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Top fintech stories this week – 11 November 2016

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Catch up on Banking Technology’s top five fintech stories of the week – all in one place!

Tesco Bank resumes full service, refunds £2.5m to 9,000 customers

Tesco Bank resumes "normal service", pinpoints security hole

Tesco Bank has refunded £2.5 million to 9,000 customers who had money stolen from their accounts by fraudsters over the weekend. It has also resumed “normal services” following the temporary suspension of online transactions from current accounts .

Tesco Bank suspends online transactions due to cyberattack

Tesco Bank under cyber attack

UK-based Tesco Bank has revealed that 20,000 of its customers had up to £2,000 stolen from their accounts in a cyberattack. As a result, all online transactions have been frozen for 24 hours until the situation is bank “under full control”, according to Benny Higgins, Tesco Bank’s CEO.

Roundtable: a world of real-time payments

Roundtable-crop

Call it immediate, instant, fast(er) or real-time, the drive to speed up payments is being discussed in almost every country. As part of that discussion Banking Technology and ACI Worldwide brought together international participants from Australia, Europe, the UK and the US review the opportunities and challenges ahead.

‘Unstoppable evolution’ in payments poses threat to irrelevant banks

Arun_Aggarwal_Swift

Banks have been warned that new entrants will come and ‘eat their lunch’ if they fail to remain relevant to the modern consumer in the face of an ‘unstoppable revolution’. The point was made repeatedly during sessions at the Payments International conference in London this week.

The rise of the challenger banks

Mark Jopling - cropped

The face of retail banking in the UK is changing. In July 2010, the sector witnessed something not seen in over 100 years – the launch of a new high street bank. And where Metro Bank led the way, new and non-financial consumer brands are following suit.

UK retail banks could lose out to supermarkets warns study

Tesco launched its first current account in June

The UK’s high street banks are failing to satisfy consumers and may be in danger of falling behind the big supermarkets, leaving them vulnerable to competitors, according to a new report by VerintSystems and the Customer Contact Association.

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