A phrase not only every British person knows, but I’m fairly sure each one has used themselves! I suspect that many cultures will have something similar, but the rest of the phrase is “…and then three come along at once”.
It implies that things tend to happen in groups, rather than evenly spread out. Scour the internet, and you’ll find lots of semi-earnest scientific(ish) research that explains why, but at least in this case, its partly coincidence, and partly making sure it gets done before year end. In late November, three things happened all of which will have a lasting impact on payments.
First, on November 22nd the Swift MT/MX migration finished. This is the end of a seven-year journey and lays down the foundation for the future of payments. Much of the discussion leading up to the deadline was what percentage of transactions would be sent in ISO 20022 format by the deadline. Our survey from 2 years ago suggested around 76%, with some regions (notably North America) far more pessimistic and around 56%. Even with 2 weeks to go, volumes were hovering around 75%. To be clear, this is not because the industry is not committed, but to reflect that migrating something used by more than 11,000 banks, and is deeply embedded in many processes and products. It’s a herculean task.
It’s a relief then to see that according to Swift 97% of volumes on the cutover day. Bravo to Swift and all those involved! There’s much more to come but this is a significant landmark.
The second item came later that week, on November 27th, with the European Parliament and European Council announcing that they agreed the draft of the PSR and PSD3. This is a positive step, and probably most noteworthy that it happened in 2025. It suggests that these regulations will be adopted earlier in the potential range of dates than initially thought, though it’s important to note that they still have to be formally finalised and adopted. Key to note is that the bar on fraud detection and protection seems to be being set increasingly high!
The final item to note, a significant update on the future of UK Payments, was actually published 7 November 2025. The Payments Vision Delivery Committee (PVDC) published the Strategy for Future Retail Payments Infrastructure. Some industry commentators have expressed they were expecting more. I can understand why – after many years of working on the New Payments Architecture (NPA), even running RFIs, there was a hope we weren’t starting from scratch, and the process would be further along. I think the reflection and step back a good thing. The world has moved on since the NPA started, and so making sure the right foundations are in place is key. The report stated clear objectives, and made some clear statements. For example, there WILL be new infrastructure, designed in consultation with the industry. The document is only 19 pages in length but is packed with things to contemplate. A later blog will unpick the report in a little more detail.
