Having taken a break from following the governance of Pay.UK for a while, a quick skim underlines the prevailing chaos. We have already written about the ditching of a key feature of ISO20022 XML and the broken governance arrangements that have permitted this. There is a claim to openness about Pay.UK’s affairs, but this is belied by both the styl...
13 August 2019 /payments
Pay.UK was set up to deliver a New Payments Architecture (“NPA”) for the UK, implementing the blueprint that was passed to them by the Payment Strategy Forum. NPA would be based on the usage of the ISO20022 XML data format to enable rich data to flow up and down the payment chain between the two endpoints. This is the core value point of ISO20022. ...
08 August 2019 /payments
This is the eighth and final blog in our series on the Contingent Reimbursement Model code (“CReM”) that purports to offer customers strong protection against certain types of Authorised Push Payment Fraud, or “APPF”. This one concerns the “expectations” and “standards” that firms should abide by, if they are signatories to the code. Firms have to ...
17 March 2019 /payments Transaction Banking
This is the seventh blog out of eight in our series on the Contingent Reimbursement Model code (“CReM”) that purports to offer customers strong protection against certain types of Authorised Push Payment Fraud, or “APPF”. It adds considerable work for the customer and in doing so reduces the numbers who will be able to make a successful claim. With...
15 March 2019 /payments Transaction Banking
This is the sixth blog out of eight in our series on the Contingent Reimbursement Model code (“CReM”) that purports to offer customers strong protection against certain types of Authorised Push Payment Fraud, or “APPF”. In it we discuss how customers’ baseline rights in law are overlooked. The CReM fails to adequately qualify what happens in an AP...
14 March 2019 /payments Transaction Banking
This is the fifth blog out of eight in our series on the Contingent Reimbursement Model code (“CReM”) that purports to offer customers strong protection against certain types of Authorised Push Payment Fraud, or “APPF”. Here we focus on who qualifies for cover, who is offering cover, and the vague contingency of cover on the as-yet non-existent Con...
This is the fourth blog out of eight in our series on the Contingent Reimbursement Model code (“CReM”) that purports to offer customers strong protection against certain types of Authorised Push Payment Fraud, or “APPF”. We made the point in Part III that firms demanded Name + Sort Code + Account Number as mandatory information for instruct...
12 March 2019 /payments Transaction Banking
This is the third blog out of eight in our series on the Contingent Reimbursement Model code (“CReM”) that purports to offer customers strong protection against certain types of Authorised Push Payment Fraud, or “APPF”. It doesn’t, not least because it fails to set out, as a baseline, what the customer’s rights are in law now under the 2017 Payment...
11 March 2019 /payments Transaction Banking
This is the second blog out of eight in our series on the Contingent Reimbursement Model code (“CReM”) that purports to offer customers (also known as Payment Service Users or “PSUs”) strong protection against certain types of Authorised Push Payment Fraud, or “APPF”. This one is on the types of fraud covered by the CReM. APPF comes in two main fl...
10 March 2019 /payments Transaction Banking
This is the first of 8 blogs on the Contingent Reimbursement Model code (or “CReM”) that has been finalised by an offshoot of the UK’s Payment Systems Regulator called the Authorised Push Payments Scams Steering Group. The PSR announced the unveiling of the final version of the CReM with the usual fanfare. This is the code, a year or more in the pr...
08 March 2019 /payments /regulation Transaction Banking
Bhuvan Satwahconsultant at TCS
Tobias Henryconsultant at Capco
Peter MoranConsultant at Certicate Limited
Rajesh TengsheConsultant at TCS
Akshay GoyalConsultant at Abrantix
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