Hamish Thomas’ Post

𝐓𝐡𝐞 𝐔𝐊'𝐬 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐕𝐢𝐬𝐢𝐨𝐧: 𝐚𝐧 𝐚𝐦𝐛𝐢𝐭𝐢𝐨𝐮𝐬 𝐛𝐥𝐮𝐞𝐩𝐫𝐢𝐧𝐭 𝐟𝐨𝐫 𝐠𝐫𝐨𝐰𝐭𝐡 𝘉𝘶𝘵 𝘳𝘢𝘱𝘪𝘥 𝘪𝘮𝘱𝘭𝘦𝘮𝘦𝘯𝘵𝘢𝘵𝘪𝘰𝘯 𝘪𝘴 𝘤𝘳𝘪𝘵𝘪𝘤𝘢𝘭 𝘵𝘰 𝘪𝘵𝘴 𝘴𝘶𝘤𝘤𝘦𝘴𝘴. I’m excited to share my team's latest article analysing the UK National Payments Vision, unveiled by Chancellor Rachel Reeves during her Mansion House address on 14 November. This ambitious strategy aims to re-establish the UK as a global leader in payments innovation and tackle long-standing challenges in the sector. The Vision addresses – to varying degrees – a range of high-priority initiatives, including modernising Britain's retail payments architecture, Open Banking, digital identity, central bank digital currencies, and security and fraud measures. The Vision is ambitious, and provides a strong foundation for progress. Yet, its success hinges on specifics - many of which remain undefined - and rapid focused execution. 2025 will be crucial in turning this high-level strategy into meaningful outcomes for the payments ecosystem. Read the full article below 👇 for more detailed insights and analysis. #PaymentsInnovation #OpenBanking #DigitalIdentity #FinancialServices #UKEconomy

The Chicago Payments Symposium hosted by the Federal Reserve Bank of Chicago remains the bellwether event for how the U.S. payments landscape is evolving. At this year's event, U.S. Department of the Treasury Under Secretary For Domestic Finance, Nellie Liang, delivered an important speech outlining what a national regulatory framework for payments might look like. I agree with many aspects of this national payments vision - which should promote the broadest payment system optionality possible, including bringing regulated #Stablecoins into the payments perimeter (the EU has done as much with #MiCA where compliant stablecoins are treated like e-money). While state-based oversight of payments has never had a Wirecard type failure, the U.S. is an outlier among advanced economies in not enjoying a national payments framework, which is a major economic competitiveness gap. https://lnkd.in/epbWPC8v

The Payments Association Invites Incoming Chancellor to Show Leadership, Unlock the Potential of UK Payments as an Enabler of Growth, and Effectively Combat Fraud “We see the Chancellor’s appointment as an opportunity to maximise the potential of the payments sector while refocusing on its greatest threats”, said Tony Craddock, Director General of The Payments Association. “It is essential that the new government and the payments industry work collaboratively to protect the UK’s global leadership position. A clear vision and strategy from the new Government will generate significant investment and promote the UK’s position as the global payments leader solidified and see sustained growth in every UK region.” https://lnkd.in/e_fUujKT #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

We welcome and appreciate remarks this week by #NellieLiang, Under Secretary for Domestic Finance at U.S. Department of the Treasury at the Payments Symposium hosted by the Federal Reserve Bank of Chicago. "AFC supports the goals of creating a federal framework for nonbank payment service providers and developing a unified approach to regulations in the payments space. The development of novel payments innovations with national and international applications necessitates a federal regulatory framework," said Ian P. Moloney, Senior Vice President, Head of Policy and Regulatory Affairs. "AFC is encouraged by the U.S. Department of the Treasury’s efforts to modernize the regulatory environment within the payments space. We believe that developing a federal regulatory framework for nonbank payment service providers will ensure that responsible innovation can continue to flourish both domestically and abroad." #Payments #Fintech 📰 READ more: https://lnkd.in/eByAJpyu

📣 More great news this week in the fight against fraud which features as a priority initiative in HM Treasury's National Payments Vision. The publication follows the 2023 Garner Review (which called for clear strategic direction and a more ambitious fraud reduction target) and promotes three key pillars to guide future activity: Innovation, Competition and Security. Key takeaways of the vision include: ✔ A continued focus on consumer protection and data and intelligence sharing initiatives to include the technology and telecommunication sectors ✔ An independent review of the APP reimbursement rules 12 months after implementation ✔ A clear, predictable and proportionate regulatory framework with better coordination and streamlining between regulatory authorities ✔ Removal of prescriptive Strong Customer Authentication requirements to be replaced by more 'agile and outcomes based' rules ✔ Continued focus on technological advances including work on the retail Central Bank Digital Currency (the Digital Pound) whilst managing the risk of financial exclusion ✔ Introduction of the Payments Vision Delivery Committee and the Vision Engagement Group to drive change and facilitate collaboration across the payments ecosystem

The National Payments Vision: Will It Drive Real Change? 💷 The UK Treasury recently released its National Payments Vision, aiming to position the UK at the forefront of payments innovation. This policy paper, building on Joe Garner’s Future of Payments review, has set a bold agenda around three core pillars: #Innovation, #Competition, and #Security. As I dive into each area in my latest YouTube video on #OpenEconomyConsulting, here’s a sneak peek at some key takeaways: 1️⃣ #OpenBanking: The Treasury is prioritizing Open Banking to boost competition and reduce payment costs. Complex topics remain with the commercial model & dispute process. 2️⃣ #PaymentsInfrastructure: NPA is being deprioritised with short-term Faster Payments upgrades taking the lead. The PSR & BoE will evaluate what a long-term payments infrastructure should look like. 3️⃣ #DigitalPound: While the Bank of England explores a digital currency, I question its relevance for everyday consumers. Shouldn’t we focus on B2B and cross-border applications? 4️⃣ #DigitalID: No National ID card scheme, but a promising framework to be introduced in the Data Uses and Access Bill. This could be part of the solution to fraud in payments. 5️⃣ #FraudPrevention: An £8bn problem that is not only harming consumers and businesses but prevention initiatives are slowing down payments. The new Payments Vision Delivery Committee has a big task ahead, balancing these conflicting priorities. Will they make the bold decisions needed, or will these issues persist for another 20 years? 🌐💡 📺 Check out my new YouTube channel - link in the comments below - where I break down complex topics in Open Banking, #Finance, and #Payments. Subscribe for in-depth insights and discussions on the future of finance. #OpenBanking #NationalPaymentsVision #DigitalCurrency #FinancialInnovation #Payments #Finance #YouTubeChannel #EconomicGrowth

The National Payments Vision has been officially launched, and it provides a clear path forward for the industry. Key points:  - Open Banking - oversight transitions to the Financial Conduct Authority.   - Better collaboration between regulators to strengthen the ecosystem.   - Fraud focus: tackling it upstream is a priority.   - Account-to-account (A2A) payments need fixing—it’s a simple solution, and the Faster Payments Scheme is key (not Open Banking APIs).   - VRPs (Variable Recurring Payments) are critical to the future of payments.  Fraud remains a top challenge— Reach out, and I’ll show you how Bottomline can help! 💡

The Payments Manifesto 2025: creating conditions to support growth and innovation in payments. The government is producing a much needed National Payments Vision and Strategy (NPV&S), that reflects its recognition of the systemic importance of payments to the UK authorities and how its leadership must give rise to a new era for payments. After the publication of the NPV&S, The Payments Association has urged the UK authorities to undertake a swift and well-defined review which leads to the production of a National Payments Plan (NPP), including: Reinforce the four outcomes identified in the Bank of England’s recent paper on the Bank’s approach to innovation in money and payments: The singleness of money; innovation; resilience of infrastructure and the wider ecosystem; and effective governance and funding. Prioritise initiatives and decide on investment programmes. Address institutional changes that may include the rationalisation of current institutions and changes to governance to underpin a resilient, modern, efficient and inclusive payment ecosystem that meets the evolving needs of businesses and consumers. Include strategic change programmes aligned with key priorities, including independent oversight, regulatory effectiveness, innovation, and risk management. https://lnkd.in/ezQcJJ7c

HM Treasury published its National Payments Vision, outlining an ambitious plan to create a trusted, world-leading payments ecosystem built on next-generation technology. The Vision sets the strategic direction for the UK’s payments sector, ensuring it continues to drive economic growth, foster innovation, and offer diverse payment methods to consumers and businesses. Key strategies include:  ➡️ New initiatives, such as the Payments Vision Delivery Committee, to streamline regulatory efforts and support the UK’s transition to next-generation payment systems; ➡️ The prioritisation of Open Banking, with plans to improve account-to-account payments and explorations into a retail Central Bank Digital Currency (Digital Pound); and ➡️ Tackling payment fraud, with enhanced measures for consumer protection and collaboration across sectors, including technology and telecommunications. ✅ Payment firms are encouraged to align their strategies with these advancements, ensuring they remain competitive and compliant. https://lnkd.in/e4WcFtzb

The PSD3 and PSR are intended to replace and modernize the current Payment Services Directive or PSD2. https://lnkd.in/gmdMCKCe #fintech #openbanking #financialservices #regulation #payments