Peter Harmston

Dec 6, 2024 | kpmg.com | Peter Harmston |Imran Ali |Michelle Plevey |Payments Modernisation

Payments modernisation is now imperative. It is not just that the regulatory landscape continues to evolve at pace, requiring organisations to update their systems and processes to remain compliant, important though this clearly is. The bigger picture is that customers are demanding change. Both organisations and consumers now expect a seamless payments experience that is secure, reliable and high-speed – and they want more choices than ever before about how to pay.

Nov 19, 2024 | kpmg.com | Imran Ali |Peter Harmston

On 14th November 2024 the UK government published its long-awaited National Payments Vision (NPV). A year after Joe Garner’s Future of Payments review, which called for more leadership and direction from government, and following much dialogue with industry players of all types, the government has published a clear vision that recognises the importance of payments to the UK economy and the need to change the status quo.

Jul 31, 2023 | ffnews.com | Lauren Hinton |Peter Harmston

60% of UK banks and building societies believe that their retail customers will benefit the most from investment in their payments infrastructure, according to a survey of UK financial institutions conducted by KPMG UK as part of its Payments Modernisation Report published today*. Payments modernisation sees organisations find new ways to keep up with customer demands, regulatory changes, and advancements in payments technology to speed up payments and provide a more seamless experience.

Apr 26, 2023 | thepaymentsassociation.org | Peter Harmston |Robert Philip Dean

Improved KYC/customer due diligence (CDD): Financial institutions have already made strides in automating and digitising their KYC/CDD processes, but they can be further enhanced with powerful machine learning algorithms.Techniques such as network analysis can enable financial institutions to better understand and develop deeper knowledge of the risk exposure of not only customers, but also their wider network, allowing for a better targeted approach to risk management.

Feb 15, 2023 | kpmg.com | Kate Dawson |Bronwyn Allan |Peter Harmston

European developmentsMeanwhile, across the channel, the ECB's 24-month investigation phase into a digital euro is set to conclude in October 2023, with the development of a prototype. As part of this phase, the ECB has been collaborating with private sector companies and intermediaries on potential user interfaces. Once the prototype is complete, the decision will be made on whether to go ahead with actually developing a digital euro.