Pay.UK

Following our time at Sibos 2024, we now reflect on the insights gleaned from the annual financial industry conference in Beijing.   Key learnings included the impact of the rise of open finance, the potential and power of data-sharing, and how increased adoption of AI technologies can be used in the fight against fraud.   Most notably, perhaps, was that countries around the world are looking to learn from the UK following the introduction of initiatives to reduce fraud, including new Authorised Push Payment Reimbursement regulation and expansion of our account name-checking service, Confirmation of Payee.   We look forward to exploring these growing trends and continuing to collaborate with the industry, both domestically and globally.   Read our round-up web article here: https://lnkd.in/eXbM6YE8   #Payments #Finance #OpenBanking

We are delighted that our account name-checking service, Confirmation of Payee (CoP), has been shortlisted for 'Best Security or Anti-Fraud Development' at The Card & Payments Awards 2025.   Already widely-recognised as an effective anti-fraud measure, CoP’s new access model has now facilitated expansion of the service to significantly increase coverage as part of efforts to reduce instance of payment fraud in the UK.   We look forward to celebrating with the other finalists at the award ceremony in London in February 2025.   Read more about CoP expansion here: https://lnkd.in/e5btaAgS   #Payments #Fraud #ConfirmationofPayee

Mythbusting the convenience trap! There's a world of business accounts out there waiting to meet your specific needs. 🌍 We’re here to clear up anything and put your mind at rest so that you can make the switch to a bank account that works best for you and your money 🔃 #MythBusting #FAQs #FinancialAdvice #BusinessBanking

Today is a significant milestone in our work to expand Confirmation of Payee, marking the deadline for nearly 400 payment service providers (PSPs) to have joined the service, as per the Payment Systems Regulator’s SD17.   We have been working closely with the industry to support payment service providers (PSPs) in fulfilling their legal obligation to implement CoP by 31 October 2024. We achieved this through the development of a new aggregator model, which enables PSPs, particularly those with limited technical capability, to access the service via one of 8 Pay.UK accredited technology partners. Supporting CoP expansion is part of our wider Fraud Programme that looks to create a far-reaching and substantial solution to mitigating and reducing instance of payment fraud in the UK for the benefit of UK end users and businesses. Read more here: https://lnkd.in/e5btaAgS      #PayUK #CoP #FightAgainstFraud

The Current Account Switch Service today publishes its Q3 2024 Dashboard of the latest switching figures and trends, offering insight into the current banking market. Documenting a variety of switching data, customer data, and market commentary, the report evaluates the 247,729 switches made in Q3, highlighting its role as a core part of a healthy UK banking ecosystem. Product Owner, John Dentry, said: “The Service sits at the centre of an increasingly competitive and dynamic banking market. Banks and building societies continue to develop new incentives, often packaging multiple offers together to encourage consumers to make the switch. With this backdrop, consumers should keep their eye on their provider and the wider market to ensure they’re with the bank that best suits their needs.” The service, which makes switching a current account between banks and building societies simple, reliable and stress-free, continues to go from strength to strength, having now facilitated 11.1 million switches since its launch in 2013. For more information, and to view the Dashboard, visit our website: https://lnkd.in/ewUUZBYB #PayUK #payments #CASS 

Our Chief Policy Engagement Officer, David M., sat down with Sibos TV to discuss the role and responsibilities of a payments system operator, highlighting the position and operations of Pay.UK and the changes to the payments landscape in recent years. He further spotlighted our current priorities, including engagement with the Government to create a National Payments Vision for the UK, and anti-fraud initiatives such as Confirmation of Payee expansion. Watch the full interview here: Sibos TV: https://lnkd.in/emEwcc3N #PayUK #Payments

Our Chief Policy and Engagement Officer, David M., took to the stage at Sibos 2024 to lead the panel session ‘Can AI join the fight against financial crime?’. With insight from industry representatives, the panel explored the use of various AI tools, the general payments landscape, and the challenges and regulatory issues that accompany the use of such technology. While the panel resoundingly concluded that AI is critical in the fight against financial crime, they served a reminder that we must remain vigilant, acknowledging the potential exploitation of loopholes by bad actors to cut through compliance checks and fraud controls. #PayUK #payments

Did you know? Our account name-checking service, Confirmation of Payee (CoP), has completed more than 2.5 billion checks since its launch in 2020. The widespread adoption of the award-winning service is testament to the key role it plays in protecting consumers from misdirected payments and falling victim to fraud. We have been working to expand the anti-fraud service, in line with the Payment Systems Regulator's (PSR) Specific Direction 17, and support more than 400 organisations in implementing the service by 31 October 2024. This work complements our wider Fraud programme that sees us deliver products and services to effectively mitigate and reduce instance of payment fraud in the UK for the benefit of end users and businesses.   You can find out more on our website here: https://lnkd.in/eFVEP_Bj #PayUK #Fraud #CoP

Our Head of Product and Insight, Euan Ballantyne, recently contributed to a new industry report on how to take open banking payments mainstream. Exploring the feasibility of this highly-topical question, Euan offered suggestions towards a successful implementation, and further highlighted considerations, including the curation of trust and confidence, and consistency of delivery. Read the full report here: https://lnkd.in/eVMS6brQ #openbanking #PayUK

The Payment System Regulator’s SD17 deadline is fast approaching. The direction requires in-scope payment service providers (PSPs) to have implemented a Confirmation of Payee (CoP) service by 31 October 2024 to be compliant. Together with the industry, we have been working to ensure PSPs’ compliance with the direction and support adoption of our CoP service as part of efforts to mitigate and reduce instance of authorised push payment fraud in the UK. For more information about CoP, including how to join, visit our dedicated webpage: https://lnkd.in/eZJCg3DJ #PayUK #Fraud #CoP