Pay.UK

Our Chief Business Development Officer, Kate Frankish, recently joined a panel of fellow industry experts at UK Finance’s Economic Crime Congress to review the implementation and impact of the Payment Systems Regulator’s authorised push payment (APP) fraud reimbursement regulations.   In the session ‘APP reimbursement requirement: The implementation and impact of the regulations’, the panel discussed emerging trends since the implementation on 7 October, the impacts on the scale of fraud, as well as the key priorities in the fight against fraud for 2025.   Kate said: “We have seen an increased focus on investment from the payments industry in fraud detection and prevention, and are optimistic that this, alongside continued collaboration, moves us ever closer to achieving a one-system solution to combat fraud.”   Read our full round up article here: https://lnkd.in/eXjHuiKs   #PayUK #Fraud #Payments

As we near the end of 2024, we take a moment to reflect on a year of substantial achievement, collaboration and growth at Pay.UK.   From supporting industry-wide compliance with new mandatory reimbursement legislation, to expanding our Confirmation of Payee service to achieve near full coverage, we have successfully delivered on a wealth of initiatives that make us the smartest way to move money, now and in the future.   We’d like to thank our colleagues, customers, regulators, and stakeholders for their ongoing support and engagement, and look forward to continuing our work together in 2025.   Take a look at our 2024 recap video as it revisits some of our most notable achievements and activity this year.   #PayUK #Payments

Did you know? We routinely share our comprehensive, aggregated payments data with the Office for National Statistics (ONS) to provide insight into the UK’s payments ecosystem. As the UK’s largest independent producer of official statistics, the ONS’s data subsequently helps inform national policy decision-making by major stakeholders including the Cabinet Office, HM Treasury, and the Department for Business and Trade. #PayUK #Payments

We are committed to ensuring that our products and services effectively meet the needs of end users, and our End User Advisory Council (EUAC) is key to these efforts. With representation from across the ecosystem, from small and medium-sized enterprises to large corporates, the council advises the Pay.UK Board on the interests of end users, ensuring they remain central to developments. We are therefore pleased to welcome new members Martin Coppack, Debrah Harding, Dr. Kenny Imafidon MBE, Keith Richards OBE, Tony Shaw and Paul F. to the EUAC. Bringing a wealth of expertise from their respective backgrounds in payments, consumer advocacy, policy and public affairs, the council now reflects the interests of an even larger set of consumer and merchant end users. Read more about our members here: https://lnkd.in/ezdRa-qH. #PayUK #Payments

Pay.UK colleagues Christian S., Elena V., Anu Mundollikkalam, Natasha Doughty and Anita Bernas recently joined Bywaters and FEAST With Us to help prepare meals to feed people in need.   At the session in North London, our volunteers used surplus food donated by charitable organisation The Felix Project to create almost 100 new meals and desserts for redistribution to those most in need.   Working to both reduce food waste and practice social sustainability, we’d like to thank our colleagues for exemplifying our commitment to social responsibility, as referenced in our Environmental, Social, and Governance (ESG) strategy.   Find out more about our ESG strategy here: https://lnkd.in/e36HUdwM   #PayUK #ESG

We were delighted to host a breakfast roundtable at the House of Commons this morning to explore how the National Payments Vision (NPV) and Pay.UK can work to combat authorised push payment fraud. Our chair, Mark Hoban, and Labour MP, Matthew Patrick, welcomed consumer champions Which? and Victim Support, industry leaders, and policy makers, to discuss how we can deliver the Vision's goals of a more innovative, competitive, and secure payments ecosystem. The session highlighted the need for a consistent approach to protecting victims through detecting, preventing and reimbursing fraud; what more can be done to tackle fraud and opportunities to work together; and the need for greater data sharing across services. We look forward to continuing our work to tackle APP fraud in the UK, alongside the Government. Find out more on our work on fraud here: https://lnkd.in/eFVEP_Bj Read our response to the NPV here: https://lnkd.in/ek-wYfk6 #PayUK #fraud #NationalPaymentsVision

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

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

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

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