03 June 2015
Join us at the Payments Forward Afternoon Tea Discussion 1 July 2015
VocaLink is sponsor of the Payments Forward Afternoon Tea Discussion and David Yates, CEO VocaLink will join the panel to explore the hurdles to facilitating better direct and indirect access and the implications of what increased access to real-time payments means for banks, challengers, businesses and ultimately consumers. The panel from VocaLink, Lloyds Banking Group, Virgin Money, Faster Payments Scheme and Orwell Group will consider what other options and models could be introduced and what upsides and challenges they may present. Will increased access to real-time payments increase competition or open up a whole new set of problems? Who can benefit from increased access yet at what cost? Will other payment channels such as debit be impacted by increased use of real-time payments, especially with the introduction of mobile payments based on real-time access? What are the implications on bank liquidity when businesses and consumers expect to operate in an increasingly real-time environment?
The UK already has some of the most reliable payment systems in the world, and parts of it are world-leading, with many countries wanting to acquire their own real-time infrastructure. These payment systems have to meet stringent technical, security and resilience standards to ensure the reliability we all demand. The barriers to entry both on a cost and technical level are therefore challenging for new entrants and also for potential new infrastructure providers. With regulators pushing for increased competition and innovation in payments, opening up access to these systems in now at the top of the agenda.
The Afternoon Tea Discussion will take place at Addleshaw Goddard, LLP, EC1 on Wednesday 1 July from 5pm until 8pm - bookings can be made via the Payments Forward website.