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THE MONTH IN NUMBERS
The month in numbers… £730 MILLION…All those predicting the imminent demise of cash, look away now…LINK, the UK ATM
network, says that Friday, 23rd December was an all-time record day for withdrawals via its cash machines. £730 million was dispensed, with an average withdrawal of £87. This is an increase on the 2015 record, when £634 million was taken out on 24th December.
Overall, Brits withdrew over £12 billion from LINK ATMs in December 2016, up 3.5% on December 2015. There are now over 70,000 ATMs in the UK, of which almost 54,000 are free-to-use. John Howells, CEO at LINK, comments: “It is clear that cash plays a vital part in so many people’s lives, and we fully expect it to do so for many years to come.”
13… Starling Bank has become the 13th direct participant of and the first UK digital-only challenger to connect to the Faster Payments scheme.
Starling has tested and integrated Faster Payments into its newly built banking platform and customers are now making payments using the technology to all the major banks. Craig Tillotson, Chief Executive of Faster Payments, comments: “We are delighted to welcome Starling Bank as a direct participant of Faster Payments, the UK’s world-class 24/7 real-time payments system. It is good news for its customers and a positive development for the payments sector more widely. Starling is the first of a number of new joiners planned for this year as we enable payment service providers, both established and new, to offer its customers the real-time, 24/7 payments they demand.”
13,000... Wells Fargo is set to make all of its 13,000 ATMs card-free. The US bank’s app will offer a new feature
that allows users to request an eight-digit access code on their smartphones. They can then enter the code, as well as their regular ATM PIN numbers, at the kiosk to make a transaction. Wells Fargo isn’t the only bank circling cardless ATMs (both Bank of America and JPMorgan are as well), but the move would make it the first to convert its entire network.
30 MILLION…FinTech could lift 30 million people out of poverty, according to PayPal CEO Dan Schulman.
“There are two billion in the world that live outside the financial system. The things we take for granted; paying a bill, cashing a cheque, sending money to a loved one, are incredibly time-consuming for them and very expensive,” Schulman told CNBC’s Squawk Box from Davos Switzerland during January.
“For instance, international remittances, a $600 billion business today, costs on average 8% for someone to send that. We can send that same payment for 3.7%,” he added. “That’s savings, if you extrapolate it, of $28 billion that could be returned to people who really need that money…I think what we came to the realisation of is that the war is really against cash and waste. Governments waste over $130-$140 billion in leakage of cash. If we could become allies and partners in the advancements of digital payments, that could be a win for all of us.”
$300 MILLION… UBS has inked a multi-year strategic framework agreement with product development
and software engineering solutions provider, EPAM Systems. The two have worked together for the past nine years and the new deal, which is valued at over $300 million, supports the wealth manager’s cost reduction programme.
“Over the past nine years, EPAM has become a key supplier in helping us meet our clients’ expectations by working
www.ibsintelligence.com © IBS Intelligence 2017
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