Jeremy Nicholds – formerly Head of Mobile at VISA and SVP of Sales and Marketing at Mastercard – gives his thoughts on how significant the payment alerts mandate is for banks and customers:

The mandating of payment alerts represents a positive step towards satisfying customer expectations. Millennials and beyond now expect instant access to services via mobile, as well as the ability to customise those services to their needs. Banks have made inroads on offering mobile functionality but, with few exceptions, these apps do not allow any type of customisation or control over the account’s debit cards or over credit cards.


Over three-quarters of retail spending in the UK is by debit or credit card. Yet if consumers want to cancel, activate, limit or otherwise exert some form of control over their cards, they need to phone their bank – if the functionality is offered at all. A smarter, ideal offering would allow the cardholder to temporarily freeze their card, to choose which destinations it could be used in when going on holiday and to control whether the card could be used online, in-store and at ATMs – not to mention parental controls, customised alerts and personalised spending limits. All from their phone, in real-time.


Challenger banks and other banks of the future are poised to offer and evolve this type of functionality far more quickly. But with the right cloud offering the big banks can offer this service without touching their legacy systems.


Banks should act before being forced to do so. VISA and Mastercard have already made transaction alerts mandatory in the US and Mastercard is mandating them in the UK from April 2018. Meanwhile, challenger banks are pushing the envelope in terms of controls. For major banks, it’s time to act to give consumers the rich, detailed controls and personalisation that they expect.

Just a few months after the implementation of a mandate that issuers must offer transaction alerts in the US, Mastercard are now mandating the same for the UK.

Find out the details here

Payment alerts are more than the sum of their parts – they’re just one component of the wider revolution coming to consumer credit and debit cards.

Understand why the mandate is happening, and what it means.

We examine the increased opportunities for customer engagement and research that transaction alerts offer – and why the mandate is big news for banks seeking to add genuine value for their customers.