Changing times for the UK payments landscape

Dear Customer,

For today’s newsletter column, I would like to focus on the UK Government’s recently announced National Payments Vision, and how our new, innovative APP fraud solution will support this – helping to shape the future of payments in the UK.

In March, HM Treasury announced it was launching its National Payments Vision, an extension of the work undertaken by Joe Garner for the Future of Payments Review. The Review’s key finding was that the UK’s payments landscape is congested and would benefit from a clear overall strategy.

Therefore, the objective of the new National Payments Vision is to provide clarity on the government’s ambition for UK payments. It will seek to guide industry and regulatory activity to ensure the UK has a fit-for-purpose payments ecosystem.

Form3 welcomes the need for the National Payments Vision for the UK – and we also welcome the opportunity to input into and shape this review. This seems very relevant, especially as the New Payments Architecture implementation timescale is still to be decided.

What we can bring to the Vision is a practical understanding of where the technology landscape and business trends intersect for our customers. This uniquely allows us to share our understanding of the challenges our customers face, key drivers for change, and the ability to share a valuable perspective into this process.

Having developed a resilient, account-to-account technology platform for payments, and having worked with large financial institutions, managing their customer migration, we are in a good position to offer advice to Government on what the new National Payments Vision should focus on.

Working alongside organisations such as Pay UK, we want to champion the payment needs of commercial organisations, so that the UK payments landscape is fit-for-purpose and addresses challenges such as managing fraud in payments – a topic that is likely to feature in the National Payments Vision.

In fact, on the subject of tackling fraud, having listened to what financial institutions need, we have just launched our own innovative APP fraud solution. This is designed to protect consumers and reduce the risk of fraud in the payments ecosystem.

The new Form3 APP fraud solution, launched in partnership with Feedzai, offers payment service providers inbound and outbound payment fraud intelligence in one solution for the first time. It is designed to close the gaps in intelligence that the fraudsters utilise to carry out fraud.

The need for this protection is more relevant than ever. New regulation from the Payment Systems Regulator will see victims of APP fraud being refunded by their bank from October 2024, with reimbursement now being the responsibility of both the sending and the receiving institutions. 

Reflecting on helping shape the National Payments Vision, and launching our innovative APP fraud solution, Form3 sees itself as a custodian of the payments industry – offering a manifestation to make UK payments modern, resilient, and adhering to regulation, to drive mission-critical business activity.

Many thanks for taking the time to read my column. Until next time, I wish you every success with your business endeavours.

Written by

Mike Walters
Mike Walters Chief Executive Officer

Mike was appointed CEO in October 2023, having joined Form3 as CPO and co-founder in 2016. During his roles as CPO he was responsible for strategy, product development, product management as well as strategic initiatives, playing a key role in the business’ funding activities and key client relationships.

Prior to Form3, Mike held senior Product roles within Barclays:
As Product Director for Barclaycard Payment Acceptance (card acquiring) he was a member of the Executive Committee and responsible for P&L, product management, strategy development, vendor selection and management, digital transformation and M&A.
As Head of UK Corporate Payments for Barclays Corporate Bank, Mike held product management responsibility for all payment, receipting and reporting products delivered to Barclays corporate clients – this included defining the Barclays Corporate Bank mobile payments strategy and initiating, building and scaling multi-award winning mobile payment solutions. Earlier in his career he managed client relationship teams responsible globally for the North American Financial Institutions and FTSE 250 sectors providing him with significant product and enterprise client experience domestically and internationally.