This white paper on offers practical advice on the scope of the evolving payments landscape. Focused specifically on Open Banking and PSD2, it considers the impact this initiative will have on corporates and financial institutions alike, and looks at how cloud-based technology can insulate customers from the effects of continuing change, whilst optimising the way payments are processed.
The proposed regulatory, technological and operational changes will transform the UK payments landscape between now and 2023. The principal milestones are Open Banking, the revised Payments Services Directive (PSD2) and the creation of the UK New Payments Architecture (NPA). These pivotal initiatives will drive the introduction of new payment processes and instruments, known as Overlay Services, such as Request to Pay, Enhanced Data and Confirmation of Payee. A new Simplified Payments Platform (SPP) will be launched as a central infrastructure which will replace legacy systems, in particular, Bacs Direct Credits, Direct Debits, Faster Payments and cheque clearing.
The UK Payments industry is currently undergoing a once-in-a-generation shift. Comprehensively covering the UK payments industry changes arriving over the next six months, our best practice webinar will guide and help you prepare for the latest regulation and security standards for your business payments processing.
Research ReportUK Business Payments Barometer 2018
Evaluating the latest trends and industry initiatives impacting businesses across the UK, this essential annual index highlights the challenges financial decision-makers face from changes in the payment landscape, including upcoming regulations, late payer ethic and fraud risks.
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