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A place to discuss and share information on the introduction of the UK Faster Payments scheme
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Bob Lyddon Consultant at Lyddon Consulting Services
What started out as a Temple of Solomon to revolutionise the UK’s payment systems will now be reduced to a more manageable bungalow-sized development. Multiple layers collapse down to one. The UK's Payment Systems Regulator (PSR), who started this show rolling in 2015 by creating the Payment Strategy Forum, has just announced that another of its cr...
30 July 2021 /payments /retail
Simon Keates Data Protection and Payment Security Expert at Thales
The world has been slowly shifting towards a cashless society. In fact, with retailers rapidly investing in digital payment methods for time-poor shoppers, who demand speed and efficiency at the check-out, we’ve seen cash payments decline from 58% in 2009 to 23% a decade later. Fast forward, and the Covid-19 pandemic has disrupted the world of pay...
06 May 2021 /payments /covid-19
John Bertrand MD at Tec 8 Limited
Society and Law has reached a check point where the new digital world is almost beyond the current laws and banking practises. Let’s take a look at fraud in Faster Payments, UK’s instant payment initiative, which is being replicated in over 50 countries, and soon to become available for cross border payments. Faster payments fraud totalled £330 mi...
10 February 2021 /payments /crime
UKFinance reported fraud grew 28% in 2019 to £456 million with Faster Payments, 73% of that total, growing at 33%. UKFinance noted 76% of the fraud comes from the internet and the banking industry covers 98% of the fraud losses. If continued unchecked this could total £1 billion within three years. In addition, COVID 19 has turbo charged the move ...
07 August 2020 /payments /crime
Retired Member
According to an April study published by the Bank for International Settlements (BIS), in fear of transmitting COVID-19 via cash, people are increasingly looking into cashless payments. With a sudden increase in consumer demands for cashless payments, the pandemic can accelerate the worldwide transition to digital payments while serving as a cataly...
20 July 2020 /payments /crypto
In a shock announcement BACS and Faster Payments are being run, as of today, by a company controlled by a single private individual. This must be a first for a critical UK national infrastructure. New Payment System Operator issued a press release this morning to say that "Operational responsibility for the Bacs and Faster Payments systems, wh...
01 May 2018 /payments
Yuval Ziv Managing Director, Digital Payments at Nuvei
e-commerce retailers spend a lot of time and money on marketing and advertising to their customers, enticing them to browse and buy. On an ecommerce site, algorithms often reveal recommended products on pages designed to make browsing simple and free from friction. But it’s the final hurdle in the payment stage, that’s often the most important. Th...
23 November 2017 /payments
Barry Kislingbury Lead Solutions Consultant at ACI Worldwide
Immediate Payments must be part of an open banking strategy. The question that most banks are asking themselves, as real-time payments schemes gather pace in different markets around the world, is, “How do we enable real-time, digitally-enabled payments in the best possible way?” To answer that question, banks need to consider FAST payments in the ...
07 November 2017 /payments
Craig Ramsey Head of Real-Time Payments at ACI Worldwide
In the UK, faster payments are well established, and we have seen new innovations as well as new businesses being built since May 2008. In Singapore, which went live in 2014 with its Fast and Secure Transfers (FAST) scheme, we are starting to see similar innovations. And we can expect similar seismic shifts in payments innovation for years to come...
12 October 2017 /payments
The seven-day Account Switching Service was launched almost two years ago with much fanfare however we are still seeing only a minority of people moving their current accounts to a new provider. According to statistics from Bacs and the Payments Council, 1.3% of personal current accounts have been switched in the past year, and 2.1% since the star...
01 May 2015 /payments /retail
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