Rapid technology developments in retail and wholesale payments markets are changing the behaviour of FinTech providers and banks as their respective client demands are forcing the central banks to balance stability versus innovation. Furthermore, the use of mobile, cloud and added value services are increasing, driving the need for open banking regulations to protect consumers.
The UK retail payments market is seeing an increase in the adoption of contactless payments. As evidence of such growth; a report by UK Finance identified 2018 as the year UK debit cards transactions overtook cash for the first time. Retail consumers are used to paying for commodities via a mobile phone and banks now have to absorb the costs with low margins with increasing security threats and growing risk of fraud.
London is the largest FX market globally. For the city to continue being the number one cross border market with hundreds of foreign banks in the UK, there is also a pace of change in the wholesale markets. The Bank of England has orchestrated a team to focus on Real Time Gross Settlement (RTGS) development and a New Payments System Operator (NPSO) to incorporate what was BACS, CHAPS, Cheque and Clearing and Faster Payments.
UK PLC is developing state of the art market infrastructure to support future consumer requirements based on common messaging standards (ISO20022) and private / public internet technologies by closely aligning retail and wholesale markets.
The goal of MHC via it’s proven track record in transformation and digital services, is to help our clients with the challenges they face and to provide packaged consultancy and service offering. We recognise that banks are at various stages of understanding the long term plans of the central banks. At MHC we recognise our clients’ needs at an early stage to advise, implement and support respective solutions tailored to their business. MHC has a strategic role to play to help clients evolve from a current state to a future state of the payments market and we can add value in various areas along their transformation journey.
Key focus areas:
Strategic consultancy to prepare for payments transformation
Design and program manage the future state
Integration of FinTech with legacy systems
Managing key client data for KYC (Know Your Customer)
Regulatory change: PSD2, PSF, PCT
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