Sibos 2025 has been and goneJust before SIBOS Owen McDonald and Vitus Rotzer from Bottomline broke down the likely hot topics for the event - from the seismic ISO 20022 migration shift and G20 goals cross-border payment goals to real-time payments expectations. Vitus predicted a focus on upgrading legacy and siloed systems to enhance resilience and compliance, combat fraud, and transform automation in banking. If you’re into financial messaging, digital banking, or just want to stay ahead in payments, this episode is packed with insights you won’t want to miss including:The impending ISO 20022 deadline being the beginning of the beginningHow the G20’s cross border payment goals are causing a rethink of the traditional modelThe benefits and challenges of pre-verification at scaleHow real time payments are reshaping expectationsWhat does resilience really mean for regulators and strategic priorities?Were Vitus’ predictions on the money?
SaaS represents a shift from business structure to intelligence - by flipping the script this podcast proves that SaaS is not just about upgrading legacy technology.Hear Owen McDonald from Bottomline speaking with Amrita Ghanekar, Senior Director at BNY Treasury Services, about the forces driving payments modernisation. From SaaS as a strategic enabler to the rise of data-sharing ecosystems and real-time architectures, Amrita shares how banks can unlock agility, personalisation, and resilience. Learn how global trends influence innovation and why the future of banking lies in contextual intelligence and customer-centricity.
Fiat: Let it be doneWhat Fiat Cars Can Teach Us About Fiat MoneySpoiler: They’re not related - but the metaphor works beautifully.You’ve probably seen a Fiat 500 zipping down the street—small, stylish, undeniably European. But have you ever thought about what “Fiat” really means?And more importantly…What does a Fiat car have to do with fiat money?It’s a fun question because while they come from completely different worlds—one automotive, one economic—they intersect in a surprisingly useful way.Let’s take a drive through that connection.
Dining out on acronymsWe use abbreviations every day - in writing, texting, note-taking, talking and, of course, in paymentsThere are a few different categories of abbreviations, and acronyms is one of themWhen you shorten a phrase by using just the first letter of each word and then pronounce it as a new word, you’re using an acronymPayments aficionados often dine out on acronyms with the first letters often replacing the full phraseIt’s been a while since Direct Debits were processed by Bankers Automated Clearing Services or you purchased your house with a payment sent via the Clearing House Automated Payment ServiceIt has been many years since both Bacs and CHAPS entered our vocabulary as clear derivations of long established payment scheme namesBack in 2006/7 a name was needed for a new kid on the payments blockIt was time to invent a name for the near real time payment system scheduled for introduction by the UK banks in May 2008.Today’s global payments naming convention would have led to this new payment type to be christened Instant Payments but 2006/7 was a long time ago and, as a deferred net settlement or Near Real Time system with a SLA time of 2 hours perhaps an “instant” moniker would not have been appropriate.For a time it looked like the new payment type might be called Immediate Payments but if “instant” didn’t work then it was unlikely that “immediate” would either. Also, an additional complication that was that Immediate Payments Limited wasn’t a company that the Payment System Operator (at the time CHAPS Clearing Company Limited) owned.So with a distinct lack of creative innovation we ended up with a Faster Payment and an acronym of FPS - with the “S” being interchangeable between Service, System and Scheme!Today, we all know Faster Payments (and don’t really care about what the “S” stands for) but did you know that, in 2008, the UK nearly ended up with what was referred to as a Scandinavian model designed to deliver a “same day Bacs1”?The term “Swedish model” is referred to as the special institutional arrangements of a society that is sometimes described as a middle way between capitalism and socialism.In the second half of the first decade of the 2000’s a different type of Swedish model was about to take centre stage for the “same day Bacs” payment type slated for launch in May 2008.In response to the demand for a “same day Bacs” payment by Payment Systems Task Force set up by the Office of Fair Trading (OFT) the industry initially offered ELLE(Early for Late and Late for Early) where a payment submitted by midday would be delivered by close of business that day and one submitted after midday would be delivered by midday the next day.However, in December 2005 the Payment Systems Task Force accepted an APACS2recommendation for a still more ambitious target on payment times to ensure access to funds within a couple of hours of any payment being made, and allowing payments to be sent 24 hours a day, 7 days a week, to be available by November 2007 (later amended to May 2008).With the ELLE acronym ceasing to be relevant and naming options including instant and immediate not really working the industry opted for the easy option of a Faster (than Bacs) Payment - along with three variations of “S”.And the rest, they say, is history - interestingly despite the “couple of hours” translating into a two hour SLA the Faster Payment Scheme has actually delivered an instant or immediate transfer of funds between the remitter and the beneficiary (albeit with a deferred net settlement happening in the background) so, perhaps, an instant payments moniker could have been used instead of defaulting to a Faster (than what?) Payment.Whilst the naming convention may leave a lot to be desired we should be thankful that sense prevailed and the “same day Bacs” design chosen was the Faster Payments Scheme / Service / System that we have enjoyed for the last 15 years - the UK would have been mush poorer with Elle.
🎧 The Billion-Pound Scam: Fraud in 2024In 2024, fraudsters stole over £1.17 billion across the UK — and the threat isn’t slowing down. In this episode, we unpack the latest UK Finance fraud report and explore:The rise in unauthorised fraud casesHow banks stopped £1.45 billion in attempted theftThe evolving danger of APP (Authorised Push Payment) scamsNew reimbursement rules — and what they mean for youThe link between fraud and organised crimeWhether you’re a consumer, business, or payments professional — this is essential listening.
On Monday make sure you raise a glass to Sir John Lubbock the patron saint of bankingWhat’s a Bank Holiday, Anyway?Ever wondered why they’re called Bank Holidays—or why you’re suddenly seeing Public Holidays in your calendar?In this episode of Payments:Unpacked, we dive into the surprisingly fascinating history of the UK’s most beloved days off. From the Victorian-era beginnings of the Bank Holidays Act of 1871, to the rise of the more inclusive term “Public Holiday,” we explore how a few official Mondays off became part of the national rhythm.You’ll learn:Who Sir John Lubbock was and why UK bankers should probably have his portrait up in the officeWhy not all “Bank Holidays” are created equalHow different regions of the UK celebrate differentlyAnd why these days off are more than just long weekends—they’re cultural touchpointsSo whether you’re tuning in from a picnic blanket, a motorway queue, or the office (oops), hit play and find out what a Bank Holiday really is—and how it came to be.Don’t forget to subscribe, rate, and share this episode with a fellow holiday lover. Because knowledge, like Bank Holidays, is better when shared.Sign up for the free Payments:Unpacked newsletter:With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.comCheck out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.comFollow on social:LinkedIn: www.linkedin.com/_mike_chambers_Twitter: www.twitter.com/_mike_chambers_You Tube: www.youtube.com/_mike_chambers_TikTok: @payments_unpackedEmail: payments_unpacked@northeypoint.co.uk
Baked Beans, Spaghetti Hoops & Macaroni CheeseA Light Hearted Tinned Food Tour of UK Payment Systems📌 Episode Summary:In this fun and food-themed episode of Payments:Unpacked, host Mike Chambers serves up a light-hearted comparison of the UK’s most common payment schemes — Faster Payments, Bacs, and the cheque clearing system — using a trio of classic tinned foods. From the future-ready baked beans of Faster Payments to the reliable-but-slow Spaghetti Hoops of Bacs, and the dusty shelf-sitter Macaroni Cheese that is the cheque, we explore how Britain’s financial infrastructure works — and which tins you want in your cupboard.Whether you're a finance nerd or just here for the beans, this episode will leave you with a smile and a better understanding of how money moves in the UK.⏱️ Episode Timestamps:00:00 – IntroWhy we're comparing financial infrastructure to tinned food (and why it totally works).01:14 – Faster Payments = Baked BeansSpeedy, reliable, and always ready when you are.02:41 – Bacs = Spaghetti HoopsSlightly dated, slightly slow, but still gets the job done.03:40 – Cheques = Tinned Macaroni CheeseTechnically still edible, but best left untouched unless desperate.04:39 – Which Tin (Payment System) Is Right for You?A quick guide on when to use each option.05:37 – Final Thoughts + OutroBeans are the future. Cheques, not so much.🧠 Key Takeaways:Faster Payments is fast, available 24/7, and ideal for real-time transfers.Bacs is reliable for scheduled payments like salaries and direct debits, but takes 3 days.Cheque clearing is outdated, slow, and fading from everyday use.Each system has its place — but only one feels like it belongs in the 21st century🛒 Final Thoughts: What’s In Your Financial Cupboard?The next time you reach for a tin — or make a bank transfer — ask yourself:Am I moving money like it’s 2025… or 1975?Because the baked beans of banking are hot, fast, and ready. Just like your money should be.Sign up for the free Payments:Unpacked newsletter:With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.comCheck out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.comFollow on social:LinkedIn: www.linkedin.com/_mike_chambers_Twitter: www.twitter.com/_mike_chambers_You Tube: www.youtube.com/_mike_chambers_TikTok: @payments_unpackedEmail: payments_unpacked@northeypoint.co.uk
QR Codes and QuishingToday we are delving into a concerning trend that’s been making headlines (again) - the dramatic rise in QR code scams, commonly known as “quishing.”QR codes were invented in 1994 by Masahiro Hara, an engineer at the Japanese company Denso Wave, which is a subsidiary of Toyota.Since 1994 QR codes have become a ubiquitous part of our daily lives. From restaurant menus to parking meters, these black-and-white squares offer a convenient way to access information quickly. However, this convenience has also opened the door for cybercriminals to exploit unsuspecting individuals.It’s 11:47 PM. I’m in a dimly lit car park that looks like it was designed using the “haunted hospital” filter on Google Maps. The only sounds are a distant owl, the buzz of a dying streetlight, and my own footsteps echoing like I’m in an indie horror film called "Payment Denied."My mission?To pay the £2.50 parking charge and escape with my dignity intact. Simple. Elegant. Foolproof.I approach the pay station……..Like I’m supposed to be carrying wizard money in 2025.
Today we’re talking about the Tooth Fairy. Specifically: how does the Tooth Fairy even function in a cashless world?Think about it—kids don’t use cash, parents don’t carry cash, and banks are closing branches faster than my willpower at a doughnut shop. So what’s the Tooth Fairy supposed to do?Sign up for the free Payments:Unpacked newsletter:With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.comCheck out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.comFollow on social:LinkedIn: www.linkedin.com/_mike_chambers_Twitter: www.twitter.com/_mike_chambers_You Tube: www.youtube.com/_mike_chambers_TikTok: @payments_unpackedEmail: payments_unpacked@northeypoint.co.uk
Cheques were once the primary way people and businesses moved money around in the UK. But now? They’re going the way of the fax machine, the DVD rental store, and the telephone directory. So, what happened? And what other once-dominant things have suffered the same fate? Sign up for the free Payments:Unpacked newsletter:With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.comCheck out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.comFollow on social:LinkedIn: www.linkedin.com/_mike_chambers_Twitter: www.twitter.com/_mike_chambers_You Tube: www.youtube.com/_mike_chambers_TikTok: @payments_unpackedEmail: payments_unpacked@northeypoint.co.uk
Coming, ready or not: ISO 20022 SWIFT Compliance DeadlineThe November 2025 deadline for ISO 20022 compliance is fast approaching, requiring all financial institutions handling SWIFT payments to adopt the new messaging standard.Implications of Non-ComplianceWhile customer transactions won't be immediately affected, non-compliant messages will incur additional processing costs for banks. The exact financial impact remains uncertain, as many institutions are still assessing their readiness for this transition.Navigating Technological UpgradesTechnological transformations often come with challenges, and the shift to ISO 20022 is no exception. This industry-wide change carries commercial implications beyond regulatory compliance.Engaging with the IndustryI'm keen to understand how different institutions are approaching this challenge. Do you feel prepared, or are there uncertainties that need addressing?Are you prepared or uncertain?In my experience, major projects in banking often come with a false sense of readiness - you are often not as ready as you are led to believe, especially when different parts of the bank have conflicting perspectives.One team may think everything is on track, while another sees major gaps, leading to last-minute scrambles.Additionally, the perfect path is often assumed, with little room for flexibility when things go wrong. This rigid mindset, where failures to meet all criteria aren’t accounted for, creates the potential for a deadline miss that could have been avoided with a more adaptive approach.To make matters worse, any penalties are not well understood and therefore often not properly considered, meaning the true risks of non-compliance or delay aren’t factored into decision-making until it’s too late.It’s a cycle that repeats unless teams acknowledge uncertainty, plan for setbacks, and truly grasp the consequences of falling short.Are you prepared for, or uncertain about, the ISO 20022 SWIFT compliance deadline? I’d love to hear your views!Click and let me knowor reach out directly to Vaughan Collie at Accort: Vaughan.Collie@accourt.comSign up for the free Payments:Unpacked newsletter:With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.comCheck out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.comFollow on social:LinkedIn: www.linkedin.com/_mike_chambers_Twitter: www.twitter.com/_mike_chambers_You Tube: www.youtube.com/_mike_chambers_TikTok: @payments_unpackedEmail: payments_unpacked@northeypoint.co.uk
In this “crunchy showdown” we take two completely unrelated things and force them into a head-to-head battle for no good reason.Walkers Crisps - the undisputed king of British snacks.Faster Payments - the system that made sending money go from “waiting three business days” to “done in a second.”One revolutionised snack time, the other revolutionised finance. Let’s find out in this head to head battle of four roundsToday’s contenders?But which had the bigger impact?Sign up for the free Payments:Unpacked newsletter:With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.comCheck out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.comFollow on social:LinkedIn: www.linkedin.com/_mike_chambers_Twitter: www.twitter.com/_mike_chambers_You Tube: www.youtube.com/_mike_chambers_TikTok: @payments_unpackedEmail: payments_unpacked@northeypoint.co.uk
What Barbie teaches us about digital paymentsThink about Barbie’s journey in the film. She starts off in Barbie Land—a perfect, plastic world where everything seems just right. But then, things start glitching, and she’s forced to step into the real world. It’s uncomfortable. It’s unfamiliar. But it’s also necessary for her growth.Now, let’s apply that to payments……….Sign up for the free Payments:Unpacked newsletter:With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.comCheck out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.comFollow on social:LinkedIn: www.linkedin.com/_mike_chambers_Twitter: www.twitter.com/_mike_chambers_You Tube: www.youtube.com/_mike_chambers_TikTok: @payments_unpackedEmail: payments_unpacked@northeypoint.co.uk
Spitfire vs. Concorde: Learning from aviation’s icons
Bacstel-IP: In the room where it happenedSummaryIn this podcast episode of Payments Unpacked, Mike Chambers reflects on the Bacstel IP migration, a significant technological overhaul in UK banking that took place 20 years ago. He discusses the challenges and successes of migrating over 100,000 organisations to a new internet-based payment system, highlighting the importance of collaboration among banks, software providers, and IT teams. The episode emphasizes the legacy of this migration and its impact on modern payment systems in the UK.TakeawaysThe Bacstel IP migration was a pivotal moment in UK banking.Over 100,000 organizations migrated to a new payment system.The project involved extensive planning and collaboration.Bacstel IP improved security, speed, and efficiency of payments.The migration was largely successful, with high user satisfaction.Bacs processes a significant portion of UK salaries and payments.The transition was largely unnoticed by the general public.The project was part of a £100 million technology renewal program.Key individuals played crucial roles in the migration's success.The legacy of the migration continues to shape financial technology today.Sound Bites“In the room where it happened”"It was one of those pivotal moments."Chapters00:00 The Bacstel IP Migration: A Historical Overview02:59 The Impact of Technology on UK Payments05:45 Reflections on Success and Legacy
Join Richard Ney from Lerex as he shares his thoughts on: Money Streaming and the need for a new payment method and The compliance and technology gap.
We've made it - It's C-Day! 31 October 2024 is the mandatory deadline for the implementation of Confirmation of Payee (CoP) in the United Kingdom Sign up for the free Payments:Unpacked newsletter: With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.com Check out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.com Follow on social: LinkedIn: www.linkedin.com/_mike_chambers_ Twitter: www.twitter.com/_mike_chambers_ You Tube: www.youtube.com/_mike_chambers_ TikTok: @payments_unpacked Email: payments_unpacked@northeypoint.co.uk
Are you ready ...... for Confirmation of Payee? With 21 days (10 October 2024) to go Richard Koldwijn from SurePay shares his thoughts on the rapidly advancing mandatory deadline for account name check here in the UK. Sign up for the free Payments:Unpacked newsletter: With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.com Check out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.com Follow on social: LinkedIn: www.linkedin.com/_mike_chambers_ Twitter: www.twitter.com/_mike_chambers_ You Tube: www.youtube.com/_mike_chambers_ TikTok: @payments_unpacked Email: payments_unpacked@northeypoint.co.uk
What comes after Confirmation of Payee? It’s time to start preparing for EU Verification of Payee (VoP) for mainland / EU operations. Webinar: Thu 24 Oct at 10:00 – 11:00 BST Regster: https://events.teams.microsoft.com/event/f475caee-690d-49e7-989d-1e1ac92c8702@494d89ef-a168-4e7b-adce-67042d2380af/registration Now that you’ve successfully implemented Confirmation of Payee (CoP) in the UK, it’s time to look ahead. If your payment services are extending into mainland Europe, the next critical step is to consider Verification of Payee (VoP). This is essential as Instant Payments become the norm across the EU. As UK Payment Service Providers (PSPs) face increasing regulatory pressures, security demands, and the challenges of fighting fraud, it’s crucial to stay ahead. In this webinar, we’ll discuss how SurePay’s Confirmation of Payee (CoP) and Verification of Payee (VoP) services are designed to help UK PSPs not only comply with legislation, but also enhance security and operational efficiency. Why attend? - Meet Regulatory Requirements: After CoP, European regulation demands Verification of Payee implementation before 9 October 2025. - Prevent Fraud: Discover how our CoP and VoP solutions significantly reduce misdirected payments and push payment fraud, with proven results like an 81% reduction in impersonation scams. - Prepare for Instant Payments: As Instant Payments become standard across Europe, we’ll explore how VoP is indispensable for UK PSPs operating in European markets. - Enhance Efficiency & Customer Trust: Understand how our solutions not only prevent fraud but also improve operational efficiency and build stronger customer trust. Who should attend? Webinar: Thu 24 Oct at 10:00 – 11:00 BST This webinar is designed for UK Payment Service Providers, fraud prevention specialists, compliance officers, and anyone involved in payment processing who wants to stay ahead of regulatory requirements and enhance their payment security. Register today! Register: What comes after CoP? https://events.teams.microsoft.com/event/f475caee-690d-49e7-989d-1e1ac92c8702@494d89ef-a168-4e7b-adce-67042d2380af/registration Sign up for the free Payments:Unpacked newsletter: With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.com Check out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.com Follow on social: LinkedIn: www.linkedin.com/_mike_chambers_ Twitter: www.twitter.com/_mike_chambers_ You Tube: www.youtube.com/_mike_chambers_ TikTok: @payments_unpacked Email: payments_unpacked@northeypoint.co.uk
With eye watering levels of Authorised Push Payment fraud and the introduction of a mandatory reimbursement requirement this coming Monday (7 October 2024) now is a perfect time to get Fincrime Dynamic’s perspective on payment fraud and hear about their mission to “help build better defences against financial crime.” Thank you to Stephen Quick for joining this podcast and exploring how a payments provider might build better defences against financial crime. Sign up for the free Payments:Unpacked newsletter: With thousands of reads each week the Payments:Unpacked newsletter is the best (free) payments read out there – to subscribe head over to: www.northeypoint.substack.com Check out our blog: You’ll find the best payments stories in our blog – head over to: www.northeypoint.com Follow on social: LinkedIn: www.linkedin.com/_mike_chambers_ Twitter: www.twitter.com/_mike_chambers_ You Tube: www.youtube.com/_mike_chambers_ TikTok: @payments_unpacked Email: payments_unpacked@northeypoint.co.uk