Latest opinions that Tom Hay has shared on Finextra

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Tom Hay

Principal Consultant

Payment Systems Europe

Member since

13 Aug 2009

Location

London

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Tom's opinions

Banks versus tech giants - it's not all about the technology

Apple, Alibaba, Google and Tencent are all moving into payments. Alibaba is also moving into consumer loans and small business loans. How should banks react to the tech giants muscling into their industry? First it is important to understand the difference between Apple, Google and co, and banks. The name “tech giants” highlights that they tend to ...

29 October 2018 /payments

The ERPB Highlights the Holes in PSD2

A year ago, the European Retail Payments Board (ERPB) flagged that “In practice, PSD2 and the EBA RTS will not cover all aspects that are relevant for the development of an integrated market of Payment Initiation Services (PIS) in the EU”. In November 2016, they set up a Working Group on Payment Initiation Services “to identify conditions for the ...

22 June 2017 /payments

PSD2 - The Final RTS: 10 Things You Need To Know

The wait is over. The European Banking Authority (EBA) has recently published its ‘final’ Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA) and common and secure communication under PSD2. PSD2 and particularly the SCA aspect has the potential to dramatically change not just the payments sector but the wider banking mark...

10 March 2017 /security /payments

The Treasury’s view of PSD2: A step in the right direction?

As a European directive, PSD2 has to be transposed into UK law. HM Treasury has recently launched a consultation inviting comment on the proposed legislative changes. The consultation document is written in plain English, and explains some of the issues very clearly. The directive is aimed at “maximum harmonisation”, which means that national la

22 February 2017 /payments /regulation

PSD2 and instant payments: are they a threat to cards?

Autonomous Research recently held a forum to update their customers from the investment and asset management community on recent developments and trends in payments. I was invited to speak, and shared the podium with representatives of high street and challenger banks, Fintech start-ups and payment service providers. The audience were considering...

15 September 2016 /payments

Beyond Babel: A New Blueprint for Global Instant Payments

Fragmentation has become a very real challenge for the industry as instant payment schemes are being implemented on a country by country basis, and each country is doing it differently. Like the Tower of Babel, the vision of global faster payments is imperilled by mutual incomprehension. National not international There are several reasons why sch...

22 June 2016 /payments

Watch out EBA, SWIFT and VISA - here comes Masterlink!

Mastercard’s planned acquisition of Vocalink has the potential to create a new payments powerhouse in Europe and beyond. The news of the planned acquisition broke a few days after the Payment Systems Regulator’s recommendation that banks divest their ownership of the company. I’m sure the timing is not accidental, but it is, at best, a peripheral r...

04 March 2016 /payments

How to make money from PSD2

The final compromise text for the EU Payment Services Directive 2 (PSD2) has now been published and is unlikely to change substantially when passed as legislation, probably in September this year. Some significant details are still hazy, but the thrust of the legislation is now clear, so banks need to start planning their strategy to address the r...

12 June 2015 /payments

Access to Payment Clearings - Behind the Green Door

“All I want to do is join the happy crowd behind the green door”. So sang Jim Lowe in 1956, and we’re hearing something similar from smaller banks and non-bank financial institutions today, pressuring payment clearing systems to open up their doors – if not to all comers, then certainly to a much wider community than the clique of banks who curr

19 May 2015 /payments