Payments:Unpacked @ Mike Chambers (Mike Chambers and guests)

Spitfire vs. Concorde: Learning from aviation’s icons

Coins Of The Crown: The Hidden Meaning Behind Maundy Money

Today, we’re diving into a centuries-old tradition that still sparkles with silver and symbolism: Maundy Money.

It’s Holy Week in the United Kingdom, and the Thursday before Easter is no ordinary day—it’s Maundy Thursday. 

On this day, something a little unexpected happens. The King—yes, King Charles III now—hands out special coins to elderly people in a cathedral ceremony filled with pageantry, prayers, and purpose.

What is this “Maundy Money,” and why has it been part of royal life for nearly a thousand years?

Let’s set the scene.

Let’s rewind the clock—way, way back—to the 13th century.

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With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: ⁠⁠⁠⁠⁠⁠⁠⁠⁠www.northeypoint.substack.com⁠⁠⁠⁠⁠⁠⁠⁠⁠

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You’ll find the best payments stories in our blog – head over to: ⁠⁠⁠⁠⁠⁠⁠⁠⁠www.northeypoint.com⁠⁠⁠⁠⁠⁠⁠⁠⁠

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In this “crunchy showdown” we take two completely unrelated things and force them into a head-to-head battle for no good reason.

• Faster Payments - the system that made sending money go from “waiting three business days” to “done in a second.”

One revolutionised snack time, the other revolutionised finance. 

Let’s find out in this head to head battle of four rounds

Today’s contenders?

But which had the bigger impact?

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With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: ⁠⁠⁠⁠⁠⁠www.northeypoint.substack.com⁠⁠⁠⁠⁠⁠

Check out our blog: 

You’ll find the best payments stories in our blog – head over to: ⁠⁠⁠⁠⁠⁠www.northeypoint.com⁠⁠⁠⁠⁠⁠

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With eye watering levels of Authorised Push Payment fraud and the introduction of a mandatory reimbursement requirement this coming Monday (7 October 2024) now is a perfect time to get Fincrime Dynamic’s perspective on payment fraud and hear about their mission to “help build better defences against financial crime.” 

Thank you to Stephen Quick for joining this podcast and exploring how a payments provider might build better defences against financial crime.

Sign up for the free Payments:Unpacked newsletter:

With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: ⁠⁠www.northeypoint.substack.com⁠⁠

Check out our blog: 

You’ll find the best payments stories in our blog – head over to: ⁠⁠www.northeypoint.com⁠⁠

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Email: ⁠⁠payments_unpacked@northeypoint.co.uk⁠

Cheques were once the primary way people and businesses moved money around in the UK. But now? They’re going the way of the fax machine, the DVD rental store, and the telephone directory. So, what happened? And what other once-dominant things have suffered the same fate? 

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With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: ⁠⁠⁠⁠⁠⁠⁠⁠www.northeypoint.substack.com⁠⁠⁠⁠⁠⁠⁠⁠

Check out our blog: 

You’ll find the best payments stories in our blog – head over to: ⁠⁠⁠⁠⁠⁠⁠⁠www.northeypoint.com⁠⁠⁠⁠⁠⁠⁠⁠

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Teresa Connors from Payment Matters joins us for our latest Payments:Unpacked video podcast.  

If you have not met Teresa yet here is an endorsement from her Linked In profile:  “…simply superb, a wealth of experience in the financial services industry and with a huge network to call upon – a true payments professional with infectious passion, a practical approach, an authentic approach to leadership and above all else a great personality.”  

With this endorsement in mind here we asked Teresa for her views on trading conditions, payment fraud and sustainability:  

- We all know that trading conditions are never perfect but Teresa shares her views on the challenges we will all face in the current trading environment.  

- Confirmation of Payee (CoP) might not be a "silver bullet" but it is making a difference in thwarting the fraudster, Teresa outlines the current state of CoP adoption and explores how else consumers can be protected.  

- Sustainability has long been a centra focus for Teresa and here Teresa shares her passionate view on what progress has been made and what more should  be done.   

Make sure you subscribe to the Payments:Unpacked podcast with your favourite podcast app or via Spotify.  

Unpack the UK's payments landscape with my newsletter - subscribe at: www.payments-unpacked.com

Rowenna is sharing her story about how she (nearly) got scammed in the hope that it might help others and to assuage her “total embarrassment by doing something positive”.

UK Finance report that in 2022, criminals stole a total of £1.2billion through authorised and unauthorised fraud and scams.

During 2022 criminals have continued to focus activity mainly on socially engineering their victims, usually with the intention of tricking them into authorising a payment to an account within their control (known as Authorised Push Payment (APP) Fraud).

The tactics that criminals use include scam phone calls, text messages and emails, as well as fake websites and social media posts. Their aim is to trick people into handing over personal details and passwords. This information is then used to target victims and convince them to authorise payments.

Rowenna Fielding writes about data protection, ePrivacy and data ethics - you’ll find her blog here: MissIGGeek - and this is Rowenna’s story about how she (nearly) got scammed.

This is Rowenna’s story……..

Make sure you subscribe to the Payments:Unpacked podcast with your favourite podcast app or via Spotify.

Unpack the UK's payments landscape with my newsletter - subscribe at: ⁠⁠⁠⁠⁠www.payments-unpacked.com

Thank you to Rowenna for sharing your story - find out more about Rowenna on Linked In at: https://www.linkedin.com/in/missiggeek/ or via her website: https://missinfogeek.net

QR Codes and Quishing

Today we are delving into a concerning trend that’s been making headlines (again) - the dramatic rise in QR code scams, commonly known as “quishing.”

QR codes were invented in 1994 by Masahiro Hara, an engineer at the Japanese company Denso Wave, which is a subsidiary of Toyota.

Since 1994 QR codes have become a ubiquitous part of our daily lives. From restaurant menus to parking meters, these black-and-white squares offer a convenient way to access information quickly. However, this convenience has also opened the door for cybercriminals to exploit unsuspecting individuals.

It’s 11:47 PM. I’m in a dimly lit car park that looks like it was designed using the “haunted hospital” filter on Google Maps. 

The only sounds are a distant owl, the buzz of a dying streetlight, and my own footsteps echoing like I’m in an indie horror film called "Payment Denied."

My mission?

To pay the £2.50 parking charge and escape with my dignity intact. Simple. Elegant. Foolproof.

I approach the pay station……..

Like I’m supposed to be carrying wizard money in 2025.

While ISO 20022 is not new, it will soon become the de facto standard for sending financial messages between financial institutions and businesses. 

The drive and industry development behind upgrading payment infrastructures, instant payments and cross-border payment capabilities make adopting ISO20022 paramount in its importance and urgency. 

With such a transformational undertaking right at the heart of SWIFT we are pleased to be joined by two ISO 20022 experts from Bottomline - Zhenya Winter and Fred Viard - to discuss “Going ISO 20022 Native.”

Today we’re talking about the Tooth Fairy.

Specifically: how does the Tooth Fairy even function in a cashless world?

Think about it—kids don’t use cash, parents don’t carry cash, and banks are closing branches faster than my willpower at a doughnut shop.

So what’s the Tooth Fairy supposed to do?

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With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: ⁠⁠⁠⁠⁠⁠⁠⁠⁠www.northeypoint.substack.com⁠⁠⁠⁠⁠⁠⁠⁠⁠

Check out our blog: 

You’ll find the best payments stories in our blog – head over to: ⁠⁠⁠⁠⁠⁠⁠⁠⁠www.northeypoint.com⁠⁠⁠⁠⁠⁠⁠⁠⁠

Follow on social:

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Email: ⁠⁠⁠⁠⁠⁠⁠⁠⁠payments_unpacked@northeypoint.co.uk⁠⁠

Join Richard Ney from Lerex as he shares his thoughts on:

Money Streaming and the need for a new payment method

and

The compliance and technology gap.

Mike Chambers discusses investing in Answer Pay and capitalising on Request to Pay with Peter Cornforth and Ralf Ohlhausen.

Peter Cornforth from Answer Pay joins us for our latest Payments:Unpacked video podcast.

In this podcast Peter covers:

- How might RtP and VRP’s co-exist to provide a better (or different) consumer focussed solution to Direct Debits?

- How could regulators, billers and banks better empower consumers to choose how they pay, when they pay and who they pay?

- What might a future OB entity look like and where should it place its focus?

Make sure you subscribe to the Payments:Unpacked podcast with your favourite podcast app or via Spotify: Payments:Unpacked

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Coming, ready or not: ISO 20022 SWIFT Compliance Deadline

The November 2025 deadline for ISO 20022 compliance is fast approaching, requiring all financial institutions handling SWIFT payments to adopt the new messaging standard.

Implications of Non-Compliance

While customer transactions won't be immediately affected, non-compliant messages will incur additional processing costs for banks. The exact financial impact remains uncertain, as many institutions are still assessing their readiness for this transition.

Navigating Technological Upgrades

Technological transformations often come with challenges, and the shift to ISO 20022 is no exception. This industry-wide change carries commercial implications beyond regulatory compliance.

Engaging with the Industry

I'm keen to understand how different institutions are approaching this challenge. Do you feel prepared, or are there uncertainties that need addressing?

Are you prepared or uncertain?

In my experience, major projects in banking often come with a false sense of readiness - you are often not as ready as you are led to believe, especially when different parts of the bank have conflicting perspectives.

One team may think everything is on track, while another sees major gaps, leading to last-minute scrambles.

Additionally, the perfect path is often assumed, with little room for flexibility when things go wrong. This rigid mindset, where failures to meet all criteria aren’t accounted for, creates the potential for a deadline miss that could have been avoided with a more adaptive approach.

To make matters worse, any penalties are not well understood and therefore often not properly considered, meaning the true risks of non-compliance or delay aren’t factored into decision-making until it’s too late.

It’s a cycle that repeats unless teams acknowledge uncertainty, plan for setbacks, and truly grasp the consequences of falling short.

Are you prepared for, or uncertain about, the ISO 20022 SWIFT compliance deadline? I’d love to hear your views!

Click and let me know

or reach out directly to Vaughan Collie at Accort: Vaughan.Collie@accourt.com

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With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: ⁠⁠⁠⁠⁠⁠⁠www.northeypoint.substack.com⁠⁠⁠⁠⁠⁠⁠

Check out our blog: 

You’ll find the best payments stories in our blog – head over to: ⁠⁠⁠⁠⁠⁠⁠www.northeypoint.com⁠⁠⁠⁠⁠⁠⁠

Follow on social:

LinkedIn:  ⁠⁠⁠⁠⁠⁠⁠www.linkedin.com/_mike_chambers_⁠⁠⁠⁠⁠⁠⁠

Twitter: ⁠⁠⁠⁠⁠⁠⁠www.twitter.com/_mike_chambers_⁠⁠⁠⁠⁠⁠⁠

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Email: ⁠⁠⁠⁠⁠⁠⁠payments_unpacked@northeypoint.co.uk⁠⁠

Nick Davey from the Payment Systems Regulator joins us for our latest Payments:Unpacked video podcast.

In this podcast Nick answers questions that have been asked by readers of the Payments:Unpacked newsletter and Mike’s Linked In connections.

Hear Nick’s answers to:

·  What are the biggest near-term challenges for New Payments Architecture? Teresa Connors, Payment Matters

·  During the pandemic a number of banks introduced measures such as mortgage holidays to help people cope with the extraordinary circumstances they found themselves in.  Given the impact of the cost of living crisis and recent surveys highlighting customer frustrations with banking support, will the regulators consider intervening to ensure the necessary payment flexibility?  Peter Cornforth, Answer Pay

·  How big is the risk of a catastrophic payments hack by a bad actor supported by quantum computers, and how can that risk be minimised ? John Wisbey, Entrepreneur and Innovator

·  Will you please take a close look at ‘pay by link’ (initiating a payment or payment request via SMS or Email) and either legislate against it, or insist of additional measures to protect against APP scams initiated through ‘pay by link’. Ideally, perhaps you should outlaw it AND tell the banks to adopt Pay.UK’s much more secure request to pay messaging scheme. Chris Vincent, Exela Technologies

·  Who are the influential stakeholders in the fraud chain?  Teresa explains that harm is in play before the payment journey is made, what discussion / progress is being made in combining preventative effort with other non FI stakeholders? Teresa Connors, Payment Matters

·  Why do the PSR only recruit in London? Stephen Moore

·  Supported by Chris Higham: “Seconded! Forward thinking financial institutions are tapping into the talent across the country (as indeed are government departments) - it feels like the regulators should be taking advantage as well

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Women in Alliances: Helping women in Partnerships, Channel, and Alliances build their careers. Annual Summit: 📅 15th October 2024, 🕑 3pm BST / 10am EST / 10pm SGT 🔗 Register now: https://registration.livegroup.co.uk/wiaas/ In 2020 a number of women from Alliance Best Practice decided to get together and create a group to help one another to boost their careers and global network. The group are a collection of GSI, software vendor, and not-for-profit Alliance professionals that want to network, and share and gain knowledge from one another to help women achieve the roles that reflect their true ability. Whether you currently work in an Alliance/Partnership role or aspire to do so, this dynamic online event is tailored just for you. Sign-up for free today to listen to industry titans on causal and Gen AI and partnership best practice, all whilst building your network and accelerating your career. The annual summit will be held between 3 and 5:35 PM (BST) on the 15th of October 2024 - the event is virtual and the agenda includes lots of great speakers. 📅 15th October 2024, 🕑 3pm BST / 10am EST / 10pm SGT 🔗 Register now: https://registration.livegroup.co.uk/wiaas/ Payments:Unpacked are pleased to be a sponsor of the 2024 Women in Alliances Annual Summit

Lee McNabb from NatWest joins us for our latest Payments:Unpacked video podcast.

In this episode Lee unpacks:

• The current state of play of A2A payments and explores what expectations we should place on the future expansion of this new payment mechanism.
• Why the New Payments Architecture (NPA) is important to the future of payments for NatWest (and the wider market).
• What innovative features can we expect at the launch to the NPA and over the longer term.
• How A2A payments and the NPA link together to drive innovation and competition in payments.
• How can and should banks protect their customers and how can people protect themselves when making a payment.

Make sure you subscribe to the Payments:Unpacked podcast with your favourite podcast app or via Spotify.

Unpack the UK's payments landscape with my newsletter - subscribe at: www.payments-unpacked.com

Ciaran Savage from Card Industry Professionals joins us for our latest Payments:Unpacked video podcast.

Using customer use cases Ciaran explores:

- The role of an ISO (yes, another TLA).

- How Card Industry Professionals can make a real difference for a business that is already card payment enabled.

- How Card Industry Professionals can enable a business to take card payments for the first time.

Make sure you subscribe to the Payments:Unpacked podcast with your favourite podcast app or via Spotify: Payments:Unpacked

Unpack the UK's payments landscape with my newsletter - subscribe at: www.payments-unpacked.com

What Barbie teaches us about digital payments

Think about Barbie’s journey in the film. She starts off in Barbie Land—a perfect, plastic world where everything seems just right. 

But then, things start glitching, and she’s forced to step into the real world. It’s uncomfortable. It’s unfamiliar. But it’s also necessary for her growth.

Now, let’s apply that to payments……….

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With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: ⁠⁠⁠⁠⁠www.northeypoint.substack.com⁠⁠⁠⁠⁠

Check out our blog: 

You’ll find the best payments stories in our blog – head over to: ⁠⁠⁠⁠⁠www.northeypoint.com⁠⁠⁠⁠⁠

Follow on social:

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Email: ⁠⁠⁠⁠⁠payments_unpacked@northeypoint.co.uk⁠⁠

Teresa Connors from Payment Matters joins us for our latest Payments:Unpacked video.

In this episode Teresa unpacks the topic of Consumer Duty.

Helpfully, Teresa provides this introduction:

We’re at an inflexion point, as firms are becoming aware / coming out of denial / realising it’s not just a compliance thing and tackling the enormity of the task to embed and prove embedment of the FCA Consumer Duty.   The FCA suggests that at this stage, firms should be 80% through implementation, while some firms are making tangible progress, many firms are not as advanced as they would like to be in readiness for the on sale product deadline of 31 July this year.  

Crucially, discussion and activity are turning from “why” to “how” as firms create and implement plans to prove that customers are at the heart of their business, demonstrating that they meet the Consumer Duty cross cutting principles of:

•               Acting in good faith 

•               Avoiding foreseeable harm

•               Enabling and supporting retail customers to pursue their financial objectives.

Make sure you subscribe to the Payments:Unpacked podcast with your favourite podcast app or via Spotify.

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Simple, reliable and stress-free

The subject of this special anniversary podcast shares its special day with:

• The Mayflower setting sail for America in 1620.

• The introduction of First Class stamps by the Royal Mail in 1968.

• The UK government suspending Britain’s membership of the European Exchange Rate Mechanism in 1992.

All of these events happened on the 16th of September.

The 16th September 2023 is also a special day for me and all banking and payment geeks and to celebrate this special anniversary podcast we are joined by John Dentry from Pay.UK.

If you haven’t already guessed it then in this podcast we are celebrating the 10th Anniversary of the UK’s Current Account Switching Service (CASS). 

With its promise to offer a simple, reliable and stress free switch to a new banking current account provider the UK was the first country in the world to offer a guaranteed seven day bank account switch.

With over 9.5million switches competed, over 140 million payments redirected from an old account to a new account, a 91% user satisfaction rating and (perhaps remarkably for banking and payments) 86% of users happy to recommend the service to a friend I think we can call the UK’s switching service a success!

You might ask why I’m so excited about CASS, well we all remember where we were for certain events - tragic events like 9/11, a certain football match or the birth of a child. 

Well, on the 16 September 2013 I found myself in a “war room” watching the world’s first current account switching service go live – it went so well the “war room” was a very calm and quiet room.

Why was I in that room? At the time I was the CEO of Bacs, CASS’s first operator and was the custodian of the service for the first 5 years - that’s why this podcast feels very personal!

Congratulations on the 10th Anniversary of account switching in the UK to John Dentry and the team at Pay.UK.

CASS holds a special place in my heart and made a significant mark on my career.

In a month of political change, you've probably been getting your payments fix from The Rest Is Politics with Alastair Campbell and Rory Stewart.

And with a new Premier Football season around the corner, you'll probably will be getting your football fix from The Rest Is Football with Gary Lineker and friends.

Well, here's where you can get your payments fix.

Host: Mike Chambers

Support future podcasts from Payments:Unpacked with a subscription:

Get early access to new episodes and full access to the podcast archive. Subscribe before the 31 August 2024 and you'll also receive twelve months subscription to the Payments:Unpacked newsletter (worth £60).

To subscribe head over to: https://podcasters.spotify.com/pod/show/michael-chambers3/subscribe

Sign up for the free Payments:Unpacked newsletter:

With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.com

Check out our blog: 

You’ll find the best payments stories in our blog – head over to: www.northeypoint.com

Follow on social:

LinkedIn:  www.linkedin.com/_mike_chambers_

Twitter: www.twitter.com/_mike_chambers_

You Tube: www.youtube.com/_mike_chambers_

TikTok: @payments_unpacked

Email: payments_unpacked@northeypoint.co.uk

Jonathan Hughes from OneBanx joins us for our latest Payments:Unpacked video podcast.

As OneBanx seek to create a sense of community, provide opportunities for everyday human interaction and to meet a community's every day banking needs Jonathan unpacks:

- Why the OneBanx concept is more than just providing access to cash.

- The benefits OneBanx can offer banks and how they can help address the 'bank branch desserts' that are appearing throughout the UK.

- The learning points and opportunities presented by other markets outside the UK.

- The launch of the innovative OneBanx crowdfunding campaign.

Make sure you subscribe to the Payments:Unpacked podcast with your favourite podcast app or via Spotify: Payments:Unpacked

Unpack the UK's payments landscape with my newsletter - subscribe at: www.payments-unpacked.com

We've made it - It's C-Day!

31 October 2024 is the mandatory deadline for the implementation of Confirmation of Payee (CoP) in the United Kingdom

Sign up for the free Payments:Unpacked newsletter:

With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: ⁠⁠⁠⁠⁠www.northeypoint.substack.com⁠⁠⁠⁠⁠

Check out our blog: 

You’ll find the best payments stories in our blog – head over to: ⁠⁠⁠⁠⁠www.northeypoint.com⁠⁠⁠⁠⁠

Follow on social:

LinkedIn:  ⁠⁠⁠⁠⁠www.linkedin.com/_mike_chambers_⁠⁠⁠⁠⁠

Twitter: ⁠⁠⁠⁠⁠www.twitter.com/_mike_chambers_⁠⁠⁠⁠⁠

You Tube: ⁠⁠⁠⁠⁠www.youtube.com/_mike_chambers_⁠⁠⁠⁠⁠

TikTok: @payments_unpacked

Email: ⁠⁠⁠⁠⁠payments_unpacked@northeypoint.co.uk⁠⁠

A moment of decision is a noun defined as: A climactic, decisive or critical moment in an event or period.

With the Payment Systems Regulator (PSR) stating in its recently published 2023/24 plan that it is keen to see progress on delivery “without further delay” and the potential for the white smoke of a vendor decision in the coming weeks it really is a moment of decision for the New Payment Architecture or NPA.

A key element of the PSR’s latest work programme is the proposed New Payments Architecture (NPA).

As we approach the end of the first third of 2023 it is clear that we have reached a climactic, decisive and critical moment for the NPA.

The PSR's recently published annual plan does provide some helpful insights into the regulatory focus into the NPA that we can expect to see over the coming 12 months.

Make sure you subscribe to the Payments:Unpacked podcast with your favourite podcast app or via Spotify.

Unpack the UK's payments landscape with my newsletter - subscribe at: ⁠⁠www.payments-unpacked.com

Before 2008 payments were a real pain - this all changed when Faster Payments entered our lives.

Faster Payments has transformed who we pay, how we pay and when we pay - socks, last nights pizza and household appliances can now be bought within seconds via a smartphone.

Remembering a time when payments could take days is like trying to recall what it was like to travel via a house and carriage.

Join Mike Chambers for a Payments:Unpacked briefing and find out how we avoided the distraction of Elle and found a new way to pay.

Are you ready ...... for Confirmation of Payee? 

With 21 days (10 October 2024) to go Richard Koldwijn from SurePay shares his thoughts on the rapidly advancing mandatory deadline for account name check here in the UK.

Sign up for the free Payments:Unpacked newsletter:

With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: ⁠⁠⁠⁠www.northeypoint.substack.com⁠⁠⁠⁠

Check out our blog: 

You’ll find the best payments stories in our blog – head over to: ⁠⁠⁠⁠www.northeypoint.com⁠⁠⁠⁠

Follow on social:

LinkedIn:  ⁠⁠⁠⁠www.linkedin.com/_mike_chambers_⁠⁠⁠⁠

Twitter: ⁠⁠⁠⁠www.twitter.com/_mike_chambers_⁠⁠⁠⁠

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Email: ⁠⁠⁠⁠payments_unpacked@northeypoint.co.uk⁠⁠

With eye watering levels of Authorised Push Payment (APP) fraud and the introduction of a mandatory reimbursement requirement next month now is a perfect time to get Tunic Pay’s perspective on payment fraud and hear about their mission.

Tunic Pay’s landing page encourages PSPs to “stop APP fraud by joining their Intelligence Interchange - stopping fraud, managing operations, and keeping your customers experience delightful.”

Thank you to Nico Barawid for joining this podcast and explaining why the acronym  “APP” should not mean All Payments Pending.

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With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: ⁠www.northeypoint.substack.com⁠

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You’ll find the best payments stories in our blog – head over to: ⁠www.northeypoint.com⁠

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Email: ⁠payments_unpacked@northeypoint.co.uk

Making it easy to issue and pay bills - when you want, how you want.

Request to Pay (RtP) is a messaging ecosystem that provides the necessary interconnecting communications required to make secure payment requests possible.

It allows billers to initiate a payment request, and enables customers to choose when and how they pay.

RTP can be overlaid on top of existing infrastructure, saving you costs and increasing ROI. By connecting to RTP through Answer Pay, banks and other payment service providers can refocus their resources on building differentiated customer experiences in their apps.

Join us as we hear Peter Cornforth from Answer Pay unpack Request to Pay.

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Unpack the UK's payments landscape with my newsletter - subscribe at: ⁠⁠⁠⁠www.payments-unpacked.com

Has the penny had its day?

"In terms of the coins in your pocket, it's useless" - the National Consumer Council 1983 talking about the half penny coin in the 1980's.

Like many of us over a number of years I had accumulated a bag full of Euro denominated coins so last week I took the opportunity of repatriating my bag full of Euro Cents by feeding a number of car park ticket machines along Germany’s Baltic Coast. 

As I “fed” the machines with these small strange coins I wondered whether the UK’s “penny” might have also had its day. Just 13 years after 1971’s Decimalisation the National Consumer Council stated that the half (new) penny was “useless” - now some 52 years after Decimalisation do we need to ask whether the one, two, and perhaps even the five pence pieces have also had their day?

Last month a consultation was launched on the Isle of Man (IOM) on whether low value coins should be removed from circulation and how this could lead to the introduction of a rounding system for all cash transactions.

Just 13 years after 1971’s Decimalisation the UK’s National Consumer Council stated that the half (new) penny was “useless” and some 52 years after Decimalisation do we need to ask whether the one, two, and perhaps the five pence pieces have also had their day?

Make sure you subscribe to the Payments:Unpacked podcast with your favourite podcast app or via Spotify.

Unpack the UK's payments landscape with my newsletter - subscribe at: ⁠⁠⁠www.payments-unpacked.com

What comes after Confirmation of Payee? It’s time to start preparing for EU Verification of Payee (VoP) for mainland / EU operations. Webinar: Thu 24 Oct at 10:00 – 11:00 BST​ Regster: https://events.teams.microsoft.com/event/f475caee-690d-49e7-989d-1e1ac92c8702@494d89ef-a168-4e7b-adce-67042d2380af/registration Now that you’ve successfully implemented Confirmation of Payee (CoP) in the UK, it’s time to look ahead. If your payment services are extending into mainland Europe, the next critical step is to consider Verification of Payee (VoP). This is essential as Instant Payments become the norm across the EU. As UK Payment Service Providers (PSPs) face increasing regulatory pressures, security demands, and the challenges of fighting fraud, it’s crucial to stay ahead. In this webinar, we’ll discuss how SurePay’s Confirmation of Payee (CoP) and Verification of Payee (VoP) services are designed to help UK PSPs not only comply with legislation, but also enhance security and operational efficiency. Why attend? - Meet Regulatory Requirements: After CoP, European regulation demands Verification of Payee implementation before 9 October 2025. - Prevent Fraud: Discover how our CoP and VoP solutions significantly reduce misdirected payments and push payment fraud, with proven results like an 81% reduction in impersonation scams. - Prepare for Instant Payments: As Instant Payments become standard across Europe, we’ll explore how VoP is indispensable for UK PSPs operating in European markets. - Enhance Efficiency & Customer Trust: Understand how our solutions not only prevent fraud but also improve operational efficiency and build stronger customer trust. Who should attend? Webinar: Thu 24 Oct at 10:00 – 11:00 BST This webinar is designed for UK Payment Service Providers, fraud prevention specialists, compliance officers, and anyone involved in payment processing who wants to stay ahead of regulatory requirements and enhance their payment security. Register today! Register: What comes after CoP?​ https://events.teams.microsoft.com/event/f475caee-690d-49e7-989d-1e1ac92c8702@494d89ef-a168-4e7b-adce-67042d2380af/registration

Sign up for the free Payments:Unpacked newsletter:

With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: ⁠⁠⁠www.northeypoint.substack.com⁠⁠⁠

Check out our blog: 

You’ll find the best payments stories in our blog – head over to: ⁠⁠⁠www.northeypoint.com⁠⁠⁠

Follow on social:

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TikTok: @payments_unpacked

Email: ⁠⁠⁠payments_unpacked@northeypoint.co.uk⁠⁠

Alex Preece from Tillo joins us for our latest Payments:Unpacked video podcast.

Alex unpacks:

- How rewards, incentives and gifts network for the digital age are transforming the gift card market.

- How Tillo helps companies build loyalty, both attracts and retains customers and brings value to payments.

- How the Tillo loyalty platform can integrated into banks (via API integration).

- When the gift card is not a gift card: exploring using the gift card in a promotional tool or to facilitate programmable money.

Make sure you subscribe to the Payments:Unpacked podcast with your favourite podcast app or via Spotify.

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From the first recorded use of cash in Lydia (640BC) via banknotes causing excessive inflation in China (AD806) and a jailed Swedish banker (1600's) we arrive at the UK's first handwritten cheque in 1659.

For 300 years nothing else happened in payments until 30 years (starting 1960) focused on making cheque better and 30 years (starting 1990) of putting in pace the building blocks for the digital landscape we now enjoy.

In this edition of Payments:Unpacked we consider three key challenges - the future of our payment rails, the future of payment collections and payment fraud.

Don't forget to take part in our poll: Are you a Bazalgette, a Chadwick or a Bazelwick?

Host: Mike Chambers

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Sign up for the free Payments:Unpacked newsletter: With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.com

Check out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.com

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Bacstel-IP: In the room where it happened

Summary

In this podcast episode of Payments Unpacked, Mike Chambers reflects on the Bacstel IP migration, a significant technological overhaul in UK banking that took place 20 years ago. He discusses the challenges and successes of migrating over 100,000 organisations to a new internet-based payment system, highlighting the importance of collaboration among banks, software providers, and IT teams. The episode emphasizes the legacy of this migration and its impact on modern payment systems in the UK.

Takeaways

The Bacstel IP migration was a pivotal moment in UK banking.

Over 100,000 organizations migrated to a new payment system.

The project involved extensive planning and collaboration.

Bacstel IP improved security, speed, and efficiency of payments.

The migration was largely successful, with high user satisfaction.

Bacs processes a significant portion of UK salaries and payments.

The transition was largely unnoticed by the general public.

The project was part of a £100 million technology renewal program.

Key individuals played crucial roles in the migration's success.

The legacy of the migration continues to shape financial technology today.

Sound Bites

“In the room where it happened”

"It was one of those pivotal moments."

Chapters

00:00 The Bacstel IP Migration: A Historical Overview

02:59 The Impact of Technology on UK Payments

05:45 Reflections on Success and Legacy

From the first payment priorities for an incoming government, the future of cheques, the next steps for open banking and what to look for in a payment aggregator Izzy and Spencer ask Mike (payment) questions.

Host: Mike Chambers

Guest(s): Izzy and Spencer

Get early access to new episodes and full access to the podcast archive. Subscribe before the 31 August 2024 and you'll also receive twelve months subscription to the Payments:Unpacked newsletter (worth £60).

To subscribe head over to: https://podcasters.spotify.com/pod/show/michael-chambers3/subscribe

Sign up for the free Payments:Unpacked newsletter: With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.com

Check out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.com

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• Email: payments_unpacked@northeypoint.co.uk