December 2019
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This conference examined the future for digital payment services in the UK - with discussion on regulation, innovation and the implementation of the Revised Payment Services Directive (PSD2).
Discussion focused on the impact of regulatory changes on the sector.
It was informed by:
- The Future of Finance Report commissioned by the Bank of England - which includes recommendations designed to shape the payments system of the future, including allowing open access to a broader range of payment providers who operate across borders; and
- Publication of the FCA’s general standards and communication rules for the payment services and e-money sectors.
Following the FCA’s announcement of a phased introduction of Strong Customer Authentication over 18 months, sessions also provided an opportunity to assess the challenges and opportunities arising from PSD2 implementation.
The conference took place in the context of rapid growth in financial technology - including Open Banking and contactless mobile payments.
Delegates also examined key priorities for promoting continued innovation and competition in the sector, while at the same time ensuring that new technological developments do not compromise the security of personal and financial information.
Discussion also took place on the impact of third party payment services providers (TPPs) such as payment initiation services providers (PISPs) - who are able to initiate payments on behalf of customers - and what more needs to be done to make sure systems work for the benefit of the consumer. Sessions on the agenda included case studies on services enabling vulnerable consumers to better manage their money and reduce debt.
