changing payments landscape · now generally expect faster services, and this appreciation for...

Changing Payments LandscapeHow 2017 will change the way we pay for good

A Payments UK Report

January 2017

Contents

Introduction2017 – A tipping point 4 Maurice Cleaves, Chief Executive

ContextGreat expectations: what is driving change? 6

A changing landscape: trends from 2005-2025 8

2017: A tipping pointManaging a complex agenda: at home and in Europe 10

Domestic

Payment Systems Regulator and Payments Strategy Forum

Payment Scheme Operators

Open Banking

Europe

PSD2 and Regulatory Technical Standards

Single European Payments Area (SEPA)

Data Protection

Anti-money laundering

A united vision for change: how is industry responding? 12

World Class Payments

Confirmation of Payee

Standards Collaboration Framework

PSD2

TimelineTimeline: an overview of current developments 15

Changing Payments Landscape – How 2017 will change the way we pay for good 32 Changing Payments Landscape – How 2017 will change the way we pay for good

2017 – A tipping point

It can be hard to recognise a tipping point until you’re looking back. Take – for instance – the launch of a new mobile phone ten years ago. You had to plug it into a computer to set it up and it didn’t have 3G internet (never mind 4G). You couldn’t install any new apps, ‘copy and paste’ text, or even change the background of the screen and yet few people would dispute that the iPhone, in heralding the dawn of the smartphone, has had a massive impact in changing the world over the last decade.

I have worked in the payments industry for more than thirty years, and I would argue that we may well look back on 2016 and 2017 as similarly epoch defining.

An epoch-defining period for paymentsTo return to the theme of the smartphone, the concept of the ‘app store’ didn’t turn up until a few years after they were launched. At the time, few customers could have realised how integral this feature would become – you could draw comparisons with some of the changes that are coming in the world of payments.

In the last year, the Payments Strategy Forum (PSF) has set out

how the ways we pay will develop in coming years, with a vision that draws on Payments UK’s World Class Payments work – aiming, as it does, to maintain and enhance consumer protection, stimulate competition and innovation in a way that meets evolving customer needs.

The industry is hard at work assessing the right way to embark on delivery of the PSF priorities of a new ‘Confirmation of Payee’ safeguard that could stop money going to the wrong account, a ‘Request to Pay’ service that would boost people on variable incomes by giving more flexibility when paying bills, and ‘Enhanced Data’ that can help payments be more easily reconciled. All of these features were touched upon by Payments UK’s World Class Payments vision, first published in 2015, and we will be returning to them throughout the year ahead.

Alongside the development of these new capabilities is the PSF’s work to design a New Payments Architecture, which would form the basis of a new infrastructure for the payments industry using modern technology and provide a platform for competitive and innovative services.

In parallel, the work of the Payment System Operators Delivery Group will change the way many of the UK’s payment schemes are run, with big potential gains from efficiencies and clearer processes that aid competition. If that isn’t enough, over the past twelve months we have also seen much of the detail for PSD2 (Payments Services Directive II) being hammered out, along with Bank of England led-proposals to

create a blueprint for a new real-time gross settlement (RTGS) system that underpins how billions of pounds are settled between institutions for the payments we make.

Building on a world-class infrastructureThe iterative progress demonstrated in the world of the smartphone is something which has parallels to the way the payments industry evolves – bringing huge benefits by building on a platform designed using world-leading expertise. The payments industry in the UK has a great track record of working together to deliver innovation to deliver real positive benefits for its customers.

remain a member of the EU for now, there will undoubtedly be legislative and structural changes on the horizon which will impact how UK payments are regulated, designed and executed. It is therefore vital that we maintain open communication between industry, government and regulators to ensure the best possible outcome for customers.

To manage the complex change agenda efficiently, Payments UK believes that successful outcomes for all users and customers of payment services will only be achieved through:

• Co-ordination between UK and EU financial services regulators to support implementation in the right sequence, in an efficient and safe way;

• Implementation plans that allow governance appropriate to the fast-changing commercial landscape of the financial services industry – particularly where collaborative innovation is needed;

• Decisions based on a thorough understanding of customer needs, cost benefit analyses of proposed solutions and prioritisation that fits the wider change agenda; and,

• Ensuring that the safety and resilience of the payments ecosystem is maintained and enhanced.

After an extraordinary year and staggering pace of change this Changing Payments Landscape report is a ‘stock take’ of the change agenda, assessing where change is coming from and how the industry is responding. We set out an overview of what is driving change, alongside

Maurice Cleaves Chief Executive, Payments UK

“With so much change on the horizon we have a great opportunity to continue to deliver world class payments across the board.”

MAURICE CLEAVES

an update on how some of the World Class Payments capabilities have developed since our initial report was published in 2015.

A united vision for changeThe role of Payments UK as a strong voice in this landscape has never been more vital, as can be seen by our growing membership – up by 50% since we launched 18 months ago. There is a clear need for change to be delivered with an overarching view that ties everything together and avoids new silos being created. We are committed to carrying on with this important job throughout 2017, as we transition into a new trade association.

Reflecting on progress in the UK, whether it’s Chip and PIN or Faster Payments, other countries around the world tend to follow our lead. And yet more change is on the way – recent discussions at Payments UK have made clear that the industry is poised to respond now that the real game changers in payments are becoming clear.

With so much change on the horizon we have a great opportunity to continue to deliver world class payments across the board. To make this happen, the industry’s collaborative know-how and resources will be tested like never before – but with customers remaining as the industry’s key focus I’m confident great outcomes will be achieved.

I’m in no doubt we are at a tipping point for the way we pay in the UK, and this report sets out why. I hope you find it informative and interesting.

Looking ahead – on the immediate horizon, the delivery of an API Open Banking standard will enable customers to use trusted third parties and pan-industry services to make smarter payment decisions based on their particular needs. As a result of this innovation, we expect to see far-reaching transformations in the way payment service providers, businesses and consumers send and receive payments, as well as how they interact with one another and how they control and exchange data.

Managing a complex agendaThe UK’s decision to leave the EU could further reshape the UK payments landscape. Although we


Great expectations: what is driving change?

Changing customer preferences and expectations. The speed and convenience of online shopping has, for example, altered customer expectations about the immediacy of their payments experience. Customers now generally expect faster services, and this appreciation for time-saving has quickly extended to the payments environment.

New technologies and the adaptation of existing technology have provided new ways to pay. In particular, smartphone technology has given customers access to an ever-expanding range of services through ‘apps’. Apps now enable payments for everything from taxi to hotel bookings, as well as giving the option of quick, secure payments through mobile banking.

Enhancements to our traditional payment mechanisms. Whilst many customers are interested and excited by newer payment options, the industry also recognises the importance of maintaining customer choice over the range of payment options on offer. For example, for those customers who continue to prefer to use cash and cheques, the industry has looked to create innovations which benefit these users too. Once introduced, cheque imaging will not only speed up the time taken to clear cheques but some customers will be offered new additional ways of paying cheques into their accounts. Recent innovations by the Bank of England to introduce polymer banknotes mean that they are now cleaner, more secure, and more durable than the current paper banknotes.

Competitive and collaborative developments. Payment service providers compete by providing new products and services to their customers. New payment services result from industry-driven collaborative initiatives such as the introduction of contactless technology on cards, Faster Payments or Paym. The emergence of new entrants into the market, in particular from the UK’s growing FinTech sector, is also driving new products and services. The UK already employs more people in this sector than Singapore, Hong Kong and Australia combined.

Regulation and legislation continue to define the framework within which payment service providers and consumers interact, exchange data and make payments. Good regulation supports innovation, protects consumers and encourages competition in the market. It also gives the market confidence to go in a specific direction. Regulators have also played a vital part in facilitating innovation, through such initiatives as ‘sandboxes’ and ‘test beds’.

New entrants. It is estimated that there are now over 2,500 payment service providers in the UK, many of whom are offering new payment products and services. As the UK has become the home of the FinTech community the number of payment service providers in the coming years could still grow.


• In 2003 the UK was the first country in the world to roll out Chip and PIN technology to make cards safer.

• Since 2007 contactless technology has been available making card more convenient. The majority of UK cards have now been upgraded.

• In 2008, Faster Payments was launched, enabling online and phone payments to be made at the touch of a button.

• In 2014 Paym was introduced, making payments via a mobile phone a widely-available option.

These innovations have collectively helped mobile and online shopping and banking become the norm for many of the UK’s consumers and businesses.

Key changes in the way we pay in the UK include:

Rise of online and mobile bankingThe Faster Payments Service was launched in 2008, enabling almost instantaneous transfer of payments between accounts, as well as same-day standing order payments. Near real-time payments have proved a popular benefit for customers and have contributed to the rise in the number of consumers who use online and mobile banking. Today, over 36 million people bank in this way. Using the Paym mobile service, it is also now possible to pay people via a smartphone using

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Past and future trends 2005-2025

A changing landscape: trends from 2005-2025

only a recipient’s mobile telephone number and without knowing their account number or sort code.

Growth in debit cards and contactless paymentsThe number of debit card payments more than doubled between 2005 and 2015 – from 4 billion payments to 10 billion payments. Card acceptance is much more widespread; many more smaller retailers now accept card payments while London black cabs – once a bastion of cash payments – now all accept card payments. The rise in

“Only a decade ago social media was in its infancy, smartphones were a rarity and internet access was sporadic. The world we live in has changed and so too has the way that we pay for things.

It is clear that the way consumers make payments is going to change considerably

over the next decade. For example, in the next few years we predict that debit cards overtake cash as the payment method most frequently used by consumers. This will be aided by the continued rollout and adoption of contactless payments.

Looking further ahead, we can expect to see more radical change. Innovation on the back of the API developed for the Open Banking Standard and PSD2 has the potential to bring more choice and convenience than ever before to consumers and businesses.”

HELEN DOYLE, DIRECTOR OF RESEARCH & CUSTOMER POLICY AT PAYMENTS UK

popularity of online shopping has also played its part in the growth of debit card use – they are now the most popular way of paying for goods online.

Contactless card payments are also becoming increasingly popular. Although first introduced in 2007, it is in the last year or two that their use has really taken off, particularly since the spending limit was increased to £30 in 2015 and Transport for London and some other transport systems rolled out contactless payment.

There has been a revolution in the way we make payments in the UK over the past decade, thanks in no small part to a steady stream of collaborative innovation by the payments industry.

The increasing use of contactless for travel has encouraged people to feel more comfortable using the new technology in other outlets, such as shops and restaurants and the technology has continued to grow further with the emergence of mobile contactless.

Continued importance of other methods of paymentAlthough there has been an overall decline in cash and cheque use,

these remain very important methods of payment. In 2005, cash was used for 64% of all payments. By 2015, this had fallen to 45%, mainly as the result of consumers switching to debit cards – a trend that has been heightened by growing adoption of contactless. As alternative methods of payment have become more popular, cheque payment volumes have also declined in the UK – but customers still wrote over half a billion cheques in 2015.


Managing a complex agenda: at home and in Europe

The Payment Systems Regulator and Payments Strategy ForumIn 2015, the Payment Systems Regulator (PSR) was launched to regulate the payments industry, promote the interests of end users and encourage innovation and competition.

Market Reviews on the ownership and provision of the market infrastructure, and access to payment systems found that although the industry is making improvements further competition and innovation could be introduced into the market. To this end, Payments UK has updated and future-proofed its policy on industry standards. A new industry standard to govern collaborative payments work (ISO 20022) has been introduced, which will – as one example – apply to all APIs and ensure that Open Banking, once introduced, provides relevant and robust safeguards for all customers.

In October 2015 the PSR established the Payments Strategy Forum (PSF) to create a strategy, or blueprint, for the future direction of the UK payments industry. The Forum acts as a collaborative industry group, seeking to close the needs gap and unlock competition and innovation in payments. The Forum’s final strategy report, published at the end of November 2016, sets out a number of projects for industry delivery, including making ‘Confirmation of Payee’ – a capability that Payments UK developed as part of its World Class Payments work – a reality.

Payment System OperatorsTo give the PSF’s initiatives greater traction, it has been proposed that Bacs, the Cheque and Credit Clearing Company and Faster Payments be consolidated into a single Payment System Operator (PSO). A PSO Delivery Group with an independent chair has been jointly established by the PSR and the Bank of England to develop recommendations by the end of March 2017, with a target date for completion of the consolidation by the end of 2017.

Open BankingAn Open Banking standard that gives customers more information, more control over their data, and makes it easier to assess suitable products and switch providers is a key recommendation of the Competition and Markets Authority’s (CMA) investigation of Retail and SME banking, published in August 2016. Giving customers more information, whilst also giving them more control over their data, should make it easier for them to assess suitable products and switch providers.

Since the summer, progress on this project has been moving at a swift pace, with a number of work-streams established and an independent implementation trustee appointed to oversee the project. The work to deliver customer assurance, alongside innovative API solutions is already underway. The first set of deliverables for this work is due

EuropePSD2 and Regulatory Technical StandardsThe Second Payment Services Directive (PSD2) aims to fundamentally enhance competition in the industry, bring into scope new types of payment services and enhance customer protection and security. Once implemented, PSD2 is expected to lead to a major change in the accessibility of customer data to authorised third parties when the customer has given their explicit consent.

As part of the requirements for PSD2, the European Banking Authority (EBA) is drafting Regulatory Technical Standards (RTS) on strong customer authentication and secure communication. Payments UK is calling for a holistic approach to how they are drafted, to ensure the payments industry remains dynamic and responsive to customer needs. PSD2 and the RTS are important steps towards a European Digital Single Market.

Single European Payments Area (SEPA)The Euro Retail Payments Board (ERPB) invited the European Payments Council (EPC) to create a pan-European instant payment scheme. Whereas national instant payment solutions have already been successfully introduced in the Single Euro Payments Area (SEPA), there is currently no pan-European scheme enabling instant payments in euro.

The SEPA Credit Transfer scheme (SCT Inst) is a world first and will enable individuals, businesses, corporates and administrations to make instant euro credit transfers between accounts across 34 European countries. Created by the EPC, in close collaboration with numerous stakeholders, this scheme will allow 24/7 payments of up to €15,000 to be processed in less than ten seconds, compared to the current timescales of up to a day. Payment service providers will be able to make the first SCT Inst transactions in November 2017.

“The payments industry is evolving at an exciting speed, prioritising the need for customer security while unlocking exciting innovations to improve the way we make and receive payments. At the centre of a network industry, Payments UK continues to support and navigate the change agenda;

understanding interoperability, regulation and technical change to keep up with customer expectations.”

JAMES WHITTLE, DIRECTOR OF INDUSTRY POLICY, PAYMENTS UK

Data ProtectionThe European Commission’s EU Data Protection Reform will come into force in May 2018. The Regulation aims to strengthen citizens’ fundamental rights for the digital age through wide-reaching obligations and changes to the way personal data is protected, whilst also simplifying rules for companies in the Digital Single Market. Virtually every organisation that processes EU personal data will need to take some action in order to be compliant.

Anti-Money LaunderingThe Fourth Anti-Money Laundering Package aims to combat money laundering from criminal activities and counter the potential financing of terrorist groups by setting requirements for Member States to implement national registers of beneficial owners of companies (and some types of trusts). It also aims to prevent misuse of virtual currencies, by bringing virtual currency exchange platforms and custodian wallet providers under the legislation. Member States have committed to implement the package by the end of 2016.

in March 2017 and will focus on streamlining publicly available information from banks and sharing this data with authorised third parties. Developing, implementing and maintaining an Open Banking standard that enables trusted third parties to access customer data, is expected to drive innovative services that could be tailored to an individual’s specific needs.

In the medium to long-term, legislative and structural changes resulting from Brexit are likely to impact the way in which UK payments are regulated, designed and executed. Much of the financial regulation applicable in the UK is derived from EU legislation and will remain applicable until any changes are made by Government and Parliament.

There are numerous regulatory and legislative changes underway in the UK that are relevant to the payments industry. All of these will need to be sequenced and implemented effectively in a way that brings the best outcomes for customers and protects the resilience and security of the payment systems.


A united vision for change: how is industry responding?

World Class PaymentsThe industry has taken a proactive approach to tackle this through Payments UK’s World Class Payments work. Over the past couple of years this has involved taking a holistic view of all the planned and anticipated changes in payments in the UK: to analyse how the complex change agenda can be managed to deliver the very best outcomes while ensuring customers’ needs remain firmly at the heart of the discussion.

The World Class Payments work has sought to take an evidence-based approach to understand what is required of the payment systems of tomorrow. An initial consultation with customers, new and existing industry players and government users of payments led to 13 core capabilities or payment functionalities being identified. Of these, four were identified as priorities (Access to Payment Systems, Enhanced Data relating to payments, Request to Pay and Confirmation of Payee). Each of these priority areas was explored in more detail in a series of short reports published in 2016 – all of which are available from www.paymentsuk.org.uk. This work and insight has been shared with the industry and its regulators to help them make informed decisions when strategy setting.

This work has been accelerated because of the clear customer benefits it will provide – helping reduce the likelihood of payments being sent to the wrong account because of human error but also reducing fraud.

Payments UK established Advisory and Steering Groups for its work on CoP, resulting in a ‘proof of concept’ utilising an API standard which was demonstrated by Payments UK at a meeting of more than 100 consumer and charity groups, regulators, government officials and industry in October 2016.

The next challenge is to develop a more detailed design and to address the many specific requirements customers will have, including meeting consumer needs, regulators’ expectations and making sure it can be used by large and small payment service providers and third party providers.

Work will be essential to ensure that the new service is user friendly and accessible and that it meets data protection requirements – an API based solution remains only one option. It is clear that the Payments Strategy Forum’s strategy recognises the challenge presented by data privacy and legal requirements relating to CoP and that these issues will need to be resolved in the detailed design of the solution.

Standards Collaboration FrameworkIndustry standards are the common language that make payments possible and allow payment systems to operate smoothly. As

“The overarching challenge facing the payments industry is to manage a myriad of often overlapping and potentially competing regulatory or commercial requirements. This can only be achieved if regulators and the industry work together to make sure change is delivered in the right order and in the right

way, at the right time. If this is achieved, we have a fantastic opportunity to deliver a steady stream of new benefits for customers over the next few years and to maintain the UK’s position as a world leader on the global stage.”

TIM YUDIN, DIRECTOR OF DESIGN AND DELIVERY, PAYMENTS UK

Meeting customer needs is at the heart of every industry and regulatory decision to implement change – the need for Confirmation of Payee, Real-Time Balances and Visibility of Payment Journey can be grouped together in a way that delivers customer assurance.

Confirmation of PayeePayments UK focused on work to develop a Confirmation of Payee (CoP) solution in the second half of 2016, carefully analysing how the payments industry might introduce a secure and trusted service to validate payment recipients with a high level design.

World Class CapabilitiesThe thirteen capabilities identified by the World Class Payments project are: Confirmation of Payee; Real-time balances; Visibility of payment journey; Request to Pay; Real-time Payments 24/7; Enhanced Data relating to payments; Common Standards; Switching Accounts; Cross-industry sharing of identity and fraud information; Payment Services Co-existence; and, Flexible Settlement.

To read about them in full please go to www.paymentsuk.org.uk/wcp

The key challenge for the UK payments industry is to find the best way to manage all of the proposed and required changes coherently to ensure the best outcomes for customers can be delivered as quickly as possible. The changes have to be made in the most cost-effective way so that resources available for competitive innovation and regulatory developments are maximised, duplication of effort is avoided and unintended consequences or risks are identified and mitigated.

the payments infrastructure is a network, standards are vital to ensure the users of that network can inter-operate and communicate in a common and understandable way.

Standards continually evolve and any changes can have a far-reaching impact across the industry. Payments UK believes that managing change or creating new standards that fit the needs of users can be better served at a cross-industry level.

With this in mind, in March 2016 Payments UK launched the Standards Collaboration Framework (SCF). The SCF aims to help the industry better prepare for change as it manages and maintains the standards process, as well as guarantee a level of consistency as the industry moves forward.

At the core of the SCF is a common technical capability to develop a structured, complete catalogue of all UK payments standards. The SCF’s central technical repository can provide an authoritative single


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Timeline: an overview of current developmentssource of documentation on industry standards with specifications and implementations published in a variety of formats.

Payments UK is also working with Faster Payments to enable online technical testing and message validation to ensure compliance with the proposed mapping. This capability will be available in early 2017.

Currently Payments UK is focused on working with the UK’s Payment System Operators (PSOs) to facilitate their standards requirements, which will help to map the current landscape. We believe that this could also be extended to the private sector for their own business use – for example, correspondent banks could manage the complexity of standards across multiple jurisdictions, or even help to develop common, open API standards.

PSD2 Stakeholder GroupFrom the time that the Competition and Markets Authority (CMA) published its draft report on the Retail Banking Market Review, there was a clear aspiration to ensure that the remedy on the Open Banking standard will be PSD2-enabled.

Payments UK chairs a newly established PSD2 Stakeholder Group, which aims to bridge the gap between the practical implementation of an Open Banking standard, with the wider interests of the PSD2 community of stakeholders. This will help.

The PSD2 Stakeholder Group will help deliver solutions that join up requirements from the CMA and PSD2, reflecting the fact that some larger institutions are running a single programme for both sets of requirements, and avoiding the risk of replicating resources and budgets. Both the Financial Conduct Authority and HM Treasury have been consulted on the need and value of this approach, as indeed have the CMA.


Payments UK is the trade association launched in June 2015 to support the rapidly-evolving payments

industry. Payments UK brings its members and wider stakeholders together to make the UK’s payment

services better for customers and to ensure UK payment services remain world class.

January 2017

Payments UK 2 Thomas More Square London E1W 1YN

T: 020 3217 8200 E: [email protected] paymentsuk.org.uk

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