In March, Payments UK published a report in its Changing Payments Landscape series focused solely on the role of data. Its publication coincided with Payments UK’s inaugural conference on data.
Changing Payments Landscape: A focus on payments data explores the drivers of change, highlighting the ethical, privacy, security and data protection considerations for the industry, its regulators and the Government. It also goes back to basics to explain exactly why data is so important to payments.
The payments industry has always understood data. It underpins the very infrastructure and processes that make payments happen. Data makes the network of payments work and is fundamental to facilitating effective collaborative change and innovation.
It’s therefore not surprising that many of the big changes currently in train for payments are all about data and unlocking its potential – Open Banking and PSD2 are fundamentally about sharing data and many industry propositions coming out of the Payments Strategy Forum rely on the use of data to drive them. But it’s not just about what is happening, it’s also about who is delivering it. The UK has witnessed a huge rise in FinTechs operating in financial services and associated industries, and none more so than where technological developments are playing leapfrog with the increased uses of data.
Collaboration will be vital to achieving successful implementation of all the changes facing the industry, but this topic of data will push the boundaries of regular cooperation beyond traditional payments players and wider financial services to include multiple stakeholders.
The cultural shift required to help customers understand, accept and realise the benefits of increased use of data will not be achieved alone.
The report explores all of these issues in more detail to help inform the debate about how the industry should use and store data more extensively, and fulfil its potential for customers and industry alike whilst keeping security at the forefront.
Changing Payments Landscape: A focus on payments data can be downloaded here.