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Increasing access to UK payments schemes and fostering a more competitive banking landscape. A special Q&A with VocaLink’s payments services director, Chris Dunne.
Joining and connecting to any of the UK payment schemes is currently relatively costly and complex, particularly for challenger banks. Scheme membership is dominated by the Tier 1 banks and there is little inter-scheme coordination and no consolidated way to access multiple services across different schemes which in itself is a driver of cost and a barrier to entry.
This is a key area of interest for the incoming Payment Systems Regulator. There are already initiatives underway to help open access to payment system, such as a move to pre-funded settlement for Faster Payments and BACS and lowering the entry requirements.
- How far can entry requirements be relaxed without putting the system at risk?
- What benefits will this bring to small institutions, focusing on operational information, connectivity, certification and settlement management?
- How would access to Faster Payments improve competitiveness?
- Should KYC be seen as a competitive area or should it be supported by a utility?
- Will the new Payments Services Regulator have any impact on competitiveness in the UK retail banking space?
Chris Dunne sat down with Finextra to answer these questions in a webcast discussion first broadcast live on September 23. .
When: On demand