Trade association Payments UK has vowed to improve access to payments infrastructure and give customers more control over transactions as part of a drive to ensure Britain has a "world class" system.
International Data Corporation (IDC) predicts worldwide mobile payments will account for $1 trillion in value in 2017, up 124% from the less than $500 billion expected in 2015.
Payments UK, the payment industry’s new representative body is pleased to announce that Yorkshire Building Society has joined as a new member, with Earthport to follow shortly.
An international project to develop a set of harmonised standards for cross-border real-time payments has published a first draft of ISO 20022 messages for review.
With its powers ceded to the new Payments Systems Regulator, the once all-powerful Payments Council has changed its remit to form a new trade association which will seek to provide a singular voice for the UK payments industry at home and overseas.
A ground-breaking agreement on international cooperation towards ISO 20022 has been reached following a roundtable facilitated by the Payments Council.
For the first time, last year more payments in the UK were made electronically than with cash, according to figures from the Payments Council.
A year after launch, British bank-backed person-to-person mobile payments service Paym says that it has processed nearly £44 million.
The UK Payments Council has contracted with interbank messaging network Swift to provide a BIC-to-IBAN data platform, enabling the nation's banks to conform to new EU regulations on cross-border payments in the euro zone.
Up to 1.8 million UK consumers have so far signed up for UK bank-backed mobile payments service Paym, which has processed £26 million in funds transfers since its launch in April last year.
© Finextra Research 2015