Lewis Clark - Payments / FinTech👨‍💻’s Post

Last month, the UK government unveiled its National Payments Vision. Here’s what you need to know: - The focus is on expanding digital payments, Open Banking, and account-to-account (A2A) transactions. - A Payments Vision Delivery Committee will lead regulatory alignment. - Key targets include a retail payments infrastructure framework by mid-2025 and a Payments Forward Plan by late 2025. - The strategy emphasises competition, innovation, and greater consumer choice.   https://bit.ly/4gi6qVF

🚀 The #UK is leveling up its #payments game! The government has just unveiled its National Payments Vision, setting the stage for a modernised and efficient payments sector. 📊 What’s new? The Vision is built on the Future of Payments Review and brings innovation, regulatory alignment, and tech-driven changes into play. With digital payments booming – contactless transactions grew from 3% in 2015 to 38% in 2023 – the UK is pushing for even more growth with Open Banking and a digital pound on the horizon. 💡 Key moves include: 🔹 A refreshed retail payment infrastructure; 🔹 A focus on #A2A payments for better security and lower costs; 🔹 A roadmap for future initiatives by mid-2025. It's a bold plan with clear objectives. So, are we ready to embrace the future of #payments? 

HM Treasury has published its National Payments Vision, presenting a roadmap to modernise the payments sector and position the UK as a leader in innovation and economic growth. With over 48 billion transactions in 2023 alone, the payments ecosystem continues to evolve, driven by the shift towards digital methods like contactless payments and open banking. Key highlights from the Vision include: - Contactless growth: Rising from just 3% of all payments in 2015 to 38% in 2023, contactless is now a cornerstone of consumer payments. - Open banking adoption: More than 11 million users are now making account-to-account (A2A) payments, highlighting the appeal of fast, secure, and cost-efficient options. To support this transformation, the government plans to establish a Payments Vision Delivery Committee, upgrade the UK’s retail payments infrastructure while exploring initiatives such as a potential digital pound, and strengthen open banking with a sustainable commercial model and improved consumer protections. While the adoption of open banking and other payments innovations is important and necessary, we at Fire value the inclusion of a sequenced Payments Forward Plan in the Vision. This structured approach, outlining decisions and streamlining regulatory activity, provides clarity for the future payments landscape. A clear plan ensures all market players - big and small - have an equal opportunity to prepare, fostering healthy competition and market diversity. At Fire, we believe the best innovations emerge from well-researched processes that consider the perspectives of all stakeholders. Want to stay ahead in the payments landscape? Follow us for insights on the latest regulatory changes, industry trends, and more. #FinancialRegulation #Fintech #OpenBanking #HMT #FCA #DigitalPayments #paytech #paymentsolutions #paymentprocessing #paymentsinnovation #NationalPaymentsVision #digitalpound

The National Payments Vision needs to be bold and directional ↗️ Trust, resilience and security are table stakes. All payments need those things. Setting the UK on course to a ubiquitous alternative to cards is visionary. This is not controversial stuff. A lot of it is already envisaged in the Payment Systems Regulator's 5 year strategy, and Pay.UK's vision for the New Payments Architecture. We just need HM Treasury's #NationalPaymentsVision to push it to the finishing line. Here are our thoughts on five payment system enhancements that will do that: https://lnkd.in/eTTiGwNR Amy Smith Roisin Edwards Patrick Keenan Open Banking #npv #A2A

Account-to-account (A2A) payments, also known as pay-by-bank, are the underpinnings of the open banking model. While sending payments directly from one bank account to another is ubiquitous elsewhere, Americans have been hesitant to adopt the practice. In the new report, Room for One More? Global Real-Time Pay-by-Bank Lessons for the U.S., Javelin Strategy & Research's Director of Debit Payments Elisa Tavilla explores why pay-by-bank has been so well-received abroad, the obstacles to U.S. adoption, and the future of the real-time payments landscape. Read more: https://lnkd.in/euGNGuCU #payments #A2A #paybybank #openbanking #RTP

💥 The open banking ecosystem now serves over 11 million users, driving £4 billion in value 💥 The UK's Competition and Markets Authority (CMA) has completed the final #OpenBanking Roadmap, marking a significant step toward the #OpenFinance era. The Roadmap’s completion, involving nine major banks, enables new payment innovations, including Variable Recurring Payments (VRPs) for services like sweeping. This achievement is aligned with the expected introduction of the Digital Information and Smart Data Bill, which will extend open banking principles to sectors such as #energy and #telecoms.

UK Government just published its policy paper -- National Payments Vision The government has published the National Payments Vision, setting out its ambitions for the UK’s payments sector to deliver world-leading payments and support the growth mission. ✅ 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐆𝐫𝐨𝐰𝐭𝐡 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬: Payments are pivotal to economic stability and growth, underpinning commerce, trade, and financial inclusion. Next-Generation Infrastructure: Modernizing the UK's retail payment systems, including the Faster Payments System, to support innovation, competition, and seamless transactions. ✅ 𝐎𝐩𝐞𝐧 𝐁𝐚𝐧𝐤𝐢𝐧𝐠:  Commitment to expanding Open Banking for account-to-account payments and e-commerce, transitioning to a sustainable regulatory framework under FCA oversight. ✅ 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐨𝐮𝐧𝐝 𝐄𝐱𝐩𝐥𝐨𝐫𝐚𝐭𝐢𝐨𝐧: Continued evaluation of a Central Bank Digital Currency to complement cash and foster private-sector innovation while ensuring user privacy and financial inclusion. ✅ 𝐅𝐫𝐚𝐮𝐝 𝐚𝐧𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲: Strengthening consumer protections against fraud, enabling cross-sector collaboration, and adopting advanced technological solutions to secure the ecosystem. ✅ 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐒𝐭𝐫𝐞𝐚𝐦𝐥𝐢𝐧𝐢𝐧𝐠: Enhancing coordination among regulators, including FCA, PSR, and the Bank of England, to address regulatory congestion and support market innovation. ✅ 𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐅𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤:  Establishing the Payments Vision Delivery Committee to ensure alignment among stakeholders and to oversee strategic infrastructure projects. Full Paper: https://lnkd.in/gs79B9Gk

ICYMI: The rise of real-time payments, open banking infrastructure, and merchants' drive to expand and lower payment acceptance costs are shaping a new trend in the payments industry. https://lnkd.in/eBWBYyav

From Cash To Contactless: Understanding The Future Of Payment Habits Across The UK Read more: https://lnkd.in/d6v9nFAw #CashToContactless #PaymentHabits #UKPayments #DigitalPayments #FinTechInnovation #TechTrends #FinTech #Finance #FinancialIT

The rise of account-to-account (A2A) payments across Europe, predicted to reduce card transactions significantly, aligns with projections made during the early stages of Open Banking’s launch. As expected, open banking initiatives like the European Payments Initiative (EPI) are driving demand for faster, cost-efficient, and seamless transactions. By cutting out intermediaries, A2A payments offer businesses lower costs and a smoother customer experience—fulfilling the potential envisioned at the outset of Open Banking. #A2APayments #OpenBanking #Fintech #PaymentsInnovation