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Igor - thank you. At the moment there is much activity around instant payments - the move to near real time and the addition to verify the true bank account owner. As instant payments goes international the ability to provide exchange rates for FX and crypto can become components within the cloud offered by trusted, regulated suppliers.

The use of standard APIs (Application Programming Interfaces) are becoming common as they act as a bridge between the new and old systems. They recieve and input data from the legacy core with minimum interferrance. Over time to meet growing digital banking customer requirements components can replace the existing core.

Many banks now have API departments so the old systems can be unlocked. As the majority of banks operate on overnight batch proofs the abilty to know the accurate bank balance is difficult. This was solved in the early days of faster Payments by running end of day routines multiple times. APIs will help accessing customer files that are out of sync with production.

Enjoyed your comment, see graphic: Then and Now

Jonathan - many thanks for the incisive input and comments below:

Fair comment on banks and some PSP. Both traditional and new banks along with PSPs can treat scammed customers insensitively. 

Agree on the £30K limit - its a WAG (wild arse guess).

The figure of £415K is being treated by the PA and its financial influences as a scare tactic. Complete nonsense as you rightly point out there is a review before money is paid away. Also the scammers would be at this level (and beyond) if it was a market possiblity.

I like the £100 excess option as it gives the bank/PSPs the opportunity to show compassionate on the first instance. As scammers swap 'live' names (e.g. saying take me off your list you are added on), the probability is high for another scam.

Given the PA mission is: "...helping almost 300 companies enhance their commercial interests, ... solve societal problems..." the first by delaying mandatory refunds saves bank/PSP £230 million/year as the customers carries on paying for the scammed amount. The contribution to solving societal problems is an oxymoron.   

Ketharaman - good long term positioning for the big American companies as India's international instant payments grow, where payment and FX fees are allowed, revenues will flow.