World Class Payments in the UK Enhancing the payments experience

Transcription

1 World Class Paymns in h UK Enhancing h paymns xprinc An Iniial Rpor Augus 2015

2 UK cusomrs, businsss and hos in h public scor hav old us wha hy wan from h paymns of omorrow. W ar conidn of h dircion ha nds o b akn o mak sur paymns in h UK coninu o b world class. Grard Lmos Chairman, Paymns UK 2 World Class Paymns in h UK Enhancing h paymns xprinc

3 World Class Paymns in h UK Enhancing h paymns xprinc Imagin a world wihou h abiliy o shop wih a card, pay bills by Dirc Dbi, or mak insan onlin banking paymns. Imagin how slow and sluggish ha world would b. Imagin h impac on you or your businss: i is unhinkabl. Fas forward 20 yars and imagin h kind of faurs and funcionaliis consumrs, businsss, govrnmn and nw and xising providrs of paymns srvics will wan and nd. Of cours scuriy, rliabiliy and spd will coninu o b ssnial bu wha kind of innovaion in paymns would mak somon si up and say, how did w liv wihou ha? Ths ar h big qusions ha Paymns UK s World Class Paymns Projc is sking o answr. Th fas pac of chang in chnology, rgulaion, lgislaion, consumr prfrncs and accssibiliy maks h iming righ o rviw how hs changs can b usd o nhanc h paymns xprinc for vryon s bni. Our indings should guid any dvlopmns in infrasrucur, h rgulaory nvironmn and hlp dsignrs of paymns producs and sysms build on h currn funcionaliy o dlivr a ruly world class paymns nvironmn in h UK. As a irs imporan sp, w hav akn an vidnc-basd approach o ngag wih h wid bradh of paymns usrs and hos who ofr paymns srvics o cusomrs, o idnify wha hy nd from hir paymns of omorrow. This iniial rpor summariss our ky indings. As wll as our xnsiv ngagmn wih many difrn groups w hav drawn upon h walh of rsarch undrakn by h indusry ovr h pas fw yars and our dp undrsanding of indusry, rgulaion, chnology, global sandards and h currn paymns infrasrucur. for chang, and will undrak furhr xploraion in h following aras: improving accss o h paymns infrasrucur for paymn srvic providrs; giving cusomrs grar conrol ovr paymns laving hir accoun; providing conirmaion of pay bfor a paymn is sn o prvn rrors; and providing mor informaion wih paymns. Thr is clarly sill much work o b don. To dlivr all h capabiliis or faurs w hav idniid, and criically o agr h iming of dlivry, i will rquir h indusry s nw and xising playrs, bu also rgulaors, chnology providrs, h govrnmn and of cours cusomrs o mov forward oghr. W innd o publish a furhr upda on our World Class Paymns work nx yar. Mauric Clavs Chif Excuiv, Paymns UK W bliv ha voluionary improvmn is h bs approach o build on h xising arrangmns which hav srvd h UK so wll. To hlp urn his approach ino a raliy w hav idniid ky aras World Class Paymns in h UK Enhancing h paymns xprinc 3

4 Conns Th cas for chang 5 Wha is ndd o b world class? 6 World class capabiliis 10 W hav idniid hirn capabiliis or faurs which combind w bliv will dlivr world class paymns in h UK Prioriis 13 W hav idniid four aras ha w bliv should b prioriisd as h focus of furhr work G involvd 14 How o bcom a mmbr of Paymns UK, join our Cusomr Engagmn Nwork or conac h Paymns UK Projc Tam Appndix i. 15 YouGov survy ii. Rfrncs iii. Acknowldgmns 4 World Class Paymns in h UK Enhancing h paymns xprinc

5 World Class Paymns in h UK h cas for chang Th pac of chang in h paymns scor has nvr bn grar. Tchnological dvlopmns, nw playrs in h mark, nw and mrging rgulaion and cusomr appi for nw producs and srvics man h im is righ o ak a holisic viw of h improvmns rquird if paymns in h UK ar o rmain world class. Th UK has a divrs paymn sysms infrasrucur and alhough much of i has volvd ovr im i is globally rcognisd as mark lading, wih ohr counris copying is faurs o nhanc hir own paymns nvironmns. Howvr, as mor and mor nw yps of Paymn Srvic Providr (PSP) nr h mark and w incrasingly mov owards a digial, 24/7 world, hr is widsprad accpanc ha changs will nd o b mad. This irs phas of Paymns UK s World Class Paymns projc has sough o gahr vidnc o inform h dba on wha nds o chang and why. Undoubdly xising and mrging rgulaory changs will shap or dica whn changs will happn. Th indusry has boh domsic and inrnaional rgulaion o facor in o is plans for xampl, h Europan Commission s Paymn Srvics Dirciv 2 and h ring-fncing rquirmns from h Banking Rform Ac. Th UK also has a nw conomic rgulaor for paymns h Paymn Sysms Rgulaor (PSR) h irs of is kind in h world. Th PSR s objcivs ar o promo compiion and innovaion in paymn sysms, and nsur h nds of cusomrs and businsss ar kp a h forfron. Th PSR wans o s h paymns indusry driv forward chang o mainain h UK s lading posiion of providing compiiv, innovaiv and icin sysms. Boh h Bank of England and h Paymn Sysms Rgulaor play a criically inlunial rol o nsur h indusry s framwork for chang aligns wih h rgulaory nvironmn. Th mrgnc of hs nw playrs has brough h issu of accss o paymn sysms ino sharp focus for boh rgulaors and h indusry. This has a ral knock-on fc for cusomrs oo many nw and innovaiv srvics will only b possibl if h ssnial cornrson of opn accss for vry playr in h indusry is in plac. Considraion also nds o b givn o mrging chnologis such as digial currncis and blockchain, which could rsul in gam changing opporuniis for xising paymns procsss and infrasrucur. All hs drivrs combind hav crad idal condiions for h indusry o com oghr, shar hir viws, har from cusomr rprsnaivs and considr h capabiliis rquird o m all sakholdr nds. Ousid h radiional banking arna, inchs (h inancial chnology scor) ar looking o dlivr a rang of difrn innovaions o as paymn procsss, rduc fraud, sav usrs mony, or promo inancial planning. World Class Paymns in h UK Enhancing h paymns xprinc 5

6 Wha is ndd o b world class? Fdback from consumrs, businsss and chariis, govrnmn and h indusry In ordr o undrsand h fuur capabiliis ha would b ndd w hav ngagd hrough ongoing mings and sminars wih a wid group of sakholdrs. W would lik o hank h many consumr organisaions, corporas, businsss, govrnmn, rad associaions, sofwar vndors and inchs ha hav hlpd us o undrsand hir nds and o valida our indings. A lis of conribuors is shown on pag 18. Consumrs In addiion, nw quaniaiv rsarch has bn conducd and a subsaniv analysis of xising rsarch considrd. A lis of ky rfrncs is s ou in h Appndix. know in ral-im how much mony is in hir accoun o inform a purchas or bill paymn dcision mak paymns how and whn hy wan hav br informaion and consisncy of xprinc wih paymns.g. procssing or claring imscals, noiicaions and limis A summary of fdback by cusomr sgmn follows. know whn hy mak a paymn ha i is going o h swich accouns promply and wihou rror Wha do w nd o b world class? I can pay (or rciv paymns from) who I wan, whn I wan and whr I wan Conrol is paramoun o consumrs and a rcurring hm in discussions and rsarch. Spciically, consumrs wan o: righ prson or businss hav h abiliy o conrol on-of paymns ha ar akn from hir accoun Consumr and small businss YouGov survy rsuls To conirm our analysis of consumr and small businss nds for fuur paymn srvics his summr (July 2015) Paymns UK commissiond wo onlin YouGov survys. Th survy sd ponial fuur changs o paymns wih a naionally rprsnaiv sampl of UK consumrs[1] and small and mdium businss dcision makrs[2]. S Appndix for furhr dails and for full rsuls. Ky consumr indings Th mos usful chang idniid was having all paymns o and from ohr accouns compld immdialy, 24 hours a day, svn days a wk and shown on my balanc sraighaway (58%) Alhough ohr ponial fuur changs wr idniid as usful by consumrs, ovr half (53%) said ha bing abl o chck ha h bank dails ar corrc for h prson I wan o pay bfor I snd an lcronic paymn so ha i dos no go o h wrong accoun would b usful 53% of consumrs idniid bing abl o s Dirc Dbis and ohr paymns coming up (.g. s Dirc Dbis and paymns du o go ou) as a usful chang. 6 World Class Paymns in h UK Enhancing h paymns xprinc Ky small and mdium businss indings For small and mdium sizd nrpriss (SMEs) h op hr mos popular ponial fuur changs wr: Having all paymns o and from ohr accouns compld immdialy (57%) Bing abl o chck ha h bank dails ar corrc for h prson I wan o pay bfor I snd an lcronic paymn so ha i dos no go o h wrong accoun (57%) Bing abl o know who has sn a paymn and wha i is for (54%)

7 Small businsss, chariis and h volunary scor Wha do w nd o b world class? Paymn opions ha sui h way I do businss Th main rquirmn for small businsss and chariis is grar lxibiliy in paymns which can b id and ailord o hir own businss modl, no vicvrsa. Spciically small businss and Chariy and Volunary Scor (CVS) cusomrs wan: h abiliy o opn accouns and mak or rciv paymns quickly and asily o giv conrolld accss o paymns o who hy wan visibiliy of funds whnvr hy wan paymns o go o h righ popl, and knowldg ha hy hav arrivd paymn informaion ha is asy o us for accouning and rconciliaion h rason for h paymn is asy o driv Corporas and govrnmn Wha do w nd o b world class? Paymn srvics ha allow my organisaion o b mor cos fciv Th main hm for largr businsss and govrnmn dparmns is h opporuniy o simplify h procss for making and rciving paymns, wih h viw o ralising icincy gains. Spciically: abiliy o valida who hy ar paying, and wha i coss bfor snding a paymn; abiliy o rconcil paymns rcivd; abiliy o rsolv issus asily and wih quiabl procions h abiliy o mak and rciv paymns whnvr hy wan, wih as much daa as ndd, wih as and icincy across mulipl providrs common (sandardisd) ways of insrucing and rporing paymns o incras inroprabiliy, icincy and as of swiching clar and simpl ruls allowing hm, if hy wish, o giv conrolld hird pary accss o hir paymn accouns suicin noic abou changs o h paymns landscap so hy can plan fcivly for hmslvs and hir cusomrs paymn opions ha ar sraighforward, scur and prdicabl allowing for fciv managmn of cash low [1] All igurs ar from YouGov plc. Th oal sampl siz of h consumr survy was 2,075 UK aduls. Fildwork was undrakn bwn July Th survy was carrid ou onlin. Th igurs hav bn wighd and ar rprsnaiv of all UK aduls, agd 18 and ovr. [2] All igurs ar from YouGov plc. Th oal sampl siz of h small businss survy was 1,103 GB SME dcision makrs. Fildwork was undrakn bwn 27 July and 3 Augus Th survy was carrid ou onlin. Th igurs hav bn wighd and ar rprsnaiv of GB SMEs World Class Paymns in h UK Enhancing h paymns xprinc 7

8 W hank h many inancial insiuions and Paymn Srvic Providrs who hav providd hir inpu conribuors ar lisd on pag 18. Financial insiuions and Paymn Srvics Providrs Wha do w nd o b world class? I can accss and procss paymns in a way ha allows my insiuion o comp and innova cos fcivly Alhough vry difrn o ohr cusomr groups, banks, building sociis, inancial insiuions and ohr Paymn Srvic Providrs hav a numbr of cor rquirmns for fuur paymn srvics. Fdback from his group highlighs h nd for common or simpliid accss o paymn sysms and srvics, along wih h abiliy o dvlop compiiv ofrings on op of any gnric, collaboraiv iniiaivs. Spciically: opn and ransparn accss o paymns srvics wih common chnical sandards, ruls and pracics h abiliy o lvrag h paymn sysms and dvlop and cra compiiv paymns proposiions for cusomrs faurs for cusomrs (if hy choos o), o b abl 8 World Class Paymns in h UK Enhancing h paymns xprinc o auhoris hird paris o s hir balancs and fc paymns according o a univrsal scur sandard h abiliy o choos whn and how migraion from xising procsss (and providrs) o any nw sandards occur, nsuring no drimnal impacs on cusomrs whn collaboraiv chang happns in h paymns landscap hr is an opporuniy o inlunc and rciv suicin noic givn so i can b plannd for.

9 Conribuor fdback I am gnuinly xcid o s ha Paymns UK and is work on World Class Paymns is prioriising consumrs clar nd for grar conrol and lxibiliy ovr h iming of rgular paymns. Whovr you ar, conrol ovr your inancial low of xpndiur agains incom is absoluly criical for fciv mony managmn. For popl on low or irrgular incoms, a paymn mchanism ha could nabl his kind of lxibiliy will mpowr popl o mak hir mony work wll for hm and h focus on his nd is absoluly righ. Sian Williams Had of Naional Srvics, Toynb Hall and Financial Inclusion Commissionr BASDA ruly wlcoms his rpor and is driv o provid a paymns infrasrucur ha addrsss h ky nds and opporuniis of our somwha archaic infrasrucur in ordr o provid UK Plc and is cusomrs wih a ruly 21s cnury s of xprincs ha hy com o xpc and dsrv. W look forward o collaboraing closly wih h paymn indusry o nsur a consisn and pragmaic scop along wih dploymn, as his will b crucial o is succss. Kvin Har Chairman, BASDA, Th Businss Applicaion Sofwar Dvloprs Associaion Simplr, clarr and mor crain paymns, coupld wih br daa handling procsss will hlp cra a modrn and icin wlfar sysm. This is ssnial o hlp us rspond quickly o popl s nds. I wlcom his rnwd commimn from h indusry o dlivr hs bnis. Lord Frud Minisr for Wlfar Rform, Dparmn for Work & Pnsions W wlcom and ncourag h work o addrss accss o paymns which is diicul for smallr, challngr banks and is an xpnsiv, complx and lnghy procss. Appropria and masurd nry criria for all paricipans is ndd o cra a mor lvl playing ild, ncourag paricipaion and rain h ingriy of h nvironmn. Paymns UK commissiond Consul Hyprion, h indpndn consulancy spcialising in lcronic ransacions o publish a shor rpor giving hir viw on h fuur of paymns in h UK. Consul Hyprion bliv paymns ar s o bcom incrasingly digial wih consumrs waning o pay ihr on a smarphon or using warabl chnology. Th Fuur of Paymns rpor is availabl from Aisling Kan Chif Opraing Oicr, Mro Bank Cusomrs incrasingly xpc ral-im paymns hy can slf-srvic a any im; so w nd mor procion and grar crainy of h paymn dsinaion. Paym s a nw sandard xpcaion for cusomrs by conirming who you r paying bfor you snd h paymn; w wan such a srvic for all paymns o proc cusomrs from rror. Robr Whi Dircor of Paymns, Sanandr World Class Paymns in h UK Enhancing h paymns xprinc 9

10 S Fl xib l l m n S s p op l ara m S io o w rv ns n, u ill f c ic or o l h na P PS all ari bl ro P ow ng pa b vi s ym s h d (P l an a n i m rs) ym xib d s fo o. T n l m r s his od h l l ir c s. W innd o rain and build on all h paymn srvics and faurs valud oday, which m sablishd cusomr nds. Howvr, nw aras wr idniid ha will nsur a world class xprinc for cusomrs is mainaind in h fuur. Thirn cor capabiliis hav bn idniid. ry us ind ss- g of Cro harin and n s y aio ni id inform ud fra l ia n po ar d h in gr iy an v s alis n i R pro and d i n b g of o im cs n rin aa ri sha ud d xp aud. fra mr n fr o rv p cus Our gap analysis highlighd ha hr ar many faurs and characrisics ha cusomrs bni from oday, and furhrmor, svral valuabl iniiaivs alrady in h piplin, such as h Chqu and Crdi Claring Company s projc o spd up h procssing of chqus and nabl chqu imaging o b ofrd o cusomrs of all banks and building sociis. l-im Ra cs n Bala Paymn Srvic s Co-xis nc Th rsarch and fdback from cusomrs was analysd o idnify h capabiliis or faurs ndd o mainain world class paymns in h UK. Ensur x srvics ising paymn a any nw r accssibl v ia sandard chang, a llowing s o PSPs (P b mad a h aymn Srvic Provid r) pac. World Class Capabiliis nc o bala m ailabl g i l Ra ion av provin a y im rm r info mrs b ions a. c o s cus ransa ccoun how d o a li app Sw Ac ich co ing un s En sw sur ic h h x pac ing a h p w s im c i of a ih rvi nd f ing ion cu c k usr a so y a s n u i d h n m ps sw rs ic inc b rm r h p lud r s o ro d ad f h c ss in h. Com Sand Common, ransparn ha nabl in whils simpl accss and prov innovaiv paym b bu Foundaion Common Accss o h Paymns Infrasrucur Sandard inrfac nabling inracion wih PSPs (Paymn Srvic Providrs) and cusomrs who rquir dirc accss o h paymns infrasrucur. 10 World Class Paymns in h UK Enhancing h paymns xprinc

11 mmon dards d c g an ain s h En a rl n m Da pay o opn and sandards nroprabiliy, lifying iniial viding a bas for mns producs o uil on. Tra c con abi pa irm liy a ym a n fro n ion d po of m si is cus For snd on i wh iv s jo r a r om xa sn rs mpl o rc urny a o k, o nd n iv if i ow i nabl r. has ha arr s b iv d. n Vis ib pay iliy o jou mn f rn y o Rqus Pay ymns oing pa r oug g lxibiliy nrol ov n Mor co omrs nabli r paymns for cus ming of rgula ony i sd m ovr h nc h incra o i wi n. Mor rfr m b manag ion will also s informa hlp businss d o. provid cil paymns rcon n io a rm y nfi Pa Co of Ra lpaym im n 24x s 7 h rm n ni pi g co ci in o d r rou n u s r nd n cco ) d y om m a x n s in ay & ro s. cu p r p o n g h h od /o g lin of s r c nd in ym ab h so r a i pa En nam ac a ( b mm nic m a um co ro d n r c fo l b an All P SPs Prov (Paym pay idrs) n Sr mn v o s in suppo ic r r 24x al-im 7., al on d ii add ia d ad b v h n o labl o will a i o lv ion va link is R ma a c. Th n in ss. d ir io s r a g o d inf d m r in ssa gra proc an o m in ss c n r n r di ym mo usi a l p b iv b a n pc s r Th capabiliis idniid fall wihin wo broad cagoris Opn accss o h paymns infrasrucur Improvd accss o h paymns infrasrucur for all hos who ofr paymns o cusomrs; his includs nw and xising providrs in h markplac. This is a crucial nablr o coninu o allow halhy compiion and innovaion in h indusry. Nw faurs and srvics for cusomrs Nw faurs and srvics which giv cusomrs mor conrol and conidnc, supporing growing dmand for ral-im paymns. Capabiliis Efficin Govrnanc Simpliid modl and ruls for accss o claring and slmn srvics for PSPs (Paymn Srvic Providrs) World Class Paymns in h UK Enhancing h paymns xprinc 11

12 World class paymns in pracic wha h fuur migh look lik... Ral-im 24/7 and balancs Alx gs som cash from a cash machin o grab a la nigh cof. H jumps on h nigh bus, paying by conaclss. H chcks his currn balanc on his mobil banking app and snds a Paym paymn o a frind. All of his ransacions show immdialy on his ral-im balanc. Mor conrol ovr ougoing paymns and nhancd daa Ann chcks hr bank accoun onlin. A rqus o pay wih informaion abou hr bill (nhancd daa) shows up from hr war company; sh clicks hrough o look a h bill on scrn. Sh chcks sh s bn paid ha morning and chooss o pay hr bill hr and hn. Thy simulanously apply for accss o all paymn srvics nsuring a quickr, simplr, priva and mor cos fciv procss. Thy opn hir doors for businss a fw monhs lar. Opn accss A nw sar up bank is agr o g hir businss up and running. 12 World Class Paymns in h UK Enhancing h paymns xprinc

13 Prioriis This rpor ss ou our work o dvlop a viw on wha is ndd o nsur paymns in h UK rmain World Class. To ak our work forward, w hav idniid four aras o focus on irs. Ths ar: Opn accss for hos who ofr paymns srvics o cusomrs: simplr and mor opn accss o h paymns infrasrucur for PSPs (Paymn Srvic Providrs), from a chnical (sandards and connciviy) and businss rul prspciv. This will achiv icincis, inroprabiliy and a lvl playing ild for banks (radiional, small and challngrs). This capabiliy has bn idniid as h mos imporan cor dlivrabl as i will provid h bs plaform on which o dlivr furhr improvmns for cusomrs and dlivr a world class paymns xprinc. Conirmaion of pay: nabling conirmaion for cusomrs ha h prson hy ar paying is who hy innd i o b, bfor hy mak h paymn, o provid conidnc ha h paymn will no b sn o h wrong accoun. Rqus o pay: giving cusomrs mor conrol ovr ougoing paymns, nabling lxibiliy ovr h iming of hir rgular paymns o i wih incom and mony managmn nds. This would also provid an icin -invoicing/donaion capabiliy for SMEs and chariis, largr corpora and govrnmn. Enhancd daa: nabling mor and br informaion o b linkd o paymns his will paricularly bni h public scor and corporas. I will mak i possibl o provid addiional rfrnc informaion wih an lcronic paymn hlping businsss br rconcil paymns. Ths four aras hav bn idniid o progrss irs bcaus w bliv hy ofr h gras ponial bni o cusomrs. Opn accss provids a plaform for furhr changs in our vision as wll as faciliaing innovaion and compiion in h mark mor broadly. On all four aras, h nx sp is for mor daild analysis o hlp us undrsand how h indusry could urn hm ino raliy and wha ha will involv. W innd o publish a furhr upda on our World Class Paymns work nx yar. World Class Paymns in h UK Enhancing h paymns xprinc 13

14 G involvd W innd o xamin h cas for chang for ach of h hirn capabiliis in mor dail. W would wlcom your involvmn in h nx phas of work, plas mail us if you would lik o g involvd: [email protected] For informaion on bcoming a mmbr of Paymns UK or joining our Cusomr Engagmn Nwork, plas visi our wbsi a 14 World Class Paymns in h UK Enhancing h paymns xprinc

15 Appndix YouGov survy In July 2015 Paymns UK commissiond YouGov survys wih UK consumrs and small businsss o conirm our analysis of usr nds for fuur paymn srvics. W sd a rang of ponial fuur changs ha would addrss usr nds and rquirmns idniid in our analysis of prvious rsarch and ngagmn wih cusomr group rprsnaivs. Th aim was o s h faurs o undrsand whhr hy wr considrd valuabl, and o wha xn hy wr considrd valuabl. Mhodology Th oal sampl siz of h consumr survy was 2,075 UK aduls. Fildwork was undrakn from July Th survy was carrid ou onlin. Th igurs hav bn wighd and ar rprsnaiv of all UK aduls, agd 18 and ovr. Th oal sampl siz of h small businss survy was 1,103 GB Small & Mdium Enrpris dcision makrs. Fildwork was undrakn bwn 27 July and 3 Augus Th survy was carrid ou onlin. Th igurs hav bn wighd and ar rprsnaiv of GB SMEs. Summary of indings 4. Bing noiid ha my paymn has bn rcivd. (53%) UK Consumr Survy 5. Bing abl o chck ha h bank dails ar corrc for h prson I wan o pay bfor I snd an lcronic paymn so ha i dos no go o h wrong accoun. (53%) Fourn ponial fuur changs o snding and rciving paymns wr sd wih UK consumrs. Six of hs faurs wr considrd usful by 50% of consumrs or mor, wih h mos popular chang bing Having all paymns o and from ohr accouns compld immdialy, 24 hours a day, svn days a wk and shown on my balanc sraighaway (58% of consumrs considrd his usful). Th op n ponial fuur changs considrd usful by consumrs wr: 1. Having all paymns o and from ohr accouns compld immdialy, 24 hours a day, svn days a wk and shown on my balanc sraighaway. (58%) 2. Bing abl o s my ru balanc whnvr I wan and know how much I hav availabl o spnd (i.. ru balanc bing h amoun I hav availabl o spnd accouning for any paymns I v mad rcnly or mony du o go ou in h fuur). (57%) 3. Knowing ha whn I pay in a chqu o my accoun, h mony will b in my accoun and availabl o spnd by h nd of h nx working day afr I pay i in. (56%) 6. Bing abl o s Dirc Dbis and ohr paymns coming up (.g. s Dirc Dbis and paymns du o go ou). (53%) 7. Having lxibl conrol ovr h xac da on which individual Dirc Dbis and ohr paymns lav my accoun. (47%) 8. Knowing ha paymns such as chqus, onlin banking paymns, card paymns work in h sam way rgardlss of who I bank wih (.g. h maximum amoun I can pay and how fas h paymn is mad is h sam, and h sam nam is usd by difrn banks o dscrib h paymn srvic). (40%) 9. Having a singl scur way o idnify myslf o my bank or building sociy o mak i asir and fasr o mak paymns. (39%) 10. Bing abl o opn an accoun wih a bank or building sociy immdialy, including: h complion of all idniicaion chcks, h accoun opnd and rciv my card and PIN and b rady o snd and rciv paymns. (33%) World Class Paymns in h UK Enhancing h paymns xprinc 15

16 Appndix coninud GB SME Dcision Makr Survy Th YouGov survy sd 18 ponial fuur changs o snding and rciving paymns wr sd wih dcision makrs working for small and mdium nrpriss in Gra Briain. Fiv of hs faurs wr considrd usful by 50% or mor of SME dcision makrs. Lik consumrs, h mos popular ponial chang was Having all paymns o and from ohr accouns compld immdialy, 24 hours a day, svn days a wk and shown on h balanc sraighaway (57% of SMEs considrd his usful). Th mos popular ponial fuur changs considrd usful by SMEs wr: 1. Having all paymns o and from ohr accouns compld immdialy, 24 hours a day, svn days a wk and shown on h balanc sraighaway. (57%) 3. Bing abl o know who has sn a paymn o h businss and wha i is for. (54%) 4. Knowing ha whn a chqu is paid ino h accoun, h mony will b in h accoun and availabl o spnd by h nd of h nx working day afr i is paid in. (53%) 5. Bing noiid ha my paymn has bn rcivd. (51%) 6. Bing abl o s Dirc Dbis and ohr paymns coming up (.g. s Dirc Dbis and paymns du o go ou). (49%) 7. Bing abl o s h ru balanc whnvr I wan and know how much I hav availabl o spnd (i.. ru balanc bing h amoun I hav availabl o spnd accouning for any paymns mad rcnly or mony du o go ou in h fuur). (47%) 8. Bing abl s clarly how much a paymn will cos bfor i is sn. (41%) 2. Bing abl o chck ha h bank dails ar corrc for h prson I wan o pay bfor I snd an lcronic paymn so ha i dos no go o h wrong accoun. (57%) 16 World Class Paymns in h UK Enhancing h paymns xprinc 9. Bing abl o rciv xra informaion aachd o a paymn (.g. a corrsponding invoic, a lr or imag). (40%) 10. Knowing ha paymns such as chqus, onlin banking paymns and card paymns work in h sam way rgardlss of who h businss banks wih (.g. h maximum amoun I can pay and how fas h paymn is mad is h sam, and h sam nam is usd by difrn banks o dscrib h paymn srvic). (40%)

17 Rfrncs Accss o Paymn Sysms, Supporing Papr 4 (2015) Paymn Sysms Rgulaor Summary of Paymn Claring Saisics (Annual) Paymns UK* Building a Rsponsibl Paymn Culur (2013) Dparmn for Businss Innovaion & Skills Businss concrns abou accoun vriicaion, paymn counrparis and accoun nam validaion (2015) Workshop, Paymns UK* Card Expndiur Saisics (Annual) Th UK Cards Associaion Rcord kping: How long mus rcords b raind for (CH14100) HM Rvnus & Cusoms Consumr Rsarch wih Oldr Old and hos Living Wih Cogniiv, Physical and Snsory Disabiliis (2012) Toynb Hall/Policis/Paymns UK* Accoun Numbr Porabiliy: Qualiaiv Mark Rsarch Rsuls (2013) Opimisa Rsarch/Paymns UK* Digial Giving: Modrnising Gif Aid RsPublica/Chariis Aid Foundaion Disabld Popl and Financial Wllbing (2013) A rpor for SCOPE by Ipsos MORI Monior I-IV ( ) Paymns UK* Communicaions Mark Rpor (Annual) Ofcom Paymns in Focus: A Rpor on UK Businss Paymns (2012) Paymns UK* Richr Daa Rpor (2014) KPMG/Paymns UK* Supporing Popl Inrsd in Using Onlin Banking (2014) NaCn/Paymns UK* Th Elcronic Paymn Nds of Low Incom Consumrs (2014) Policis/Toynb Hall/Paymns UK* Th Mobil Way o Pay (2014) Paymns UK* Towards World Class: Th Consumr Viw of Currn Accouns and Paymns (2015) Tooly Sr Rsarch/Barclays UK Consumr Paymns (Annual) Paymns UK* Paymns Roadmap (2013) Paymns UK*/Toynb Hall/Policis Accss o Cash: Qualiaiv rsarch (2013) Paymns UK* * formrly Paymns Council World Class Paymns in h UK Enhancing h paymns xprinc 17

18 W would lik o hank all h following organisaions for hir invaluabl inpu Th inancial insiuions, Paymn Srvic Providrs and paymn schms lisd blow hav conribud o h validaion of h capabiliis and rquirmns and suppord h projc am via h sring commi: Bank of England (in obsrvr capaciy) Bacs Paymn Schms Limid Chqu and Crdi Claring Company CHAPS Claring Company Limid Covnry Building Sociy Fasr Paymns Schm Limid Barclays Handlsbankn HSBC Ipagoo/Orwll Group Lloyds Banking Group Mro Bank Naionwid Building Sociy Paymn Sysms Rgulaor (in obsrvr capaciy) Sanandr Royal Bank of Scoland Group Tsco Bank Virgin Mony Yorkshir Building Sociy By h nd of Jun 2015 rprsnaivs from h following organisaions had rcivd an ovrviw of h World Class Paymns framwork for chang, providd hir commns and som hav conribud o advisory groups. Banking Communiy Amrican Exprss Aom Bank Bank of Irland UK Bank of Tokyo-Misubishi UFJ BBA Rail Commi BNP Paribas BNY Mllon C. Hoar & Co. Dl Bank Co-opraiv Clydsdal Bank Cumbrland Building Sociy Dansk Bank Dusch Bank Financial Fraud Acion UK Pos Oic PayPal Invsc Lds Building Sociy LINK MasrCard JP Morgan Sainsbury s Bank TSB Think Mony Travlx Triodos Bank Vanquis VocaLink Voic Commrc Group 18 World Class Paymns in h UK Enhancing h paymns xprinc Cusomr Groups Ag UK BBA Consumr Panl Essnial Srvics Accss Nwork Financial Srvics Consumr Panl Mony Advic Srvic Toynb Hall Insiu of Fundraising Chariis Aid Foundaion

19 Corporas Aviva Th AA BT Capia Ass Srvics Comic Rlif Dixons Carphon Group Th Engin Group Mondlēz Inrnaional Royal Mail Vodafon Wolsly UK Govrnmn/Local Govrnmn Cabin Oic Ciy of London Corporaion Durham Couny Council Dparmn for Work and Pnsions Govrnmn Digial Srvic HM Rvnu & Cusoms Third Pary Procssors and Vndors ACI Paymn Sysms Boomlin Tchnologis Exprian IdnTrus Oracl Sag SAP SWIFT Trad Bodis Associaion of Briish Insurrs Associaion of Corpora Trasurrs Briish Parking Associaion Businss Applicaion Sofwar Dvloprs Associaion Cornrson Muual Srvics Elcronic Mony Associaion Europan Paymns Council Fdraion of Small Businsss Financial Daa and Tchnology Associaion Insiu of Rvnu Raing & Valuaion Insiu of Charrd Accounans in England and Wals Th Invsmn Associaion Th UK Cards Associaion UK Naional -Invoicing Forum World Class Paymns in h UK Enhancing h paymns xprinc 19

20 Our indings ar bing shard across h growing paymns indusry o hlp hm plan for h fuur. I should hlp hm ak informd invsmn dcisions wihin h conx of xising and mrging rgulaory dmands. Tim Yudin Dircor of Dsign and Dlivry, Paymns UK Paymns UK is h rad associaion launchd in Jun 2015 o suppor h rapidly volving paymns indusry. Paymns UK brings is mmbrs and widr sakholdrs oghr o mak h UK s paymn srvics br for cusomrs and o nsur UK paymn srvics rmain world class. Paymns UK 2 Thomas Mor Squar London E1W 1YN T: E: [email protected] paymnsuk.org.uk