UK Faster Payments: Just in Time, but More than Enough : Market Research Report

UK Faster Payments: Just in Time, but More than Enough

Published by: TowerGroup

Published: Sep. 15, 2008 - 11 Pages

TowerGroup Take-Aways: The Faster Payments Scheme was launched in May 2008 after a long and difficult gestation.; The UK regulator perceived Faster Payments as a key stimulant to competition between banksand was the key driver behind the scheme.; The banks chose a near-real-time solution that combines the strengths of the automated tellermachine (ATM) and automated clearing house (ACH) networks.; The resulting world-class solution has stimulated interest from countries around the world inimplementing a similar scheme.; Although implementation of Faster Payments has been difficult for many banks, it providesthem very real opportunities.; European competitors to VocaLink and UK banks will be watching developments with interestbecause the Faster Payments solution provides a very tangible competitive differentiator.
Report Coverage
Background
The UK Payments Industry
Exhibit 1: UK Payment Transaction Volumes (1989-2007); The Regulatory Drive to Faster Clearing; Float: Consumers Paying the Cost of Banks' Inefficiencies; Lack of Competition Stifling Innovation; Comparisons to Other European Countries
Exhibit 2: European Payment Clearing Times (2008; The UK Faster Payments Scheme
Exhibit 3: The Faster Payments Process; Impact in Europe
Exhibit 4: The UK Faster Payments Scheme: Gold Standard for Payment Schemes in Europe?
The Implications for Payments Processing
TowerGroup View
Summary

Abstract

This TowerGroup Research Note looks at the Faster Payments Scheme launched in the United Kingdom in May 2008. It reviews the "story so far," explaining why the service was introduced by looking at existing payment schemes and discussing the challenge that the Faster Payments innovation creates for some of the banks. The analysis considers the wider impact the scheme is likely to have on the United Kingdom payments processing landscape as well as some of the opportunities that a faster processing cycle could enable and the impact it could have on a wider geography in Europe and beyond.

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UK Faster Payments: Just in Time, but More than Enough

Table of Contents

Abstract