The new payments architecture and Bacs September 17, 2024 | Sponsored Liz Carroll, Senior Product Manager, Financial Marketplaces at Finastra You might have heard that there are plans to modernise some of the key UK payment rails and wondered how these updates will affect your payment processes. In this article, we explore what the changes are and why they are needed. Let’s start at the beginning; [...]
Navigating ISO 20022 in the Bacs world September 17, 2024 | Sponsored Liz Carroll, Senior Product Manager, Financial Marketplaces at Finastra As organisations and financial institutions look for new ways to pay in a growing payments landscape, using a common language for all financial messages allows participants and systems in different markets to communicate in a single, consistent format using agreed terminology. ISO 20022 is a global [...]
A quick guide to the key UK payment rails September 17, 2024 | Sponsored Liz Carroll, Senior Product Manager, Financial Marketplaces at Finastra There are a range of payment rails available in the UK; some widely applicable while others work better for companies operating in certain circumstances. But what is a payment rail? Payment rails refer to the underlying infrastructure and systems that facilitate the movement of money between [...]
Driving greater transparency and efficiency in cross-border payments August 14, 2024 | Sponsored Tim Forster, Strategic Partner Manager, Financial Messaging at Finastra Whether consumers, small and mid-sized enterprises (SMEs) or corporate entities, customers want access to speedy and transparent cross-border transactions from their bank. However, the process can often be extremely lengthy, costly and opaque, leading many to turn to more agile fintech providers. For example, many consumers [...]
Building a Secure Bacs Payments Process with the Right Partner August 14, 2024 | Sponsored In the second of this two-part series, learn how the stability of electronic payments can be made simpler with enhanced security protocols and robust, agile architecture By Liz Carroll, Senior Product Manager, Financial Marketplaces at Finastra Prioritising resilience in the payments process is not just a matter of convenience, but a necessity for maintaining the [...]
Have smartcards had their day? Exploring alternatives for secure Bacs payments August 14, 2024 | Sponsored Liz Carroll, Senior Product Manager, Financial Marketplaces at Finastra Smartcards, embedded with integrated chips to store digital certificate data, are widely used in corporate payments for their security, convenience, and efficiency. The UK’s Bacs payment system has used smartcards to facilitate corporate access since the switch to Bacstel-IP in 2003. While smartcards offer great security, [...]
Open banking leads the way in reducing Bacs risk July 22, 2024 | Sponsored By Liz Carroll, Senior Product Manager, Financial Marketplaces at Finastra The Bacs scheme is experiencing ongoing growth. More than 1.7 billion Bacs payments were made during Q4 2023 with the corresponding value amounting to £1,418 billion. Direct Debits accounted for 71% of the volume and 26% of the value. Direct Debit gives payers a hands-off [...]
Banking on cross-border payments: Q&A with Radha Suvarna, CPO, Payments July 22, 2024 | Sponsored Q1. What is driving growth in cross-border payments? Cross-border payments are at the heart of the global economy, enabling businesses to serve customers wherever they are based in the world. Such transactions are estimated by the Bank of England to reach a value of over $250trn by 2027. Growth in high volume, low value payments [...]
Considerations for Building a Secure and Resilient Bacs Payments Process July 22, 2024 | Sponsored In part one of this two-part series, learn how to mitigate threats and unlock automation to increase business stability and resilience By Liz Carroll, Senior Product Manager, Financial Marketplaces at Finastra Operational resilience is the lifeline that keeps businesses thriving through unforeseen disruption, with automation being a key component of a threat mitigation strategy for [...]
FTSE 100 chief warns a pension poverty crisis looms without sweeping review July 17, 2024 Millions of Brits risk sleepwalking into an impoverished retirement by failing to stash away enough in their pension pots, the UK’s biggest pensions firm has warned, in a call for a sweeping government review of the pension systems.