Rajesh Sadhwani’s Post

HM Treasury’s National Payments Vision outlines a much-needed direction for the UK payments industry, and I think its key component is tackling coordination around UK payments regulation efforts. For years industry have been calling for greater strategic clarity and improved regulatory collaboration to reduce congestion in the current landscape, which, as the Garner Review found, has held back the growth of Open Banking and agility in the UK payments infrastructure. It's positive to see UK regulators also advancing operational resilience (as set out in the joint position published by the Bank of England, Financial Conduct Authority, and Payment Systems Regulator last week) and on raising consumer protection standards around APP fraud, etc. But the practical implementation of the payments vision will be crucial for setting pace over the coming years, especially in terms of alignment with the EU's landmark efforts on PSD3, PSR, and FiDA moving into 2025. No doubt an exciting time to be covering regulatory affairs in the payments landscape! https://lnkd.in/eJrwaF_R Vixio Regulatory Intelligence Roseanne Spagnuolo John Gidla Izabela Bielecka Toba O.

Like everyone in the Payment’s industry, we have been eager to read the HM Treasury’s National Payments Vision (NVP). The NVP clearly sets out the government’s ambitions for the UK’s payments sector to deliver ‘a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.’ The three main pillars designed to guide future activity are: ➡ Innovation ➡ Competition ➡ Security. The UK government is clear that delivering on this vision will require huge and proactive collaborative efforts amongst the entire ecosystem network - government, regulators, financial services providers, merchants and consumer representatives. In our newsletter last week, Adrian Evans posed the question: ‘are you ready to step into the void’? He said too many employees observe from the side-lines and overestimate their leader’s ability to step up and solve challenges. From our work at Payments Leaders Advisory, we know that the payments industry is a hugely collaborative space and, with the right leaders in place, we can work together to deliver a world leading payments ecosystem. You can read the full report here: https://lnkd.in/eZmzwmrF #OpenBanking #SmartData #OpenFinance #NationalPaymentsVision #NVP #DigitalInnovation #TechInnovation #Payments #Data

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

Great summary article on the National Payments Vision from Peter Harmston and Imran Ali. Worth a read to get up to speed and last weeks announcement should kick off an interesting 12 months in payments. #KPMGUK #KPMGPayments #NationalPaymentsVision #NPV https://lnkd.in/ebMJF8-u

The UK Government has just published its #NationalPaymentsVision. This comprehensive document stresses the importance of: Trust; Next Generation Tech; more Choice. The National Payments Vision has three main pillars designed to guide future activity: Innovation, Competition, Security. https://lnkd.in/eVqvE3yN I encourage all those with an interest in #Payments to study this new Vision carefully. It provides a governmental response to points raised in the Garner Payments Review. A new Payments Vision Delivery Committee has been created with HM Treasury taking a greater leadership role. The Vision clarifies the role of individual regulators, places the #FCA is charge of #OpenBanking This National Payments Vision sets out a direction to ensure the UK is a world leader in payments. The national payments vision supports the Governments #Growth agenda. Tony Craddock Paul RodgersThe Payments AssociationVendorcomUK Finance

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! 💡

Macro Global Insights into UK National Payments Vision. https://lnkd.in/gXzNDSwk #UKNationalPaymentsVision #NationalPaymentsVision #UKPayments #PaymentsRegulations #GlobalPayments #InternationalRemittance #CrossBorderPayments #MacroGlobalUK

Yesterday's release of the UK's National Payment Vision by HM Treasury 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 #Ecommerce: 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 #ConsumerProtection: 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 Open Finance Association (OFA) to make #OpenBankingpayments a truly competitive alternative payment method. The #NationalPaymentVision provides exciting changes that ensure payments evolve in ways that truly benefit consumers and drive #growth. Access the full report below 👇

Trends in #paymentsmodernisation: What are the most significant trends in payments modernisation currently observed in the UK and EU? Find out in part 1 of our latest interview with Nadish Lad at Money20/20! 🌐💡

Today at Day 2️⃣ of The Payments Canada SUMMIT, Executive Director of Payments, Supervision and Oversight at the Bank of Canada (BoC), Ron Morrow gave remarks titled "Laying Bare the Evolution of Payments in Canada." Key takeaways are: 💵 Although digital payments are important, Canadians are still using cash. Ultimately, Canadians will decide if we need a Digital Dollar, which the BoC will facilitate when the time comes. 💫 Payments modernization (#paymod) has come a long way with the revamping of Lynx, Canada's high-value payment system that went live in 2021. The BoC is in the process of the second stage of paymod, which is launching payment service provider (PSP) regulation in 2024. As regulated participants in the payments ecosystem, PSPs will be able to apply to become direct participants in national payments infrastructure. ⏱ Next, the BoC will focus on the Real-Time Rail (RTR), Canada's first real-time payment system. The RTR system should be ready for industry testing in 2026, which will eventually pave the way for real-time national and cross-border payments. 🔀 Following that, the BoC will turn its attention to the aging Automated Clearing Settlement System (ACSS), Canada's batch payment system. We may need to modernize the ACSS or migrate to other systems like the RTR, but the work on this is still in the early stages. The good news is that you don't need 🎵"a million dollars"🎶 to listen to Ron Morrow's speech yourself. The video and transcript is available through the link below. Gowling WLG | Payments Canada | Alana Scotchmer | Parna Sabet-Stephenson | Adam Garetson | Angelica Wilamowicz | J. Quinn Clement-Schlimm | Hyunju (Crystal) Park | Natalia Castro