🚨 Just in: UK National Payments Vision launched, and mansion house speech drops. National Payments vision for the UK. Reading between the lines. 👉 The Treasury wants the FCA and PSR to be more coordinated - The Treasury issued a joint remit letter to the FCA and PSR (the regulator behind our 50:50 liability split for scams). - This comes after feedback that they're not always joined up and send mixed messages. - The FCA will now lead any work that overlaps with the PSR (The FCA is your daddy now). 👉 Payments infrastructure upgrades are too slow. - They're putting a new delivery committee in place and reforming pay.uk - Long over due, this was a complex mess of consultants and big banks bogged down in process not progress. 👉 Two priority initiatives are Open Banking and Fraud - The FCA will be the new regulator for Open Banking, not OBIE. - YES! UK Open Banking was once world leading but is frankly poor. The Government is taking the toys away from the lobby of big banks. - Fraud is the biggest crime in our country. Period. 👉 A payments vision delivery committee will be established to drive this change - The make up of this committee will be crucial. Will we see companies like TrueLayer Monzo Bank and Revolut on there? What about Stripe? - You can guarantee the banks, card networks and big vendors like consultancies, IBM and Oracle will crawl all over this committee, but they're the problem (sorry but you are). - We need to balance incentives in a new payments vision and more than anything we need PACE. - Instead of deadlines for whole industry adoption, lets make things available in pilot, and have organizations opt in, and get certification early. Let's create competition to be faster AND more secure.