Financial IT’s Post

Digital Cash on the Agenda as UK Cash Use Declines, Says The Payments Association Study Tony Craddock, Director General of The Payments Association, said: “These are rather strange findings. Most people prefer not to use cash when paying for things but they want cash to be preserved just in case. It’s a little like saying, I prefer to listen through my ear pods but think we should keep Juke Boxes, just in case. But retaining both today’s and yesterday’s innovations comes at a cost to society. HM Treasury is currently consulting to find out what that cost is and whether we should mandate that cash is accepted in all retail outlets. I hope this research helps with their work.” https://lnkd.in/eKb3r-Ks Ian Donegan Tory Batten Ben Agnew Billie Pursey Charlie Lane Isabelle Smith Tom Brewin Riccardo Tordera-Ricchi #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

🚀 Building a World-Leading Payments Ecosystem: Finexer x National Payments Vision 📢 The UK Government's #NationalPaymentsVision aims to deliver a trusted, innovative, and secure payments ecosystem that caters to both consumers and businesses. Here's how Finexer - Open Banking Platform plays a pivotal role in aligning with this forward-thinking framework: # Key Goals of the National Payments Vision: 1. Next-Generation Infrastructure: Strengthening Faster Payments, Open Banking, and adopting emerging technologies like AI and distributed ledger tech. 2. Enhanced Consumer Protection: Addressing fraud prevention, liability models, and reimbursement standards for modern payment systems. 3. Driving Innovation: Enabling account-to-account payments, smart data use, and Open Banking adoption for seamless, efficient transactions. 💡 Finexer's Contribution to This Vision: 1️⃣ Open Banking Leadership: Powering account-to-account payments for businesses and consumers with enhanced security and speed. Supporting SMEs through accessible financial tools driven by secure APIs. 2️⃣ Fraud and Security Innovations: Implementing advanced tools to combat fraud and enhance trust in digital payment systems. 3️⃣ Accessible Solutions for All: Creating equitable financial products that align with the government's goals for inclusion and innovation in payments . 🌐 Finexer - Open Banking Platform is committed to partnering with businesses, regulators, and consumers to ensure the UK remains at the forefront of payment innovation. 👉 www.finexer.com #Finexer #OpenBanking #InnovationInPayments #NationalPaymentsVision https://lnkd.in/eZmzwmrF Open Banking Open Banking Expo

So the #NationalPaymentsVision is now out, following the Garner review of last year, and no doubt timed (delayed?) to follow last night’s Mansion House speech. My key takeaways 1/ Govt clarifying remit of #regulators to help reduce regulatory ‘congestion’ - reduce overlap, reduce burden on small firms, focus on growth. Letter on its way to Financial Conduct Authority and Payment Systems Regulator. 2/ Pay.UK to be reformed as unable to drive growth and innovation in its current form (as today change only happens if members fund it or regulators mandate it) 3/ Back to the drawing board for the future of #FasterPayments - a more “flexible”, “agile” and “pragmatic” approach is needed than the “comprehensive overhaul” proposed after seven(!) years of work on a #NewPaymentsArchitecture 4/ A “newly established Payments Vision Delivery Committee will task the Bank of England and the PSR to examine and refresh the requirements for the UK’s retail [payment] infrastructure” which must engage stakeholders and set out an approach no later than Q2 2025. It will be chaired by HM Treasury. It will be supported by a Vision Engagement Group. 5/ More push behind #OpenBanking (FCA to be sole regulator) — long term regulatory framework via upcoming Data (Use and Access) Bill — unlocking e-commerce payments “a strategic short to medium term priority”, with FCA to determine commercial model — JROC has been slow, “government supports a swift conclusion” of Open Banking #Roadmap and then JROC to be wound down. — Government to “consider whether policy changes are needed to align incentives between data users and holders and support a sustainable funding model for #API development” — Consumer #protection to be addressed in “future framework”, in the meantime supportive of dispute resolution process 6/ On #DigitalID - can kicked down the street. A statutory footing will be established under new Data bill for digital verification services without creating a mandatory Digital ID system. 7/ On #DigitalPound (retail #CBDC) - keep exploring - no decision has been taken on whether to go ahead and implement - and would require primary legislation. Together with the BoE, the government would ensure the design would “maintain financial stability, user’s privacy, and supports financial inclusion.” 8/ On #fraud - UK has put strong consumer protections in place (#APP reimbursement), PSR to review after 12 months. Focus on “upstream prevention”, “intelligence sharing” and a “cross sectoral approach” - ie not just a FS issue, tech and telcos will be dragged in further. https://lnkd.in/epEZHR9w

With thanks to our all of our members, we are delighted to publish this comprehensive review of current innovation trends in money and payments, and our views on key priorities for the Bank of England in this area over the next 5 years. This includes aligning infrastructure requirements to a national payments strategy and to ensure return on investment; considerations on maintaining singleness of money and finality of settlement in the rapidly evolving landscape of programmable money; and identifying key opportunities for improving outcomes in retail and wholesale payments, including interoperability with global digitisation projects. Please download, digest and get in touch with any thoughts. #payments #UKFinance #digitalpayments #centralbankdigitalcurrency #retailpayments #wholesalepayments #digitalsecuritiessandbox #crossborderpayments

The government’s new National Payments Vision puts a strong emphasis on seamless account-to-account payments.This shift promises to provide greater choice for both consumers and merchants, enabling simpler, faster, and more cost-effective transactions. Open Banking’s role in driving these changes forward is vital. By transitioning regulatory oversight to the FCA and ensuring coordination with other authorities, the government aims to accelerate progress, establish a sustainable commercial model, and strengthen consumer protections. By prioritising Open Banking, the government is paving the way for secure, efficient, and innovative payments. It’s an exciting step forward for the industry and a powerful reminder of Open Banking’s potential to transform the UK’s payments landscape! #OpenBanking #Payments #Fintech

Yesterday's release of the UK's National Payment Vision underscores a strong commitment to innovation, competition, and security, key drivers to accelerate digital payments and enhance consumer protection. At Yapily, we believe #OpenBanking is at the core of this transformation and are excited by the key points that the government has highlighted: ✅ Focus on E-commerce: Unlocking Open Banking enabled account-to-account payments for e-commerce is a priority, offering faster, lower-cost options for consumers and merchants alike. ✅ Beyond Payments: Open Banking enables personalised, data-driven financial services, giving individuals and businesses more choice and flexibility. ✅ Commitment to Consumer Protection: Consumer protection is top of mind, with a future framework and new dispute resolution process on the way. We’re committed to working alongside the #OpenFinance Association (OFA) to make Open Banking payments a truly competitive alternative payment method.  The National Payment Vision provides exciting changes that ensure payments evolve in ways that truly benefit consumers and drive #growth. Read more here: https://lnkd.in/eZmzwmrF

I'm pleased to share the insights from the new UK Finance Payment Markets Report, produced in collaboration with Accenture. The research reveals that in 2023, more than one-third of UK adults used mobile contactless payments at least once a month. Other findings from today's report include:  The total number of payments made in the UK increased by 5% to 48.1 billion. Contactless payments represented 38% of all payments in the UK last year. Debit cards remain the top choice for UK consumers, accounting for 51% of all payments in 2023. Consumer preference for seamless, secure, and intuitive #payment methods is clearer than ever — this report provides an overview of the UK payments market and beyond #Fintech #ContactlessPayments #MobilePayments #Reinvention

Around 20 million households in the U.S. rely on cash, including both un-banked and under-banked. So, most places are advocating for more cash-friendly laws. Cash helps with budgeting and feels safer than online payments. We need to keep cash alongside digital options to ensure everyone can join in on the economy! https://hubs.ly/Q02KN4l50 #cash #cashmatters #digitalpayments

In an era dominated by digital transactions, the allure of convenience often overshadows the significance of preserving access to cash. In this article, Steve Round, Co-founder of SaaScada, delves into the pressing need for banks and financial services firms to re-evaluate their approach amidst the evolving landscape of payments. Access full article below: #fintech #finance #financialservices #digitaltransactions #cash #cashpreservation #bankingandfinance #banking ##digitalbanking #digitalfinance

The Future of Payments review found the UK is at risk of falling behind on payments globally if we don’t reinvest in and coordinate our national infrastructure - the ‘rails’ on which payments flow. We welcome the Bank of England’s leadership on this and have set out some core principles to guide the private-public cooperation that is needed. #payments #infrastructure