Pay.UK

Our Chief Operating Officer, David Morris, recently joined a panel of fellow industry leaders at Financial Crime 360 (FC360) to discuss the implementation of the Payment Systems Regulator’s authorised push payment (APP) fraud reimbursement regulations.   The session, titled: ‘APP Reimbursement Review: Are the new regulations fit for purpose?’, explored the immediate impact of the new regulations on levels of fraud, the nature of current reimbursement claims, and the forecast for the next 12 months.   The panel agreed that, whilst reimbursement regulations are a positive step, prevention and detection are critical in mitigating fraud. David further pointed to the success of Pay.UK's expansion of Confirmation of Payee and fraud detection overlay service as key examples to support this view.   Click here to read the article in full: https://lnkd.in/ePkQQVNJ   #PayUK #Fraud #FC360

Our Head of Product, Euan Ballantyne, recently led a spotlight presentation and panel session at the Open Banking Expo 2024 to discuss scalable end-to-end payments journeys in the retail sector. This event demonstrates Pay.UK’s commitment to industry collaboration as a crucial pillar in successfully navigating the future of payments in this ever-changing landscape. Euan said of the event: “Industry collaboration is paramount to ensure the continued successful expansion of open banking and this year’s OB Expo provided an excellent platform on which to build relationships, explore solutions and drive innovation.” You can read the full article discussing his participation, here: https://lnkd.in/ePSTgRum #PayUK #OBExpo #Payments

Our Product Owner for Overlay Services (Confirmation of Payee and Request to Pay), Anuradha Raman, recently spoke to the European Payments Council (EPC) about the journey of Confirmation of Payee (CoP) in the UK. From the successes of the CoP initiative since its launch in 2020, to the key lessons from rollout of the service to achieve 99% coverage, Anuradha explains how CoP has transformed the landscape of payment security and bolstered user confidence in the UK. Read the full article in the post below. For more information on CoP, visit our website: https://lnkd.in/eZJCg3DJ #PayUK #ConfirmationofPayee

Leveraging our unique position in the ecosystem, we look forward to continuing our collaboration with the industry, our regulators, and the Government, to deliver a next-generation infrastructure for the UK that enables the outcomes of the National Payments Vision.   Read our full response here: https://lnkd.in/ek-wYfk6 #PayUK #NationalPaymentsVision

We are delighted to announce that we have appointed Punam Peck as our new Chief Transformation Officer, part of the Pay.UK Executive leadership team. Punam will drive our strategic change portfolio, drawing on her extensive experience in leading large-scale, strategic and complex, regulatory transformation projects in financial services. Having most recently delivered high-profile regulatory programmes in her Managing Director leadership roles at Citi Group and at Bank of America, Punam has also held Change leadership roles at Credit Suisse, Nomura and Goldman Sachs, since starting her career in strategy consulting at Accenture. We look forward to leveraging Punam’s experience to help us deliver our strategic objectives. #PayUK 

We continue to collaborate with the industry to mitigate and reduce the instance of payment fraud in the UK for the benefit of UK end users and businesses.   Part of our dedicated Fraud Programme, our innovative Fraud Prevention Overlay and Enhanced Fraud Data projects look to leverage the power of data-sharing to create a far-reaching and substantial solution to tackle financial crime.   Find out more here: https://lnkd.in/eFVEP_Bj   #PayUK #Fraud

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