This white paper 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.
While the Banking, Securities and Corporate sector all face distinct challenges, they share universal challenges resulting from inefficiencies arising from the manual processing of reconciliations and exceptions management.
White PaperDigital Banking – How to Win in a Digitally Competitive World
An industry that has historically been dominated by banks is now littered with emerging technology companies offering innovative financial products to solve specific business problems – and they are starting to win. To survive, banks need to radically shift their growth strategies to digital, and provide an experience that businesses need and now expect.
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