AFB Conference - Payments and Challenges for the Future

The international banking community in London came together recently, at the Stationers Hall, for the Association of Foreign Banks’ two-day conference. A host of leading industry voices spoke on a range of topical issues and challenges including payments, treasury management, financial transaction tax (FTT), Foreign Account Tax Compliance Act (FATCA) and operational risk.

My particular presentation was on the changing UK and international payments landscape. One consistent theme from myself along with other speakers from FIS, CHAPS, Faster Payments and SEPA Consultancy was clear recognition of the impact the HM Treasury’s current consultation will have on the regulatory and strategy setting framework for UK payments.

There was also plenty of interesting and useful statistics that came out of the event about the rise of Faster Payments and Direct Debits, and a general view that mobile is now virtually mainstream. In fact, around 40 per cent of the delegates present admitted to making a mobile payment in the previous month.

Cheques got an airing with general agreement that image-based processing is on the way in the UK in some form, with a more efficient payment tool the ultimate result. Many of the attendees ‘home’ banks operate in countries such as US, Malaysia, Mexico, Thailand and Germany (to an extent) where truncation is already a reality and working well.

Finally, there was an excellent session from SOCA on money laundering, and a depressing scenario highlighted by a detailed overview of the proposed FTT.

Well done to the Association of Foreign Banks for such a great event at such a wonderful venue.