You can also download a copy of the research report, discussed during the presentation, by clicking here.
The next iGov Webinar is scheduled for Wednesday 8th July, 17:00 – 18:30
The Future of UK Payments and Direct Debit Collections for Corporates – What’s Coming next and how may it impact me? 23rd July, 2020 • 12:00pm to 12.45 BST
In this unique webinar aimed at Corporates, Kyriba will be joined by Simon Brooks from Pay.UK, Philip Mind from UK Finance and Bob Ford from Request To Pay Ltd
The discussion will focus on the current Corporate payments landscape and the impact this may have on your Payment and Direct Debit functionality in the near future, including:
• Payments landscape update: Request to Pay, New Payments Architecture/Direct Debit, Open Banking Extension, PSD2, ISO20022.
• Direct Debit Interactive Advance Notice (IAN) and the link to Request to Pay. Learn more on this forthcoming service to address potential errors when setting up Direct Debits. IAN will send advance notice (via RtP) re all new DD’s set up, to validate/confirm correct, in advance of due date, any issues.
- What benefits can Request to Pay bring to Corporates.
- Payment Hub – why it’s needed and its role in fraud prevention.
- Why machine learning is key to fraud detection.
- How does fraud detection fit in your overall payments plans
22 June 2020
Following requests by the European financial community, the Market Infrastructure Board has reviewed the timeline of the
and has concluded that postponing its go-live by one year, from November 2021 to November 2022, would best accommodate the industry’s preferences. This is in the light of the challenges posed by the coronavirus (COVID-19) pandemic and the rescheduling of SWIFT’s global migration of cross‑border payments to ISO 20022. The decision on a possible extension of the timeline will be taken by the Governing Council of the European Central Bank (ECB) and is expected by the end of July 2020.
A possible extension to the T2-T2S consolidation timeline was discussed with market representatives in the two advisory groups that counsel the Eurosystem on issues related to payments (AMI-Pay) and securities and collateral (AMI-SeCo). To gather the views of a wide range of market stakeholders, the ECB conducted a community readiness survey. The national financial communities in Europe were asked to consider the implications of recent challenges and to assess their ability to continue timely preparations for the T2-T2S consolidation and other related Eurosystem projects.
Most of the survey respondents called for the go-live of the T2-T2S consolidation project to be postponed by 12 months. While the COVID-19 pandemic has seriously hindered their preparations, the survey participants identified the revised timeline for the global migration of cross-border payments to ISO 20022 as the other main motivating factor.
The ECB and SWIFT will continue to work closely together during the ISO 20022 migration to ensure all market participants are able to realise the benefits that rich data services will bring to the market.
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