The payments landscape continues to evolve and this blog shares some of the topics that caught my attention during the last month. If you think I’ve missed anything important, do please send an email to technical@treasurers.org.
Regulatory announcements
The Bank of England is seeking feedback on a possible extension of the opening hours of the CHAPS system.
If you have any views on this, please drop an email to technical@treasurers.org
The UK’s CHAPS payment system remains on target to switchover to ISO 20022 in June 2023.
The Payments Systems Regulator in the UK published its workplan for 2023/24. It will focus on the following:
The Financial Conduct Authority in the UK issued a Dear CEO letter to payment firms that it regulates. It had two areas of focus:
Outcome 1: Ensure that your customers’ money is safe
Outcome 2: Firms do not compromise financial system integrity
Outcome 3: Ensuring that your customers' needs are met through high quality products and services (Implementation of the Consumer Duty)
In February the Financial Stability Board issued its latest report - G20 Roadmap for Enhancing Cross-border Payments. It has identified the following key objectives:
Interesting reports
Clifford Chance has issued a report on payment trends in 2023. It identified the following 7 key areas:
Cross border payments
Central bank digital currencies
Stablecoins
Operational resilience
Open Finance
Embedded Finance
Anti-trust investigations
ACI Worldwide released its 2023 report called It’s Prime Time for Real Time. It includes the following infographic:
