Payments:Unpacked from Mike Chambers
By Mike Chambers
Get to grips with the UK’s retail payments landscape with Mike Chambers, Chairman, CEO, Advisor, Ambassador, NED, Awards Judge and #paymentsinfluencer
Contact: collaboration@northeypoint.co.uk
Payments:Unpacked from Mike ChambersOct 18, 2023
Transformation, trust, confidence in a payments paradise
Investing in Answer Pay: Capitalising on Request to Pay
Mike Chambers discusses investing in Answer Pay and capitalising on Request to Pay with Peter Cornforth and Ralf Ohlhausen.
Simple, reliable and stress-free
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.
I (nearly) got scammed - this is Rowenna’s story
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.
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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
Making it easy to issue and pay bills - when you want, how you want.
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.
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
Has the penny had its day?
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
New Payment Architecture's Moment of Decision
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
Consumer Duty - Are Customers At The Heart Of Your Business? It’s Your Duty To Prove It And Fast.
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.
Unpack the UK's payments landscape with my newsletter - subscribe at: www.payments-unpacked.com
A2A payments, the NPA and all that with Lee McNabb of NatWest
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
Ask the Payment Systems Regulator - a Q&A podcast with Nick Davey
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
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
Rewards, incentives and gifts network for the digital age
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.
Unpack the UK's payments landscape with my newsletter - subscribe at: www.payments-unpacked.com
Exploring challenging trading conditions, addressing payment fraud and championing sustainability
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
Meeting a community's everyday banking needs
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
Making a POSitive difference
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
Exploring the intersection of RtP, VRP and DD's
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
Unpack the UK's payments landscape with my newsletter - subscribe at: www.payments-unpacked.com
Payments:Unpacked Podcast Season 2 Trailer
We are back with Series 2 of the Payments:Unpacked podcast.
In episode 1 we joined Enryo for a discussion on whether Open Banking is the future of retail payments.
and in episode 2 we were joined by Peter Cornforth from Answer Pay to discuss SEPA instant, partnerships and big topics for Answer Pay.
Don't miss out on future podcast episodes - subscribe at:
- Spotify
- You Tube
If you would like to feature in a future Payments:Unpacked podcast please contact Mike Chambers at: collaboration@northeypoint.co.uk
SEPA instant, partnerships and big topics for Answer Pay
Peter Cornforth from Answer Pay joins us for our latest Payments:Unpacked video podcast
Peter covers:
- The European Commission recently mandated SEPA instant with zero cost to the consumer, what does this mean for Answer Pay?
- Are partnerships an important model for Answer Pay?
- With 2023 just around the corner, what are the big topics Answer Pay are keeping a close eye on?
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
Is Open Banking the future of retail payments?
Is Open Banking the future of retail payments?
A podcast in association with Enryo.
In 2022 most people use a card to make a payment in-person or online. Open banking presents the opportunity for the growth in account-to-account payments, moving money directly from a payer to payee. This cold break the hegemony of MasterCard and Visa and set the ground for quick, cheap, safe and innovative payments between merchants and customers.
But how can this happen? And if it can, when? Is open banking the future of retail payments?
It was my privilege to join David Fagleman at Enryo to discuss this subject.
Unpack the UK's payments landscape with my newsletter - subscribe at: www.payments-unpacked.com
Unpacking the UK's New Payments Architecture (NPA)
In this Payments:Unpacked podcast we unpack the UK's proposed New Payments Architecture (NPA).
Let's start with a quote by KMPG:
"At its heart, the NPA aims to streamline interbank payments into a single clearing and settlement system, replacing the numerous systems in place today. Initially, Faster Payments transactions will migrate to the NPA in 2024-2025, followed by Bacs. It will be a new central infrastructure based on ISO 20022, making it the biggest shift in payment processing for a generation."
In this Payments:Unpacked podcast we talk to Paul Simpson from ACI Worldwide:
Paul says: "Although Faster Payments are not migrating until 2024-25, banks need to start preparing now for the first phase of the change: starting with self-certification in 2023. Self-certification is the process by which banks confirm to Pay.UK that they are ready for Faster Payments migration."
Contact:Paul Simpson from ACI Worldwide:
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From analogue to digital
From analogue to digital
The changes in the way we pay for the goods and services that we consume is no different to the digital transformation we are experiencing across all aspects of our life here in the UK.
This Payments:Unpacked podcast explores how we can choose who we pay, when we pay and how we pay in an increasingly less cash, digital society.
Unpack the UK's payments landscape with the free Payments:Unpacked newsletter - subscribe at: www.payments-unpacked.com
City Payments Trip
City Payments Trip
In a break from the Payments:Unpacked podcast series here is a walk around the City of London reflecting on my career in payments.
Recollections may, of course, differ but the City's 'my word is my bond' is a constant throughout.
Don't forget to subscribe to the Payments:Unpacked podcast in your favourite podcast app (and it's be great if you could rate us as well!)
Also, make sure you subscribe to the free Payments:Unpacked newsletter at www.payments-unpacked.com
Unpacking Variable Recurring Payments (VRP's)
Unpacking Variable Recurring Payments
In this Payments:Unpacked podcast we are joined by Sean Devaney from CGI - Sean helps us unpack the new Open Banking initiative called Variable Recurring Payments (or VRP's).
Unpack Variable Recurring Payments with Sean as he explains:
- Are VRP's the end of Open Banking?
- What is a VRP?
- What do the banks need to do to introduce VRP's?
- Will VRP's be chargeable?
You'll find the Payments:Unpacked blog on VRPs here: Sweeping possibilities with Variable Recurring Payments
Don't forget to subscribe to the Payments:Unpacked podcast in your favourite podcast app (and it's be great if you could rate us as well!)
Also, make sure you subscribe to the free Payments:Unpacked newsletter at www.payments-unpacked.com
Unpacking Confirmation of Payee (CoP)
Unpacking Confirmation of Payee
In this Payments:Unpacked podcast we are joined by Paul Simpson from SurePay - Paul helps us unpack the UK's new Confirmation of Payee (CoP) overlay service.
Unpack Confirmation of Payee with Paul as he explains:
- Why Confirmation of Payee is so important.
- The phased roll out process adopted by the UK.
- Considers a non bank use case study.
- Outlines SurePay's plans for future development of Confirmation of Payee.
- Explains why a 'partial match' and a 'no match' are just important as a 'match'.
For more make sure you visit Sure Pay's website.
Don't forget to subscribe to the Payments:Unpacked podcast in your favourite podcast app (and it's be great if you could rate us as well!)
Also, make sure you subscribe to the free Payments:Unpacked newsletter at www.payments-unpacked.com
Unpacking card payments
Unpacking card payments
In this Payments:Unpacked podcast we are joined by Ciaran Savage from Card Industry Professionals - Ciaran helps us unpack card payments.
Ciaran explains:
- What are the noticeable shifts / trends within payments at a SME / SMB level.
- Ciaran's view on what to expect over the next 12 - 18 months in the payments market.
- Why is there now a need and an acceptance for digital payment tools.
- What are the key benefits to business owners adopting digital payment tools.
Don't forget to subscribe to or follow the Payments:Unpacked podcast in your favourite podcast app (and it's be great if you could rate us as well!)
Also, make sure you subscribe to the free Payments:Unpacked newsletter at www.payments-unpacked.com
Unpacking ISO 20022
In this Payments:Unpacked podcast we are joined by Nancy McCaw from Org - Nancy helps us unpack the ISO 20022 message standard and explains how this global initiative will impact the UK's payment schemes.
Unpack ISO 20022 with Nancy as she explains:
- What is ISO 20022.
- What payments will be affected and when.
- What changes are there in the message format.
- What should organisations be doing now to prepare for the changes.
Don't forget to subscribe to the Payments:Unpacked podcast in your favourite podcast app (and it's be great if you could rate us as well!)
Also, make sure you subscribe to the free Payments:Unpacked newsletter at www.payments-unpacked.com
Divorce, bank accounts and Balls
Back in July 2012 the then shadow chancellor Ed Balls said: “You’re more likely to be divorced than to change your bank account.”
Speaking to the BBC’s Andrew Marr, he said: “It’s very difficult to change bank accounts. People do it every 26 years. You’re more likely to be divorced than to change your bank account, and that’s partly because it’s difficult.”
In 2013 this all changed and, the now familiar, Current Account Switching Service was launched….
It was a privilege to be responsible for the ownership and operation of CASS for the first 4.5 years of its operation (about 50% of its current existence) - because finally the process of switching a current account between banks and building societies simple, reliable and stress-free.
In this podcast we explore the latest Current Account Switching Service data released by Pay.UK - covering the service itself and the winning / losing banks.
- Blog: Current Account Switching Accelerates
- Newsletter: Payments:Unpacked
Should we donate cheques to the Museum of Curiosity?
With analogue (cheque) payments representing just 1.5% of the total Bacs, CHAPS, Faster Payments and Image Clearing System volumes is it the right time to join the Bahamas and decide to donate the humble cheque to that vast imaginary museum - the Museum of Curiosity?
The podcast from Mike Chambers at Northey Point explores:
- A 17th Century Alternative To Cash
- Peak Cheque
- A steady but profound decline
- Just 1.5% market share
- Our payment habits have changed
- The content of our pockets has changed
- The end of the cheque that never was
- It’s not just a British thing
- After a long and illustrious career
After a long and illustrious career let’s send the humble cheque off into retirement and let our payment habits truly reflect the digital society we live in.
Trailer: Unpacking the UK's changing payments landscape
Do you find it difficult to keep up with the UK's changing payments landscape?
Our mission is to unpack the UK's changing payments landscape with the Payments:Unpacked podcast from Mike Chambers at Northey Point.
Use the links below or search "Payments:Unpacked" in Apple Podcasts, Spotify, Anchor or Overcast then listen and subscribe.
- Spotify: https://open.spotify.com/show/2JC8f1K0lkmKoW63JnS5hD
- Apple: https://podcasts.apple.com/gb/podcast/payments-payments-payments/id1526994791
- Anchor: https://anchor.fm/michael-chambers3
Also, why not subscribe to Mike Chambers' free Payments:Unpacked newsletter at: www.payments-unpacked.com/subscribe
What is Request to Pay? Featuring Peter Cornforth from Answer Pay
In this edition of the Payments:Unpacked podcast we shine a light on the UK's new bill payments overlay service - Request to Pay.
We are joined by Peter Cornforth, Commercial Director from Answer Pay - the UK's first accredited Request to Pay provider.
Peter describes what Request to Pay is, considered the benefits to both the biller and the payer, considers how the service can support the UK's mission to thwart the fraudster, explores the various use cases that request to Pay seeks to address, compares the UK's offering with Europe and further afield, explains why Request to Pay and Open Banking can be natural bedfellows and considers how a PSP might implement the service.
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