An area of increasing focus by both Regulators and Banks is in the area of Misdirected Payments and the need for Payee identification. The reason for this focus is that payments both in the UK and elsewhere are routed solely using identifier codes, with no reference to the Beneficiary name being used in the routing of the payment to the destination account
Two key Payments documents have just been published in the UK covering the World Class Payments programme and an Interim Code of Conduct around the Provision of Indirect Access by PSPs.
Could regulation be the mechanism that finally confirms the full arrival of Mobile Payments and therefore generate the necessary force to bring alignment at point of sale?
After my last post (“Using Distributed Ledgers as a Payment System” – August 3rd), one of the replies I received highlighted the differentiation between payments made in Central Bank Money and those in Commercial Bank Money. In my response to that point, I highlighted that Payments between Direct Participants in a given Payment System will […]
In my last year as CEO of CHAPS (the UK’s High Value Payment System), I became increasingly interested in the opportunities that Distributed Ledgers could create; not in the crypto-currency world but in the existing world of “real” payments. At present in the UK, payments operate on separate ledger mechanisms which echo the past in […]
It is easy to forget with all the technical payment advances, that a payment is merely a method of paying for something using money you either already have in an account or a credit line you have against a bank or card issuer. All the current excitement around Applepay, contactless and other mobile wallets/devices merely […]