Pay.UK

We welcome the Chancellor of the Exchequer’s announcement of the National Payments Vision (NPV). The National Payments Vision will support better outcomes for end users and growth for the UK economy. It is firmly aligned to our own strategic asks we made of government for the NPV: ◾ Rooted in end-user outcomes ◾ Provides a strategic direction through clear allocation of roles and responsibilities ◾ Sets out the priorities for payments. We are committed to working with the UK payments industry to deliver these outcomes and power payments, drive growth and innovation, and underpin the economy for the benefit of people and businesses. We now look forward to working together to develop a modern infrastructure and a sustainable commercial model for UK payments. You can read the full publication here: https://lnkd.in/e-zxUJdV #NationalPaymentsVision #PayUK

How can fraud prevention innovation work to tackle financial crime? Our Chief Business Development Officer, Kate Frankish, recently featured on The Chartered Banker Institute podcast series ‘Banking transformations: A Deep Dive into Modern Payment Services’ to explore this topic, with particular reference to our Enhanced Fraud Data and Fraud Prevention Overlay initiatives. With over £213 million lost to authorised push payment fraud in the first six months of 2024 according to UK Finance, we are leveraging our central role in the UK payments ecosystem to make a difference. Read a summary of the podcast, including details of our dedicated Fraud Programme, here: https://lnkd.in/eBdHef6C #Payments #Fraud #PayUK

Our Chief Operating Officer, David Morris, was on stage at #PingYOUniverse London on Monday discussing the current UK payments and banking landscape.   David was joined for the fireside chat by Lisa Occleshaw of Ping Identity and James Peet of Ensono, touching on a number of current topics including Pay.UK's Confirmation of Payee (CoP) and Reimbursement Claims Management System (RCMS).   The event served as a reminder that future success in payments, particularly in the fight against fraud, is only possible through industry-wide collaboration.   #Payments #Finance #PayUK

Listen to Episode 5 of Banking Transformations: A Deep Dive into Modern Payment Services! In this episode, host Andrew Shiels is joined by guest Kate Frankish, Chief Business Development Officer at Pay.UK, to discuss fraud prevention innovation and how this can help businesses. Click the link below to listen to the full episode. Listen here: https://bit.ly/4epJMJP #BankingTransformations #CharteredBanker #PayUK

Proud to have Pay.UK and Ensono together on stage with our Identity partner Ping Identity - great conversation between Lisa Occleshaw , James Peet and David Morris - COO from Pay.UK. Talking extensively about the highly complex compliance payments integration programme, discussing all things banking / FS grade infrastructure (FAPI), identity and how it was successfully developed across a 10 month delivery timeframe! Given the complexity and scale , it's something we're all very proud of. Especially when we're talking about Government critical infrastructure that large banks and Payment Service Providers will be soon integrating with. Here's to many many more financial grade rollouts in the future. #Ensono #PayUk #Ping #Rapid #Identity #Trust

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