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UK Payments Landscape

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UK Payments Landscape The rising tide of change across the UK payments landscape The Rising Tide of Change across the UK Payments Landscape “With great change brings new choices, with new choices brings new opportunities, with new opportunities, brings new ways of developing, managing and innovating payment processing needs.” Neelam Jobanputra, Head of Electronic Payments, UK The biggest change to UK payments change to the way in which payment processing There is little clarity, yet, on what the future since Ring Fencing are governed. 2 key development phases architecture will look like when it comes to core are recognised: and non-core services provisioned under the new The UK is venturing on the largest change Phase 1 – the creation of the New Payments Pay.UK governance model. With limited clarity it programme for UK domestic payment processing System Operator Pay.UK – the outcome of the makes it tough to establish what the framework it has seen since the Cruickshank Report in 2000 consolidation of the Bacs, Faster Payments, of change will look like and where investment announced the need for speed and mandated mobile and cheque Imaging payment schemes to decisions might be made. One thing is for sure, at the industry to deliver a Faster Payments service govern UK electronic payment processing. Barclays we have the ‘finger on the pulse’ working in the UK. Under the authority of the Payment with Pay.UK and the schemes it now governs Phase 2 – the creation of a robust and resilient Systems Regulator established in 2015 the UK to protect the future of our client’s payment technical “UK plc” payments platform for payments landscape is on the tipping point of processing needs. further, more radical change. processing Bacs, Faster Payments, mobile and cheque imaging payments. At the heart of this Why now? A change to drive standardisation, open access, initiative is the development of core and richer data and innovation in payments. Under the Why not now? The regulatory environment non-core (Managed Services) payment auspices of the Payment System Regulator, the which UK payments operates within continues to processing requirements. Payments System Taskforce outlined the change evolve. This is evidenced through the introduction agenda - an agenda set upon delivering change Let’s also not forget CHAPS payments. The Bank of PSD2 and Open Banking. Couple this with by 2023 (see timeline of events on page 3). of England is also looking to move away from societal changes driving demand for enriched CHAPS MT messaging in favour of ISO20022. The payment processing experiences alongside What does this all mean? Bank of England will potentially align its migration the Payment System Regulator and Taskforce UK domestic payments are on a journey. By 2023, timeframe with Pay.UK activities and is currently objectives, it was only a matter of time before the the adoption of a single ISO20022 payment consulting on this. central governance and processing of electronic format is anticipated for all payments processed The forthcoming changes for the UK are not payments in the UK would adopt a change program. in the UK. This means the withdrawal of Bacs without concern for many who provide electronic Standard 18 and FPS ISO8583. This also means a payment propositions and processing capabilities. 2 of 6 New Payments Architecture – Timeline of Events NPA Implementation Existing FPS Systems Push Only Mechanism Existing Bacs Systems Bulk Payments ICS Image Clearing Comms Project 2017 2018 2019 2020 2021 2022 2023 2024 2025 Ring-Fencing Requirements Gathering BoE RTGS Functionality Procure & Build / Specify & Market Builds Opening Banking / PSD2 Run Current FPS Existing Proces Contract Constraints Expiry GDPR Brexit Current Bacs Current ICS Enablers Contract Contract Extended Running & Close Down Expiry* Expiry * First possible termination date 3 of 6 Payment System Regulator Payment System Taskforce solutions in near real time to service their end Request to Pay customer base • To ensure that payment systems are operated and • Create easier access to the current payment ‘Request to Pay’ is a new service expected to be developed in a way that considers and promotes systems, foster more competition and • Ease of liquidity management trends as businesses launched potentially by H2 2019. It will allow the interests of all the businesses and consumers enable innovation look for ways to make their liquidity work smarter businesses and customers alike to initiate and who use them for them send payment requests. In the wake of the shifting • Move the UK to a payments system that is control to the payer, this service is not likely to • To promote effective competition in the markets simpler, more agile and responsive to the • Optionality of choice for customers and businesses replace traditional direct debit bulk solutions – for payment systems and services between alike increases as the balance of control is shifting to changing needs of users rather it will offer an alternative way in which operators, payment service providers (PSPs) and favour push payments regular or single payments can be made and offer infrastructure providers What the future will bring Payment behaviours, choice and the way in which businesses with another payment method to its • To promote the development of and innovation in To my mind the future will bring enhanced ways customers and clients pay for and receive goods customer base. An interesting way to plug the gap payment systems, in particular the infrastructure in which Payment Product Solutions are provided and services are evolving and Pay.UK’s forthcoming in traditional bill payment methods. change agenda centres upon supporting change at used to operate those systems to clients - underpinned by a toolkit of options On both Confirmation of Payee and Request to Pay the heart UK plc’s payment processing ecosystem at a single entry point to service a multitude initiatives, we are engaged with Pay.UK to establish of business payment requests, processing, As Pay.UK takes flight in consulting upon and how these initiatives might be brought to Clients reconciliation and tracking needs. With the lens mobilising towards a New Payments Architecture alongside the product solutions we provide today. focused firmly on standardisation, open access, for UK Plc, Pay.UK also intend to bring to market richer data and innovation in payments, its easy to two new initiatives: PSD2 and Open Banking consider that focus and demand will centre upon Coming back to PSD2 and Open Banking matters, a single 247 payments product solutions to cater Confirmation of Payee Pay.UK will see new entrants coming to market for business needs - but there will always be a ‘Confirmation of Payee’ is a new service expected as it paves the way for Payment Initiation Service need for bulk solutions. Societal and technological to be made available to Pay.UK participants during Providers (PISPs), Account Information Service advancements continues to drive expectations of the first half of 2019. The ability to confirm payee Providers (AISPs) and Third Party Payment 247 real time experiences and Faster Payments information prior to initiating a payment affords Providers (TPPs) bringing alternative and/ usage is becoming a key payments backbone to the opportunity to potentially reduce misdirected or new payment solutions to the payments many businesses as the payments submission and payments occurring. It may also afford businesses ecosystem. Many will be forgiven in thinking that receipt of choice where: with the opportunity to ensure legitimacy of direct these solutions will change the way in which • Reachability grows as businesses extend their debit set ups prior to these being lodged therefore payments will actually be processed. The fact is operating models to make use payment potentially reducing direct debit fraud. these solutions bring an alternative way in which 4 of 6 payment processing, reconciliation and receipts they take stock of how initiatives breaking through The ripple effect of angst is felt across the UK needs. The question to my mind will be one of can coexist and inter-relate with the current and payments landscape and whilst its not going trust. Trust that these entities will protect data future payment infrastructure environment - to be an easy ride, it is fair to say change is and payment processing requirements against paramount when you consider what part of the welcome as the end result will surely reap benefits. the current traditional institutions who have been Value Chain financial institutions, technology Growth across electronic payments continues. providing and innovating payment solutions for a providers, businesses and customers are on. The opportunity to shape new and emerging very long time. Exciting times to many but potentially confusing initiatives is at the forefront of many at Barclays as to some. With payment formatting also set to we continue to engage Pay.UK with their change Faster Payments and Open Access standardise many may consider the forthcoming agenda and further develop our own suite of Did you know that prior to Pay.UK taking the reigns Pay.UK change agenda to be a reconciliation electronic payment solution to meet the needs of to govern Faster Payments Scheme, the scheme nightmare as infrastructures transition to our clients. launched their Directly Connected Non Settling accommodate the change – at what cost? Participant Product (DCNSP) offering? An offering brought to market as one of the outcomes of its Open Access programme. DCNSP enables eligible Did you know...? financial institutions direct access into the Faster • The Way We Bank Now report by UK Finance revealed that there were about 5.5 billion log- Payments Central Infrastructure for near real time ins to banking apps last year, a 13% rise on the previous year. Mobile banking is most popular <15 second payments and receipts capabilities among millennials, with almost 59% of 16 to 24-year-olds and 69% of 25 to 34-year-olds under sponsorship by a Direct Participant.
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