EPOS Software | The UK payments industry will go through what has been called the “biggest shake-up in a generation”. With new strategies launched to give consumers better control over their finances while reducing the risk of financial fraud. Some significant changes will be coming into effect over the coming years that all UK financial institutions will need to prepare for.
The Payments Strategy Forum
The Payments Strategy Forum, established by the Payment Systems Regulator, pointed out that the UK’s payment systems already seen as “some of the most advanced and resilient in the world”. As a result, approximately 700 transactions were processed every second last year, reaching a total value of £75 trillion.
However, with the digital banking revolution continuing at pace, the existing systems pose certain obstacles to new providers and services. The Payments Strategy Forum said this is putting consumers at a disadvantage.
EPOS Software – ‘Confirmation of Payee’ safeguard
One of the key measures proposed in the new strategy is a new ‘Confirmation of Payee’ safeguard. Which ensures that the identity of the payee confirmed to the payer before any funds leave their account. Therefore, this will reduce the risk of people sending payments to the wrong account. Either by accident or because of fraudulent activity.
In addition to this, the ‘Request to Pay’ function will allow consumers to authorise regular payments – utility bills, for example – before the money goes out. Therefore, people on variable incomes, who might find it difficult to meet certain financial obligations at the same time each month, will benefit from this new service.
Perhaps the key initiative is to replace all the existing interbank payment systems. With a new instant credit push service built around as a peer to peer network without using a central infrastructure. And allow additional services to create layers on top of this core network. The intent is to make it easier for new entrants to join the network and improve the speed of implementation of new payments services.
EPoS Software – CES Touch
The development of CES Software’s “Touch” EPoS Software is the result of regular feedback from our customers. As the founders come from a retailing background with over 60 years of combined experience; this gives us the advantage over our competitors. Our EPOS Software brings your business the edge you need in your industry.