Due to ‘Dirty Cash’

In its 113-month lifespan, the average £20 note is exchanged 2,238 times.

A single average banknote carries up to 3,000 different types of bacteria – some of which are known to spread skin infections, food poisoning and stomach ulcers.

3. Safer Workplaces for Staff in Retail and Hospitality

Since 2012, crime within the food/ retail businesses has fallen by 9% - which could be attributed to fewer establishments handling cash.

4. Your Money is Safer With Banks

In the past year, UK banks have successfully prevented £1.66 billion in fraud.

5. A Potential £80m Increase In Charity Donations

A lack of Brits carrying cash has led to UK charities losing a staggering £80 million every year.

However, another organisation that relies heavily on donations, the church, has seen a 97% increase in donations since accepting contactless payments.

6. The Government Could Save £35 billion – Which Could be Invested in Businesses

Every year, the HMRC loses a staggering £35 billion to tax avoidance.

If Britain were to go cashless, this saving could be invested in businesses.

As there’s been a notable drop in the number of people using cash machines, thinkmoney have also uncovered which regions have seen the biggest decline over the past year. The results suggest which regions are the most prepared for a cashless society.

From this research, it is clear that Northern Ireland is the least prepared for a cashless society. It’s also worth noting that last year, N.I. was the only region that saw an increase in the number of bank branch openings. Every other region saw a clear decline.

According to Pierre-Antoine Dusoulier, CEO and Founder, iBanFirst, they need these qualities in order to make accurate projections and ultimately to develop strong business strategies.

Whether for internal planning or securing external investment, managers need to have a clear handle on how much they are going to be charged for goods, services and people – and how those costs stack up in the wider marketplace.

But while some business costs are relatively easy to predict and calculate, others can be somewhat murkier, particularly for small and medium sized enterprises (SMEs). Foreign currency exchange payments are one such area.

In a globalised economy, being able to make and receive foreign currency payments in a fast and reliable way is crucial for more and more businesses, even the smallest. Foreign currency payments enable businesses to forge relationships with customers, partners and suppliers all over the world and to expand into new markets.

In a globalised economy, being able to make and receive foreign currency payments in a fast and reliable way is crucial for more and more businesses, even the smallest.

Indeed, back in 2013, Oxford Economics statistics predicted that the number of small businesses doing business in more than six countries would increase by 129% over the next three years, whilst the most recent Oxford Economics SME Pulse report found optimism in the global economy and an international outlook. In November of last year, the ONS reported that the number of UK SMEs exporting internationally had increased to 232,000, representing around 9.8% of all SMEs.

International business requires international currency payments. However, there are multiple costs associated with such payments, and small businesses are disproportionately affected.

First, and most obviously, banks levy fees for making and receiving foreign currency payments – and unfortunately, these can be substantial, particularly for SMEs. Additional costs are often hidden and absorbed into the exchange rates offered. This makes it very difficult for smaller organisations to understand both exactly how much they are being charged for foreign exchange currency payments, and how those charges compare to those offered to bigger businesses. Studies have found total spreads of up to 3.71% being charged, including fixed fees, and as a result it has been suggested that the UK’s small businesses hand over around £4 billion to the major banks every year, simply in order to buy goods and services abroad.

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Then there’s the question of currency hedging. Organisations of all sizes engaged in transactions in foreign currencies are exposed to currency risk, which can in turn have a significant impact on commercial margins. Once again, SMEs are particularly at risk, because their banks are less likely to offer them currency hedging solutions compared to those on offer to larger organisations. The Brexit referendum result was a stark reminder of how quickly currencies can suffer sharp devaluations, with pound sterling diving against the euro. Many small businesses experienced double-digit losses thanks to that devaluation, because their banks did not offer them a currency hedging option.

So what is to be done? All organisations, but particularly SMEs, need a foreign exchange model which is cost-effective, efficient, transparent and reliable. They need to be able to have greater visibility of the costs of foreign exchange payments by incorporating them into their existing business plans to manage risk effectively.

For businesses to thrive in an international environment they need to harness financial solutions that can equip them with a foreign exchange offering which helps them facilitate transactions in real time, providing the most favourable currency rates to drive cost savings across their business.

By harnessing new FX technologies CFOs can reduce the time spent on foreign exchange transactions and their associated costs. Meanwhile, through having greater visibility over foreign currency payments, CFOs can effectively mitigate risk and focus on what is important: taking a strategic role in growing the business.

Any business wanting to join them faces a complex assessment process. More than 10 years after Bitcoin was created, there is still a widespread absence of regulation around cryptocurrencies.

A good starting point is to recognise that money is not what it was, quite literally. Cryptos such as Bitcoin, Ethereum, Bitcoin Cash and Gemini Dollar are quickly changing the paradigm for payment. They are also now on a pathway to mainstream use. This process is being driven by the development of apps and platforms to make it easy for people to pay instantly in digital currencies.

So how far should a business go in what is still an evolving, volatile world where valuations fluctuate and conversion processes are tricky? It seems wise to set boundaries: not to invoice in crypto or manage conversion into fiat currency, for example. This means finding a reputable intermediary.

Money is not what it was, quite literally.

Despite the lack of regulation, some benchmarking is possible, such as discovering what regulations different potential intermediaries submit themselves to. There is regulation in New York, for instance.

There are also wider questions, given the digital nature of cryptos. How do those handling transactions protect data?  What volumes of money do they move and where? How does their cost model fit into your own system for payments?

It is also important to assess potential partners for their own stability and standing, including their relationships with banks and institutions that are in that world.

This is all necessary because cryptos remain created, held and traded without any underpinning by governments. They exist without the regulation and transparency typical of a state-backed fiat currency.

There are also tax issues. Although cryptos can be a currency, they are treated by most tax authorities as securities and should be declared accordingly. This means potential capital gains liabilities for those who hold and trade in them, and VAT issues if the crypto token is attached to an underlying service.

Beyond that broad definition, there is regulatory fog. Rather than wait for that fog to clear, it makes sense to apply some common-sense standards now, including anti-money laundering and customer ID requirements, to help avoid problems later.

Is it worth getting involved with cryptos at all at this stage? The answer to that will depend on what the business does. For example, the instant, borderless payments enabled by cryptocurrency can be an advantage for businesses that trade globally, particularly those with an e-commerce platform.

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Cryptos are also not bound by a single country’s exchange rate or even location, making it easier for companies entering a global market to accept payments from anywhere in the world. They also avoid banking transaction charges.

It is perfectly possible to set up digital wallets and accept crypto payments directly. But that means also accepting all the associated risk and technical know-how required. Few businesses will want to get that involved in the infrastructure associated with holding the coins, let alone working out what they are worth at the crucial moment an invoice is raised.

Fortunately, there are now a number of well-regarded exchanges. These largely absorb the risk of accepting digital payments and make the necessary transfers, including translating the crypto into the fiat amount billed.

BitPay, for example, is a payment processing provider that converts a traditional fiat currency fee into a bitcoin equivalent as soon as it is issued. The bitcoin price is then fixed for 15 minutes before being automatically renewed using the same process, something necessary because of value fluctuations.

The invoicing firm then receives its payment electronically through BitPay, but as fiat money.

The advantages for the invoicing business from using a reputable provider are reduced risk and the likelihood of prompt payments as clients respond to the 15-minute conversion windows.

Is it all worth the trouble? Just as the way we transact money is changing rapidly, so is the nature of it. For some firms it just makes sense to engage with the future of money now, building knowledge and expertise carefully and organically through experience. My firm is proud to be among them.

Authored by Jon Wedge, Financial Services Partner at BKL.

The protocol is designed to make sure that during a transfer, the name of the recipient exactly matches the name on the account receiving the funds. Intended to give greater assurance when it comes to transactions, CoP helps users to avoid directing payments to the wrong account.

It was then announced in 2019 that the name checking service would be delayed until March 2020 at the earliest. But given the security implications, Chris Stephens, Head of Banking Solutions at Callsign, asks: why has the deadline been pushed back?

After a consultation with groups in the industry, The Payment Systems Regulator (PSR) deemed the expected implementation deadlines “unachievable”. However, with the personal details of consumers at risk, banks are searching for various ways to address fraud to keep their customers secure. This is especially important given that in 2018, a total of £1.20 billion was stolen from the banking industry by those committing fraud. Justifiably, there has been a great deal of worry that this delay will leave consumers at risk of fraud. But many people are questioning whether its introduction will really help to reduce fraud levels, and if there are any other measures banks can be put in place to keep their customers money safe and secure?

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While it seems like a logical way of combating bank fraud, putting the CoP scheme into practice will probably only work to a certain degree. A fraudster’s natural reaction to any such regulation is to improve upon their current skillset and work out a means to bypass the new security infrastructure and regulations. In the context of CoP, all a fraudster would have to do is set up a new account in the victim’s name to give the victim further confidence that they are transferring money to a “secure account.”

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Another problem that can potentially arise is the idea that customers will become complacent when it comes to security due to the belief that CoP provides them with another layer of protection. Even though CoP will absolutely protect customers against crimes such as authorised push payment fraud, the scheme could leave them vulnerable to more advanced types fraud which are of far higher value.

In addition, almost every bank would have to implement CoP for it to be successful. While the decision to implement the scheme is down to each individual bank, The Payment Systems Regulator has said that Lloyds, Barclays, HSBC, Royal Bank of Scotland, Santander, and Nationwide Building Society, which together account for about 90% of bank transfers, must all have their CoP schemes up and running by March next year. Banks that don’t sign up to the scheme would automatically become targets in the eyes of fraudsters as they won’t need the details of the bank account to match the name of their intended target. Therefore, there would have to be a more collaborative approach from banks for the implementation of CoP to work.

While the decision to implement the scheme is down to each individual bank, The Payment Systems Regulator has said that Lloyds, Barclays, HSBC, Royal Bank of Scotland, Santander, and Nationwide Building Society, which together account for about 90% of bank transfers, must all have their CoP schemes up and running by March next year.

Regardless of when CoP will be introduced, there are other tools to help banking customers tackle fraud, such as dynamic authentication journeys, which requests that a user states why they are conducting a transaction and offer fraud warnings, that are very effective at preventing APP fraud. However, the logic behind these policies can be complex and they require constant monitoring in order to be kept up to date. Once the implementation of these dynamic user flows has been done, it also highlights the question about how the outcomes can be accessed by the third parties that leverage a bank’s Open Banking APIs.

To have any chance of reducing banking fraud, it’s crucial that financial organisations today use all the relevant information they have to generate a full picture of their customers. It is imperative that they utilise the data at their fingertips in order to safeguard their customers while still providing the seamless, friction-free service they demand. A customer’s digital presence will only be protected from fraudsters once banks look at all the elements of security as interconnected, rather than separate components.

By feeding data into a strong and dynamic policy manager that can be nimble and adaptive, banks will be better compliant and secure while at the same time provide robust user journeys that provide the right amount of friction when necessary. By having a more holistic approach to security, rather than focusing on single point elements, they have a far better chance of beating the fraudsters and allowing their customers to live their digital lives uninterrupted.

Here Ian Smith, GM and Finance Director at Invu puts to rest five of the most common myths about this business critical function. 

Myth 1 – Accounts payable doesn’t need investment

Reality – While it is understandable that most businesses will prioritise investment in front office functions, funding back office operations should not be ignored. Business requires accounts payable to deliver customer satisfaction. Failure to invest can result in the function being off the pace and unable to support the business.

Myth 2 – Accounts payable can fund your business

Reality – Funding your business by delaying payments to suppliers can damage your brand and normally ends with a fall. We’ve seen this multiple times in the past year, where the only cash generation was from delayed payments to suppliers who eventually could not take anymore. The late payment of suppliers by large companies has been subject to regulatory overview with the introduction of Reporting on Payment Practices and Performance.

Initial reporting figures show that on average 31% of invoices are not being paid on time.

Myth 3 – The accounts payable department knows everything going on in the business – even if you don’t tell them

Reality – The consequences of keeping the accounts payable department in the dark, by failing to provide the information required to resolve issues, can be harmful both to supplier relationships and management accounts due to delayed processing of transactions. Accounts payable and those responsible for the approval of invoices require transactional visibility and an audit trail to ensure effective processing.

Myth 4 – Accounts payable is the department of “no”

Reality – The perception of accounts payable as a department staffed by variations of the Little Britain character Carol Beer – “computer says no” – mis-states the role, which is to support budget holders in the delivery of outcomes and maintain a positive relationship with suppliers.

Myth 5 – Accounts payable just happens and requires no skill

Reality – There’s an expectation that accounts payable will be seen and not heard, be error free, and always on time. When this is not the case there is often an assignment of blame rather than an appreciation that this is an exception to the normal success rate.

The brave new world of accounts payable requires systems that automate data entry, provide approval workflows and requires skilled staff who can deal with exceptions, helping provide efficiency, visibility, and control over the payables process.

Unfortunately, a poor credit score can make renting in Edinburgh or other areas difficult. You can’t borrow your favorite property with bad credit.

The average Fico score varies between 300 and 850. A fair credit score is between 580 to 669, however even a score of 675 may not help you to get the best rates on traditional mortgages.

There is no need to worry because you can in fact qualify for a mortgage with a weak or average credit score. Some government programs offer VA and FHA loans. Furthermore, each state has special lenders providing home loans for poor credit.

Here are some tips to get a mortgage with a bad credit score

• Work on your credit score by strictly following credit rules to raise your score.
• Check eligibility for VA and FHA loans. The government guarantees allow you to get the advantage of relaxed eligibility.
• Get ready for a sizeable down payment. Lenders will appreciate your efforts and offer reasonable rates. For this purpose, you can sell some items to increase your down payment.
• Feel free to shop community banks and credit unions because big banks may offer different lending criteria. Credit unions can be a good option because they offer favourable terms.

Repair Bad Credit

Fortunately, you can work on your credit score over time. Before researching a house, you have to check your credit reports. In order to repair bad credit, you have to pay your utility bills before their due date and make sure to repay your loans as soon as possible.

Try to increase your credit score to almost 660. It will help you to drop a significant percentage of mortgage interest. Take necessary actions: pay your bills, decrease your balance, and avoid taking more credit. Before applying for a mortgage, you should examine credit reports further to find any discrepancies. Make sure you fix these as soon as possible.

Avoid Late Payments

In numerous cases, your poor payment habits can affect your bill payment. Remember, your payment history can affect your score. Try to improve on your bad habit of making late payments. By making timely payments, you will quickly improve your credit score.

Decrease Credit Utilization

Your debt will make up almost 30% of your FICO score. If you owe less than your capacity, you can improve your score. It is known as the rate of total credit utilization. Experts suggest managing your utilization on all cards under 30 percent. This figure is essential for credit reporting agencies.

Try to pay off your balance as soon as possible to improve your credit card statement. If you are unable to pay the whole balance before the closing date of the credit statement, try to decrease this amount as per your capacity.

If you are planning for a mortgage, avoid new credit because it will affect your credit score, but the right credit mix could help you raise your credit score to an optimal figure.

Consumer knowledge about digital currencies is limited and cash is still king. But many people still hold a positive view about the future of cryptocurrency and are curious about its possibilities.

The seventh ING International Survey on new technologies found that 79% of UK respondents knew at least a little about cryptocurrency (identifying at least one out of five true or false statements correctly). Among this group, opinions are divided as a third (32%) had high expectations for it, just ahead of the 28% with low expectations.

A fifth of this group (21%) agree that crypto is the future of online spending, behind the European average of a third (32%). An equal proportion (21%) say they are open to receiving new cryptocurrency offerings from brands and bodies they are familiar with, agreeing that banks should offer current accounts in crypto.

This outlook comes despite wide levels of confusion about how cryptocurrencies actually work. Although 69% of people understood that crypto is a form of digital currency, an equal number (68%) either incorrectly thought that it is controlled by a central body or said they did not know.

Jessica Exton, Behavioural Scientist, ING, said: “People aren’t clamouring to understand the details of how cryptocurrencies work, or even what they are. But whether we would pick it up if it proved useful remains open to debate. We see country some differences in how people are learning about cryptocurrencies and while smaller groups in the UK agree cryptocurrencies are the future of spending online, relatively few of us are actively sourcing information about them, such as through searching online. More knowledge doesn’t always lead to higher expectations of the future relevance of cryptocurrencies through, indicating many factors are at play. While small groups are enthusiastic about their future use of cryptocurrencies, every-day relevance and demonstrated benefits will be key to turning the crypto curiosity our research reveals, into a true money revolution.”

The survey’s findings, which show a curiosity about cryptocurrencies but also a tendency to trust the familiar, suggest that a digital currency hybrid - a mix of new forms of currency with the familiar elements of regulation, practices and providers we know – could be one way to broaden the everyday use of this type of currency.

Teunis Brosens, Lead Economist for Digital Finance and Regulation, ING, said: “If cryptocurrencies are to become mainstream, technical improvements are needed. But to gain trust and acceptance beyond a core group of enthusiasts, affiliation with existing well-known brands would help. In short, cryptocurrency would need to present itself to potential users from within the existing financial framework, instead of placing itself outside.”

Facebook Libra – the transitional tool?

This is illustrated through Facebook’s Libra. While its initial structure does not make it a cryptocurrency, plans to move towards decentralised governance in 2025 mean that it may act as a transitional mechanism.

Cash is still king

Despite a relatively favourable view of cryptocurrency among many consumers, our survey found that they are not yet ready to embrace it fully. Only a fifth (20%) of UK respondents would prefer it if cash no longer existed. One-in-five (19%) of those with some knowledge of cryptocurrency responded positively about both their anticipated use of it simultaneously with their use of cash.

This suggests that cash may continue to play a significant role if and when cryptocurrency is adopted on a wider scale. Diversification and choice will be key, depending on availability and preference.

ING's seventh International Survey on new technologies is based on approximately 15,000 respondents in 15 countries, including over 1000 from the UK.

*These results are based on a sample of respondents that correctly answered at least one of five true or false statements about cryptocurrency (79% of total sample).

Nik Storonsky, the CEO and Founder of Revolut confirmed this during an exclusive interview with LearnBonds.com.

During the interview, Mr. Storonsky talked about the challenges that Revolut is currently facing. He explained that Revolut is working to find the best candidates to join the firm and meet the current growth needs.

“Each market that we enter also presents us with new and interesting hurdles, so expansion and adapting to new markets is another exciting challenge,” he said.

Revolut has been expanding since 2015 when it was released to the market. Since that time, the firm became a new competitor to banks and traditional financial institutions. As the demand for new financial products and services continues to grow, Revolut’s valuation follows the same path.

In just a few years, if the company maintains its growth rates, Revolut could surpass the $10 billion valuation.

“I think it will happen at some point, and we hope that in time we’ll exceed a $10 billion valuation. It would be hard to pinpoint when we might reach that number, but I expect that it may be within the next few years,” Mr. Storonsky told LearnBonds.

He went on saying that they are not focused on being the most valuable fintech firm, but they want to offer customers around the world, the best possible financial experience.

Nik explained Revolut is building robust governance procedures to cope with their growing customer demand. In the past few months, the firm appointed several experts in different areas to strengthen their management team.

Regarding the future of the company, Storonsky stated they will continue to hire great people around the world and expand to new regions and markets. Moreover, they are also working in order to ensure that customers receive the best financial services experience.

In addition to it, the challenger bank is working so as to maintain their exponential growth and move towards profitability.

The CEO and Founder of Revolut ended the conversation by talking about the interaction between traditional and challenger banks.

On this subject, he explained: “Many traditional banks around the world are failing by not offering effective technology platforms, not integrating customer data properly for better suggestions and failing to serve customers with enough machine-learning intelligence embedded in their process.”

According to LearnBonds, a $10 billion valuation could potentially place Revolut among the top 100 lists of banks by market capitalization.

Barclays Pcl, for example, is currently the 64th largest bank with $28 billion market cap. Meanwhile, the banking giant HSBC Holding is in the 7th position with a market valuation of $144 billion.

At the same time, Barclays was able to make $2.8 billion last year. If Revolut wants to have a $10 billion valuation it would have to make $1 billion per year. Currently, Revolut is still an unprofitable company.

Cryptocurrencies followers forecast Bitcoin to replace fiat currency and become the only method of value exchange. With bitcoin induced demonetization, Bitcoin should change people’s relationship with money. The fact that people will be the owner of their money and its value is seen as one of the distinctions that will make most people avoid fiat currencies.

Bitcoin prices have become a bellwether for the market. While still difficult to nail down an exact characterization of cryptocurrency and how it fits within the modern financial pattern — whether a currency, digital asset or a commodity — by evaluating the price action in the context of its more established analogs, it becomes apparent that Bitcoin and its peers have reached significant milestones.

Apps Affiliated with Bitcoin Trading Performance

The acuteness of the cryptocurrency market has made it obligatory for traders to make quicker decisions and perform transactions faster. These demands led to the development of the Bitcoin apps to offer traders an automated trading platform and more leverage in the market.

The Bitcoin apps enhanced a unique algorithm that can interpret and process the market signals faster such as the bitcoin revolution. If the bitcoin revolution is over then the users are forced to invest from the beginning, without trying the platform first.

Cryptocurrency Crash

The price of Bitcoin has fallen from $13,200 to $9,684, with major cryptocurrency exchanges, including Coinbase, recording a 26.6% drop within a period of seven days. The recent fall of Bitcoin is widely believed to be a technical factor that was pushed by sellers who took control of the market once the dominant crypto asset went below key support levels at $11,500 and $10,500.

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Bitcoin Price Faces Third Monthly Loss of 2019

• Bitcoin is on track to test $9,000, having dived out of a narrowing price range earlier this week. The cryptocurrency is likely to end August on a negative note, having suffered losses in July and January.
• BTC may suffer a deeper price drop over the next few months, possibly to the 200-day moving average near $7,400, if prices print a UTC close below $9,049 on Saturday, confirming a bearish reversal on the monthly chart.
• A minor price bounce, possibly to the Aug. 22 low of $9,755, could be seen before a drop to $9,000, as an hourly chart indicator is reporting bullish conditions.
• The short-term bearish case would be invalidated if prices find acceptance above $ 10,280, although that looks unlikely. A weekly close above $12,000 for bullish revival, as discussed earlier this month.

Why Did Bitcoin Drop 20% in October? 

The recent rise was not a rise at all but in fact a fall. in other words, the value of Tether (controversial cryptocurrency with tokens) dropped so in order for altcoins to keep their value up they needed to rise against Tether, when bitcoin rises (assuming Tether is worth $1) altcoins seemingly rise up but not because they keep their value, in fact, they fall in value against USD and BTC but because this fall is not equal to bitcoin price rise, the final result is a rise.

For example, if bitcoin is $1000 and some altcoin is worth 0.1BTC and then bitcoin goes up to $2000 that altcoin if it remains 0.1BTC, will rise to $200 which is impossible for that coin to happen because there is nobody buying it.

What happens is that the rise of bitcoin from $1000 to $1000+ will start creating arbitrage opportunity in ALT/BTC and ALT/USD and as traders arbitrage this the final value of that coin will go somewhere between $100 and $200 and closer to lower bound. So the final result will be an altcoin worth around 0.06BTC which is a big fall but thanks to arbitrage traders the value of it rose a little to $120 in a fake manner.