Changing Payments Landscape

How 2017 will change the way we pay for good

A Payments UK Report
January 2017
 Contents
Introduction
2017 – A tipping point 4
Maurice Cleaves, Chief Executive

Context
Great expectations: what is driving change? 6
A changing landscape: trends from 2005-2025 8

2017: A tipping point

Managing 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 Euro 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

Timeline
Timeline: an overview of current developments 15

2 Changing Payments Landscape – How 2017 will change the way we pay for good Changing Payments Landscape – How 2017 will change the way we pay for good 3
2017 – A tipping point
Maurice Cleaves
Chief Executive, Payments UK
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
payments
To 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
4 Changing Payments Landscape – How 2017 will change the way we pay for good
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
infrastructure
The 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.
“With so much change on
the horizon we have a great
opportunity to continue to
deliver world class payments
across the board.”
MAURICE CLEAVES
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 agenda
The UK’s decision to leave the
EU could further reshape the UK
payments landscape. Although we
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
Changing Payments Landscape – How 2017 will change the way we pay for good 5
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 change
The 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.
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.
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.
6 Changing Payments Landscape – How 2017 will change the way we pay for good
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.
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.
Changing Payments Landscape – How 2017 will change the way we pay for good 7
A changing landscape: trends from 2005-2025

There has been a revolution in the way we make payments in the UK over the past Past and future trends 2005-2025
decade, thanks in no small part to a steady stream of collaborative innovation by the PREDICTED
payments industry. 25,000

• In 2003 the UK was the first only a recipient’s mobile telephone popularity of online shopping has

Number of payments (thousands)

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.
number and without knowing their
account number or sort code.
Growth in debit cards and
contactless payments
The 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
20,000
also played its part in the growth
of debit card use – they are now
the most popular way of paying for
goods online.
15,000
Contactless card payments are also
becoming increasingly popular.
Although first introduced in 2007, 10,000
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 5,000
and Transport for London and
some other transport systems
rolled out contactless payment.
0

2020

2021

2022

2023

2025
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019
2005

2006

2007

2008

2009

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
banking
The 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
2024
“Only a decade ago social media was in its
Cash Cheque
infancy, smartphones were a rarity and internet
Direct Debit Standing order
access was sporadic. The world we live in has
Bacs Direct Credit Faster payments and other remote banking
changed and so too has the way that we pay
Credit/charge/purchasing card Debit card
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
The increasing use of contactless these remain very important
most frequently used by consumers. This will be aided by the
for travel has encouraged people methods of payment. In 2005, cash
continued rollout and adoption of contactless payments. to feel more comfortable using the was used for 64% of all payments.
new technology in other outlets, By 2015, this had fallen to 45%,
Looking further ahead, we can expect to see more radical
such as shops and restaurants and mainly as the result of consumers
change. Innovation on the back of the API developed for the the technology has continued to switching to debit cards – a trend
Open Banking Standard and PSD2 has the potential to bring grow further with the emergence of that has been heightened by
more choice and convenience than ever before to consumers mobile contactless. growing adoption of contactless.
and businesses.” As alternative methods of payment
Continued importance of other have become more popular, cheque
HELEN DOYLE, methods of payment payment volumes have also declined
DIRECTOR OF RESEARCH & CUSTOMER POLICY AT PAYMENTS UK Although there has been an overall in the UK – but customers still wrote
decline in cash and cheque use, over half a billion cheques in 2015.

8 Changing Payments Landscape – How 2017 will change the way we pay for good Changing Payments Landscape – How 2017 will change the way we pay for good 9
Managing a complex agenda: at home and in Europe
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.
The Payment Systems Regulator
and Payments Strategy Forum
In 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.
10 Changing Payments Landscape – How 2017 will change the way we pay for good
Payment System Operators
To 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 Banking
An 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
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.
Europe
PSD2 and Regulatory
Technical Standards
The 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.
Changing Payments Landscape – How 2017 will change the way we pay for good 11
“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
Single Euro Payments Area Data Protection
(SEPA)
The European Commission’s
The Euro Retail Payments Board EU Data Protection Reform will
(ERPB) invited the European come into force in May 2018. The
Payments Council (EPC) to create Regulation aims to strengthen
a pan-European instant payment citizens’ fundamental rights for the
scheme. Whereas national instant digital age through wide-reaching
payment solutions have already obligations and changes to the way
been successfully introduced in the personal data is protected, whilst
Single Euro Payments Area (SEPA), also simplifying rules for companies
there is currently no pan-European in the Digital Single Market. Virtually
scheme enabling instant payments every organisation that processes EU
in euro. personal data will need to take some
action in order to be compliant.
The SEPA Credit Transfer scheme
(SCT Inst) is a world first and will Anti-Money Laundering
enable individuals, businesses,
The Fourth Anti-Money Laundering
corporates and administrations to
Package aims to combat money
make instant euro credit transfers
laundering from criminal activities
between accounts across 34
and counter the potential financing
European countries. Created by
of terrorist groups by setting
the EPC, in close collaboration with
requirements for Member States
numerous stakeholders, this scheme
to implement national registers of
will allow 24/7 payments of up to
beneficial owners of companies
€15,000 to be processed in less
(and some types of trusts). It also
than ten seconds, compared to the
aims to prevent misuse of virtual
current timescales of up to a day.
currencies, by bringing virtual
Payment service providers will
currency exchange platforms and
be able to make the first SCT Inst
custodian wallet providers under
transactions in November 2017.
the legislation. Member States
have committed to implement the
package by the end of 2016.
A united vision for change: how is industry responding?

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.
World Class Payments
The 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.
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 Payee
Payments 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.
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.
World Class Capabilities
The 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 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
The next challenge is to develop the payments infrastructure is a
a more detailed design and network, standards are vital to
to address the many specific ensure the users of that network can
requirements customers will have, inter-operate and communicate in a
including meeting consumer needs, common and understandable way.
regulators’ expectations and making
sure it can be used by large and Standards continually evolve
small payment service providers and any changes can have a
and third party providers. far-reaching impact across the
industry. Payments UK believes that
Work will be essential to ensure managing change or creating new
that the new service is user friendly standards that fit the needs of users
and accessible and that it meets can be better served at a cross-
data protection requirements – industry level.
an API based solution remains
only one option. It is clear that With this in mind, in March 2016
the Payments Strategy Forum’s Payments UK launched the
strategy recognises the challenge Standards Collaboration Framework
presented by data privacy and legal (SCF). The SCF aims to help the
requirements relating to CoP and industry better prepare for change
that these issues will need to be as it manages and maintains the
resolved in the detailed design of standards process, as well as
the solution. guarantee a level of consistency as
the industry moves forward.
Standards Collaboration At the core of the SCF is a common
Framework technical capability to develop a
Industry standards are the common structured, complete catalogue of
language that make payments all UK payments standards. The
possible and allow payment SCF’s central technical repository
systems to operate smoothly. As can provide an authoritative single

12 Changing Payments Landscape – How 2017 will change the way we pay for good Changing Payments Landscape – How 2017 will change the way we pay for good 13
 source 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.
14 Changing Payments Landscape – How 2017 will change the way we pay for good
PSD2 Stakeholder Group
Timeline: an overview of current developments
From 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
Regulatory Technical Standards (RTS)
Negotiation and withdrawal
the remedy on the Open Banking
Code implementation
standard will be PSD2-enabled.
Read write access to account
Systems Operator
implementation period (PSD2)
2018
Delivery to 2020
New Payment
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
Payment Systems Operator Delivery Group
Launch (TBC)
interests of the PSD2 community of
Implementation, delivery and review
stakeholders. This will help.
Consolidation
Article 50 activated
The PSD2 Stakeholder Group will
Financial Crime Working Group
help deliver solutions that join up
Product and reference open data
2017
HM Treasury consultation
Finalised Code
requirements from the CMA and
Implement remedies,
Incorporation, design, set-up and implementation
PSD2, reflecting the fact that some
draft PSD2 regulation
delivery and review
Recommendations
larger institutions are running a
Design Authority
Financial Services Trade Association Review (FSTAR)/New Trade Association
single programme for both sets
Blueprint
of requirements, and avoiding
Full report publication
the risk of replicating resources
and budgets. Both the Financial
Conduct Authority and HM Treasury
(transpositional)
Ring fencing (Prudential Regulation Authority)
Payment Systems Regulator – Market Reviews
have been consulted on the need
Strategy launched
Payment UK’s World Class Payments Project
Draft Code of Practice for PSOs
and value of this approach, as
indeed have the CMA.
RTGS Review – Consultation
Ownership and competitiveness of infrastucture provision
(transpositional)
Payment Systems Regulator/Payment Strategy Forum
Retail Banking Market Investigation
Payment Services Directive 2 (PDS2)
Brexit
Anti Money Laundering Directive 4
2016
4 priority capabilities reports
Strategy consultation
Payments Industry Strategy
Image Based Cheque Clearing
Payment Account Directive
Interchange and contactless
Direct Debit Enhancements
Indirect access to payment systems
TA votes
Governance Review
Instant Payments
Formulation of draft strategy
Aggregators
(text and transposition)
Bank of England
Recommendations
2015
Initial Report
C&CCC
Cards
SEPA
LINK
Bacs
CMA
FPS
REGULATION INDUSTRY & STRATEGY
Changing Payments Landscape – How 2017 will change the way we pay for good 15
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
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