UK Finance's latest must-read blogs
UK Finance
The collective voice for the banking and finance industry, representing around 300 firms.
1.???? The ISO 20022 Ideathon
?The Digital Innovation Summit’s first Ideathon, organised in association with NatWest Bank, presented an opportunity for our members to highlight the business application of the newly implemented ISO 20022 standard in the payments sector.
What is ISO 20022?
The?ISO 20022 standard ?facilitates the sending of enhanced data in a richer, more structured format than currently – this will bring a wide range of benefits.?It is an?open international standard ?that could lead to the creation of a single, universal language for the majority of payments made worldwide. Apart from the UK, numerous significant regions are also putting?ISO 20022 into practice, ?in advance of November 2025 – the date for which?SWIFT ?is expected to discontinue its current MT messaging standard for payments.
How did we plan and act on the Ideathon plan?
For the Ideathon, we invited our members to submit ideas on how to use the enhanced data capabilities provided by ISO 20022 to create transformative business applications. We received 15+ entries. The judging panel selected 4 firms after a highly competitive judging process.
Read the full blog post by Sushant Subedi , Analyst, Digital Tech and Cyber, at UK Finance
At our recent Digital Innovation Summit we hosted a workstream on digital payments in conjunction with KPMG, with a particular focus on understanding and addressing the needs of merchants. Two key sessions, "Let's debate the future of open banking," and "Acceptance: What do retailers really want from digital innovation?" provided valuable insights into the aspirations and challenges faced by merchants in today's rapidly changing payments landscape.
领英推荐
On the open banking panel we heard from the two regulators, FCA and PSR, about their plans for the future entity for open banking, and facilitating the development of a commercial framework. Lloyds Banking Group and Token gave a rounded view on next steps to achieving open banking growth, including development of commercial variable recurring payments as a test case.
On the retailer panel, we heard from Aron Gelbard, founder of online flower retailer Bloom & Wild, on their 10-year growth from start up to scale up with multiple European holdings, and how digital payments had formed an integral part of their customer experience. Max Roberts from Stripe echoed this, "Merchants don't want to build their own payments stack; they want easy-to-access infrastructure that enables them to do what they do best: meeting the needs of their customers."
Read the full blog post by Briony Krikorian-Slade , Principal, Payments and Neku Dibie , Payments Issuing and Acceptance, UK Finance
Enhancing financial crime response in the age of evolving fraud.
The FCA’s recent (and catchily titled) “Review of Anti-Fraud Controls and complaint handling in firms (with a focus on APP Fraud)” has taken a look at how payment service providers are tackling the current fraud epidemic.
It’s not news that the FCA expect firms to keep their financial crime controls under regular review. Risk and control reviews have been fundamental in their requirements for many years, and in the rapidly evolving fraud world we live in, it’s more important than ever.
Surprisingly, some of the FCA’s key findings from this latest review involve firms whose fraud responses don’t focus on customers. The review found firms focussing on commercial risk rather than customer outcomes; room for improvement in the support firms give to victims of fraud; and a variety of poor complaint handling processes involving victims.
Read the?full blog post? by Claire Rees , Client Manager, Jade Thirdeye
?