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The UK Faster Payment InitiativePublished by: IDC Published: Oct. 20, 2006 - 13 Pages Table of ContentsTable of Contents Financial Insights Opinion In This Report Situation Overview Introduction Definitions/Descriptions What is at Stake? Table: U.K. Retail Electronic Transactions, 2005 How Does it Work? Table: UK Faster Payment Process Future Outlook Industry Impact Security and Fraud Risk and Credit Management Technology Impact Figure: Technology Impact of UK Faster Payment Scenarios Charging for Faster Payments? Table: Forecast Growth for UK Faster Payment Methods New Revenue Opportunities Future Innovation and Change Essential Guidance Actions for Financial Institutions Actions for Vendors Learn More Related Research Synopsis AbstractThis new Financial Insights report reviews the new UK Faster Payment scheme, which will be operational by December 2007. Despite the banking community's rapid response to this new regulation, the task of migrating to the UKFP scheme will be no small feat. Rachel Hunt, Financial Insights' European Banking manager, said, "UKFP will impact on revenues, payment and core banking systems, risk, fraud and anti-money-laundering engines and processes, as well as liquidity management. It will also require clear commercial strategies to reap future opportunities for new services." As UKFP is clearly going ahead, institutions must focus firstly on their payment business organization and infrastructure. UKFP will be followed by the EU Payment Services Directive and banks should look at reviewing their payment system strategy, to reach more streamlined, efficient, and cost-efficient objectives. Get Full Details About This Report >> |
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