UK’s Faster Payments Service derided as “clunky” in government-commissioned review

The government confirmed in its autumn statement that it will implement all of the report’s recommendations. This will have far-reaching consequences for the UK payments sector, says Gareth Lodge, principal analyst for payments at Celent. “For example, “repealing prescriptive EU-derived payments authentication rules allowing industry to better prevent fraud and improve the customer payments experience” would seem an ambitious balancing act of differing goals,” says Lodge. “Similarly, the commitment “to unlocking the full potential of Open Banking-enabled payments and will seek to legislate next year to support this” is a bold statement.”