UK payments system is deceptively complex

cityam03-25

Beneath every tap of your card is a complex web of payment systems you don’t even notice – and we mustn’t fall behind, writes Keith Douglas When the government published its Payments Forward Plan last...

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Delivering that frictionfree experience, however, requires significant coordination behind the scenes.Stay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.It’s also imperative that the UK acts now to seize the benefits on offer. EY estimates that creating more advanced infrastructure to support the growing accounttoaccount payments market could deliver a 9bn economic boost annually – the same yearly contribution as English football.Tackling financial fraudWhile these foundations take shape, the payments businesses and consumers rely on must continue to withstand everevolving fraud threats, enabling wages to land on time, bills to be settled, online shopping or SME cash flow.The UK has an unmatched track record in payments resilience, with its core account-","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4182":"重型电气设备","FPS":"Forgent Power Solutions, Inc.","NPV":"弗吉尼亚纽文市保"},"translate_title":"英国支付系统看似复杂","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NPV":1,"FPS":1},"content_text":"Beneath every tap of your card is a complex web of payment systems you don’t even notice – and we mustn’t fall behind, writes Keith Douglas When the government published its Payments Forward Plan last month, it set out the course for the retail payments sector over the next three years to deliver its National Payment Vision (NPV). This covers everything from open banking, regulatory reform, stablecoin and cash provision through to fraud strategy and the potential for a digital pound. The starting gun has been fired – now the ecosystem must deliver the NPV at pace.The stakes are high, given the UK’s reputation as a global payments pacemaker. Much of this reflects the wide adoption of digital payments, including through cards and digital wallets. And it also reflects a system that few consumers will have heard about: the Faster Payments System (FPS). Introduced in 2008, FPS enables near‑instant, 24/7 money transfers between bank accounts and has become a worldwide model for account-to-account payments.Innovation will be vital to maintain its standing, anchored by resilience, security, convenience and consumer choice. \n\nLike a swan gliding, payments work best when they seem effortless and people don’t see the vigorous paddling beneath the lake. Delivering that friction‑free experience, however, requires significant coordination behind the scenes.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt’s also imperative that the UK acts now to seize the benefits on offer. EY estimates that creating more advanced infrastructure to support the growing account‑to‑account payments market could deliver a £9bn economic boost annually – the same yearly contribution as English football. Tackling financial fraudWhile these foundations take shape, the payments businesses and consumers rely on must continue to withstand ever‑evolving fraud threats, enabling wages to land on time, bills to be settled, online shopping or SME cash flow.The UK has an unmatched track record in payments resilience, with its core account-to-account retail payment systems processing more than £27bn a day. As the industry modernises, we must build on this, delivering ever stronger consumer protections. 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