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ZAPP PARTNERS WITH LEADING RETAILERS TO BRING MOBILE PAYMENTS TO MILLIONS OF SHOPPERS

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ZAPP PARTNERS WITH LEADING RETAILERS TO BRING MOBILE PAYMENTS TO MILLIONS OF SHOPPERS 9

Sainsbury’s, Asda, House of Fraser and Shop Direct are among major British retail brands announcing their support for Zapp mobile payments to deliver secure, convenient mobile payments to their customers

The UK’s leading mobile payment innovation Zapp announces a wide range of retail partnerships that will work to introduce Zapp from 2015. Four of the most customer-focused and innovative retailers across a range of sectors lead the way – Asda, Sainsbury’s, House of Fraser and Shop Direct (including the very.co.uk, Littlewoods, Isme, Woolworths.co.uk and K&Co brands) – have chosen to support Zapp, allowing millions of customers to use Zapp to pay. This is further proof that the mobile payment revolution is at last taking off and will deliver improvements in security, convenience and speed, whilst ‘checking out’ both online and in-store.

Zapp – unprecedented support

ZAPP PARTNERS WITH LEADING RETAILERS TO BRING MOBILE PAYMENTS TO MILLIONS OF SHOPPERS 10Other major retailers and billers partnering with Zapp include: Thomas Cook, Clarks, Dune, Spar, Best Western, Starstock, QD Stores, Anglian Water, Bristol & Wessex Water, Sutton and East Surrey Water. Support for Zapp from the charity sector through Oxfam and Charities Aid Foundation has been previously announced.

Additionally, many of the largest payment providers in the UK including Verifone, Klarna, Touch Go, Siemens, Apogee International, Vix Technologies, Global Charge, Just Desire and RSL – are announcing that they will work with Zapp to bring mobile payments to market.

ZAPP PARTNERS WITH LEADING RETAILERS TO BRING MOBILE PAYMENTS TO MILLIONS OF SHOPPERS 11This broad group of retailers, billers and payment providers will roll out Zapp to more than 35 million customers and represents the largest coalition of retailer support for a new payment method ever announced in the UK.

According to the Centre for Economic and Business Research (Cebr)[1] 20 million adults will use their mobiles to pay for goods and services by the end of the decade, with the value of purchases tripling from current levels to £14.2bn in 2018. The Cebr suggests that the uptake of mobile payments will be accelerated by the kind of inter-industry cooperation that Zapp and its partners are committing to.

Zapp is the biggest change in payments since the introduction of the Switch card in 1988. As well as broad retail support, and as previously announced, leading banks are supporting Zapp, including HSBC, first direct, Nationwide, Santander and Metro Bank. These banks provide current accounts to over 18 million people in the UK. Additionally, almost all major UK acquirers and Payment Service Providers, which represent hundreds of thousands of merchants, are supporting Zapp, including WorldPay, Elavon, Optimal Payments, SagePay, Realex, Secure Trading, TrustPay Global and Checkout.com. This breadth of support is unprecedented for a new payment method and demonstrates clearly the market demand for new and innovative ways to pay.

Zapp: good for shoppers

ZAPP PARTNERS WITH LEADING RETAILERS TO BRING MOBILE PAYMENTS TO MILLIONS OF SHOPPERS 12Zapp enables retailers to offer a secure, quick and simple way for their customers to pay for goods using just their mobile device and their existing bank account. Checkouts with Zapp are faster and allow merchants to sell more at lower cost with faster settlement.

Zapp payments put shoppers in control of their finances, with no need for multiple digital wallets, long card numbers, new passwords and usernames to remember. From launch, the customers of these retail brands will be able to pay for goods and services using just their existing bank account, a smartphone and a mobile banking app. Customers will be able to see their account balances at the point of purchase and choose different accounts to pay from, thereby staying more in control of their finances.

Zapp: Faster, safer, cheaper transactions for retailers

With Zapp, money moves instantly from a customer account through real-time payments, which means that cash flow for merchants can be significantly improved. This will become a major benefit for retailers in the UK – especially small and medium businesses and helps to speed up the UK economy. Zapp transactions are a fraction of the cost of cards or other alternative payment methods.

Paying online or in-store using Zapp is more secure and simpler than existing methods. Zapp payments work through secure digital “tokens”, which mean customers don’t reveal any of their financial details (including bank account details) to retailers when they are shopping. This also means that merchants do not need to store card details or incur the expense of PCI-DSS compliance.

All Zapp payments will be covered by similar protections that already exist for debit card payments, ensuring that in the event of goods not being delivered or an issue with a payment the consumer will be covered.

Zapp – go-to-market in 2015

The core Zapp technology has been successfully built and delivered. Zapp is currently working with banks and retailers to integrate the technology into their systems and provide a great customer experience. Pilots are now being planned ahead of a launch of Zapp in the front half of 2015.

ZAPP PARTNERS WITH LEADING RETAILERS TO BRING MOBILE PAYMENTS TO MILLIONS OF SHOPPERS 13Zapp will then invest in launching the brand in the UK market, supported by the marketing efforts of its financial and retail partners. The launch will be underpinned by an awareness raising campaign from Zapp and its backers, supported by tens of millions of pounds in advertising and promotional activity. This will include a consumer education campaign, above the line advertising and promotional activity at the point of sale.

Peter Keenan, Chief Executive of Zapp, commented, “Today is a hugely significant milestone in the history of money in the UK. At last the promise of a truly mobile and digital payment method will become a reality, meaning easier and more secure checkouts for millions. It’s amazing to have the support of such well known retailers. Together with our other partners this means millions of consumers will be able to shop at tens of thousands of merchants up and down the UK at launch.”

Jon Rudoe, Digital and Technology Director at Sainsbury’s, said, “We know that the way that our customers shop is changing and we’re always looking at new and innovative ways to improve the experience. We’re one of the first retailers to sign up to Zapp to give our customers a quick, secure and convenient option to pay – both online and at the till.”

Paul Fielding, Group Treasurer of Asda said, “Zapp supports our long standing commitment to innovation. Our customers want to have choice, not only of what they buy but how they buy it, and Zapp will represent a fantastic addition to our payment options.”

Jonathan Wall, Group E-commerce Director of Shop Direct commented, “Shop Direct are excited to be working with Zapp to make it easy for our customers to pay their accounts online and shop with our brands. Mobile payments are a key area of innovation for us and Zapp are definitely one of the winners in this area.”

Andy Harding, Executive Director, Multi-Channel at House of Fraser commented: “At House of Fraser we are committed to delivering the best retail experience for our customers. We believe that mobile payments will be an important part of this experience and Zapp allows customers a simple, secure and easy to use way to pay for their shopping.”

[1] The report ‘The Future of Payment in the UK’ was compiled by the Centre for Economic and Business Research (Cebr) in September 2013 and is available on request from [email protected].

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Seven lessons from 2020

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Seven lessons from 2020 14

Rebeca Ehrnrooth, Equilibrium Capital and CEMS Alumni Association President

 

Attending a New Year’s luncheon on 31 December 2019, we played a game that involved predicting the world in 2020. Some of the questions included: would Uber become profitable? Would the three-decade bond rally finally come to an end? Would the US hit a recession?

Unlike any of our predictions based on a traditional approach to business and predicting, we now know that 2020 became the year where business, professional and personal plans were turned upside down, reshaped and put-on hold. The proverbial black swan had arrived.

As revealed in a new CEMS Guide to Leadership in a Post-COVID-19 World, to which I contributed, the COVID-19 pandemic has exposed deficiencies in the 20th Century vision of leadership, giving a rare opportunity to question the status quo.

So, what are the main lessons from 2020?

  1. Humans are enormously adaptive.  This is not an extinction scenario. The world is getting used to dealing with global human disaster which may become a recurring event. Life continues guided by new parameters.

  1. No sector or country is immune to rapid change. Just as the leveraged finance and equity markets ground to a halt during the Global Financial Crisis, we have seen a disruption in the financial markets (including M&A) in 2020, including a significant redistribution of wealth between sectors; think tech vs airlines and the hospitality industry. When a market is disrupted it has secondary and tertiary effects such as less work for accountants, lawyers, financiers etc.

 

  1. Location is not as important anymore. The belief that finance staff need to be based in one of the financial capitals to be effective has been forever altered. Pursuing a career in finance from anywhere is becoming possible. However, it’s likely that over time, financial controls and human interaction will move the work model back towards the traditional office approach, as work is a critical sanctuary for people. While working from home may allow more time for family, chores and sports, it is mainly effective for people who already have their internal and external networks. For junior employees it presents a notable challenge as they may be forced to spend their formative years without a chance to really build their networks.

 

  1. Change is likely to be lasting. The opportunity for alternative finance and tech focused providers is enormous and 2020 will accelerate this shift. For example, many retail banks are providing rather poor customer service, blaming the pandemic. Even the most loyal customers will be heading elsewhere. For recent graduates and current students this is a major shift; future winners and key employers may not be names we are used to seeing in the headlines.

 

  1. There will be a spotlight on leaders with visionary strategy and understanding of the operations. 2020 showed many politicians and business leaders behaving like they were playing a game of snakes and ladders, rather than executing a thought-out strategy. The next wave of thoughtful leadership is urgently required.

 

  1. Collaboration leads to success. The definition of a pandemic is an infectious disease prevalent worldwide. A global problem requires a collaborative solution rather than each country and industry on their own. Quoting Steven Riley, professor of infectious disease dynamics at Imperial College London: “Once you have the knowledge and you share the knowledge, then you are able to take measures to push transmission much lower”. This principle is transferable to management education. In a world more complex than ever, investing in a degree is hard currency. Combined with the full global alumni network, corporate partners and schools, CEMS is capital that doesn’t depreciate.

  1. Resilience has become a watch word. Saint-Exupéry’s quote resonates with me: “If you want to build a ship, don’t drum up people to collect wood and don’t assign them tasks and work, but rather teach them to long for the endless immensity of the sea.” We are in a new paradigm – so prepare for the next change. For COVID-19, while we hope that the vaccine will soon upon us, the broader long-term positive challenge remains.
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Data after Brexit: How does the end of the transition affect GDPR?

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UK's Post Brexit productivity puzzle

By John Flynn, Principal Security Consultant at Conosco

The UK has officially left the European Union now that the transition period has ended on January 1st 2021. But this could raise issues with one of the biggest bugbears for many companies – the international transfer of personal data.

Businesses can relax, somewhat – GDPR, which took businesses months to get their heads around, is not being replaced. It will continue as the UK GDPR 2018, and will still be based on the criteria of the Data Protection Act of 2018. However, the UK will retain the right to change the UK GDPR as it sees fit in the future.

The main changes apply to those who receive data coming into the UK from Europe. Transfers from the UK to other countries can continue under existing arrangements.

We know it can be difficult to cut through the legal jargon, so we have simplified what you need to know to protect yourself and your data:

1 – Update your privacy notice

Most businesses do not have the correct clauses in place ahead of January 1st, potentially exposing their liability, should something happen to their data. All company privacy notices online will need to be updated to specifically state ‘UK GDPR’, as opposed to ‘EU GDPR’. You will also need standard contractual clauses in place, which cover both parties – those transferring and those receiving the data.

 The Information Commissioner’s Office (ICO) has a list of what needs to be included in the standard contractual clause here. The ICO will remain the UK regulator for data protection, regularly liaising with each EU member state.

This also applies to Multi Corporate Groups who operate in multiple countries, who need to update their documentation and privacy notice to expressly cover the data transfers.  The UK has applied for an adequacy assessment, which would negate the need for contractual clauses, however this has not yet been approved by the EU.

2 – Data privacy assessments

Any company which runs applications and software should always perform a Data Privacy Impact Assessment. This was also in the guidelines before, but these assessments are now more important for those who outsource their IT operations internationally.

For example, when using a service such as a cloud-based system, the company must be sure that its service provider adheres to UK GDPR and stores the data within the European Economic Area (EEA), or has a binding corporate agreement with the company, where data is stored outside of the EEA. You should also, as mentioned above, make sure that a contractual clause is in place.

3 – Review local legislation

Contracts should now have contractual clauses that specify the responsibilities of the data controller and the data processor. If you are receiving personal data from a country territory or sector covered by a European Commission adequacy decision, the sender of the data will need to consider how to comply with its local laws on international transfers. You should check local legislation and guidance in this case.

4 – Cyber Security health check

The ICO is increasing its capacity and efforts to crack down on data breaches, post-Brexit. Now is a great time for all companies to have a health check to understand their Information Security posture and GDPR compliance. Nobody wants to be caught handling data improperly and fined when it could have been prevented with education and training.

A gap analysis performed by an expert is money well-spent. It’s also a fact that companies that have cybersecurity and Information Security controls are not only able to better defend against attacks but are also far better placed to recover from an attack.

Looking forward

It’s important that all businesses – large and small – are properly preparing their data storage and transferring for the 1st January. ICO has been busy setting examples by fining large, high-profile companies for failing to keep millions of customers’ personal data safe.

It will continue to come down hard on the data breaches of personal identifiable information and special categories of data. The saying ‘prevention is better than a cure’ rings truer than ever this year, and you will thank yourself if you make the efforts to properly store your data now, and not when it’s too late.

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2020 reflections and 2021 outlook

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2020 reflections and 2021 outlook 15

By John Hunter, Head of Banking and Fiduciaries, Finance Isle of Man

Reflections on the most surreal year

The Covid-19 pandemic has completely changed the world as we knew it, resulting in catastrophic loss of life and fears of a downturn hang over global economies like a sword of Damocles. In the UK, the new strain has further exacerbated the situation. As I am sure many have already said we are living in what could be called the most surreal times. People have been trying to cope with this “new normal”, by changing their lifestyles and evolving behaviours.

The Isle of Man responded swiftly to the pandemic by closing its borders and enforcing social restrictions which everyone respected and adhered to. Socially and culturally the Island demonstrated all the good things that come from living on a relatively small Island where community still means so much.

The Isle of Man’s financial services sector adapted quickly, seamlessly transitioning to working from home. The banks too adopted flexible remote working practices and continued to support clients around the world helping them navigate the challenging situation and making the most of any opportunities that arose.

Although there is no substitute for face-to-face interactions, we all embraced web-conferencing platforms like Microsoft Teams and Zoom to stay connected with contacts around the world and build and nurture business relationships, whether it was with financial services firms or high net worth individuals looking to relocate to the Island.

Furthermore, a priority for the Isle of Man has been to reinvigorate the business and cultural ties with South Africa. In a normal world, we would have travelled to the country, held in-person meetings with businesses and industry representatives and talked about building on our wonderful historic ties. However, because of the scale and breadth of disruption we had to change all our plans! We hosted a virtual roadshow which comprised a series of webinars exploring why it has never been more important for South African businesses and individuals to choose the right jurisdiction for long term financial planning.

Looking ahead to the future

We are all hoping that the global rollout of vaccines will provide the pathway to some form of return to normality and all the things people are missing will be back. Like amidst all periods of immense turmoil, interesting, new possibilities have emerged such as the revolution in work culture and a renewed importance of being close to nature and green spaces is. And these possibilities can help reshape society for the better.

The global economic recovery and rebuild might seem further away in the current environment especially amidst the new lockdowns. But we are confident in the resilience of economies and are hopeful that different industrial sectors and governments working together would result in green shoots.

The financial services industry has an important role to play in getting the world economy back on its feet. It is a core component of the solution to continue facilitating the financing of corporates, as well as to develop sustainable finance and nurture digital technologies which have proven to be vital during the pandemic. The sector should continue its cooperation and collaboration with governments and regulators to ensure efficient capital flows and financial stability for businesses and individuals.

Banks too have a crucial role to play as they are instrumental to the effective transmission of monetary policies and stimulus packages. As mentioned in a report by EY: “Financial insecurity in the wake of COVID-19 will require banks to boost consumer confidence and help build a more resilient working world.”

We expect the Isle of Man’s financial services sector and banks to continue navigating the situation with resilience as they have been doing thus far and contributing to the global recovery process. Also, we truly hope this will be our busiest year ever (subject to our ability to travel), with an extensive global schedule of planned activity to promote the Island as an international financial centre of excellence and innovation. Personally, I had planned to be in South Africa for the British & Irish Lions tour, but regrettably, it might not take place and as such we will look forward to catching up with friends there as and when we can.

Conclusion

No doubt, there are significant challenges for the world ahead but as Albert Einstein said: “in the midst of every crisis lies great opportunity”. And it is this opportunity that we all need to work together to identify and make the most of. We are confident that in 2021 the Isle of Man will continue to support financial services businesses help their clients, employees, and the wider society through these surreal times. We are all in this together.

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