Welcome to issue 119 of Payments:Unpacked, get to grips with the UK’s retail payments landscape with Mike Chambers - exclusive payment insights, hot topic briefings and fundamentals unpacked.
Experience the future
Answer Pay has announced the go-live of its Request to Pay demonstrator – the new demonstrator enables billers, payers and payment services providers to experience the full Request to Pay journey for the first time, providing a greater understanding of the huge benefits of bill payments utilising Request to Pay.
Request to Pay addresses the competing needs of billers who want payment control and payers who want more flexibility. Our demo shows that by enabling the payer to receive and aggregate their requests in their chosen supplier app you can improve the experience for both parties.
Mike Chambers, Chairman of Answer Pay.
Who are the (banking) digital natives?
Who uses websites and apps to open bank accounts? FICO asked 1,000 people in the UK - on this Podcast Sarah Rutherford discusses the results with Young Money Expert Iona Bain.
Fraud & Confirmation of Payee
The Pay.UK service of Confirmation of Payee (CoP) has been established for just over a year but the life under lockdown under Covid has not abated the attempts by fraudsters to endeavour to try and scam our accounts of our money.
This week the Northey Point blog featured a guest blog from Bob Ford who shared his thoughts on fraud reduction on the back of the recent request from the Payment Systems Regulator which got me thinking about the whole CoP lifecycle works and how it could be enhanced to assist in fraud reduction as well as allow the Paying Bank to provide a better service to their customer such that the paying customer can make a more reasoned decision about effecting the payment.
ICYMI: Podcast: Did COVID kill cash?
Check-out our latest podcast: “Did COVID kill cash?”.
Spoiler alert: No but it did make our digital payment habits more sticky.
Podcast: Did COVID kill cash?
Celebrating 25 years of RTGS in the UK
This week we celebrated 25 years of RTGS in the UK.
In 1996 Real Time Gross Settlement in CHAPS went live - from running around the City with Bankers Payments, to the inbound CHAPS queue at a clearing bank and the MD of CHAPS Co my blog post reflects on the 25th anniversary of RTGS in the UK
Celebrating 25 years of RTGS in the UK (along with my personal reflections of the early days of CHAPS).
Checkout the Bank of England’s RTGS 25th Birthday Podcast.
Payments Tracker: Our April round up of retail payments, showing the impact of the final month of Lockdown 3.0 on the volume and value of payments processed in the UK.
Latest (Payments) developments at Pay.UK, PSR, BoE, HMT, FCA and Open Banking.
Mastercard / Vocalink partner with IBM to deliver instant payment system capabilities to Saudi Arabia.
Common UK Credit Message (CCM), using the ISO 20022 standard.
Bank of England reviews operational footprint in light of Covid and waning demand for cash.
Earth Day: HSBC to introduce recycled plastic payment cards globally.
TSB calls on tech platforms to tackle scam adverts.
Longer Read: Bitcoin? We Want Britcoin!
In his latest Forbes article Dave Birch asks why does Britain want a CBDC.
Dave has been through several central bank reports on digital currency - in particular the Bank of England's March 2020 paper and the more recent European Central Bank (ECB) report on a digital Euro from October 2020 - and has brought together and organised what he thinks are the pressures for digital currency into half a dozen key drivers.
Bitcoin? We Want Britcoin! by Dave Birch
Explore the development of a CBDC in the UK and subscribe to my new newsletter: e-pound:unpacked.
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The Payments:Unpacked newsletter from Mike Chambers at Northey Point explores a wide range of the UK’s payment news including: Open Banking, Request to Pay, Direct Debit, Confirmation of Payee, Bacs, CHAPS, Faster Payments, LINK, cash, cards, cheques and Central Bank Digital Currencies (CBDCs) and unpacks the eco-system that supports the operation of these systemically important payment systems.
The newsletter is an independent and informed insight into the UK’s payments landscape – exclusive payment insights, hot topic briefings and fundamentals unpacked.
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