The Changing World of Payments 19905

Payments

The payments industry is evolving at pace. In Digital Payment Services we are helping to shape those changes, allowing us to transform our services and deliver the best for our users. Often when we talk about payments, people automatically think of CPS, our Central Payment System, however our payments estate is much more extensive and complex than that. That means any new changes will be felt across our payments ecosystem that provides services for our 20 million customers.

Design thinking

The way the industry is changing has not only influenced our design thinking, but has also challenged our understanding of the needs and demands the next 5-10 years could bring, as well as the known challenges and pain points.

A key principle of design thinking is to challenge our mind-set and put the users and their experiences front and centre. Before shaping the future, we need to consider the influencers and disruptors that could have direct and indirect implications. Some of the disruptors we’re watching are Blockchain and Distributed Ledger Technologies. Other important influencers include socio-economic changes, such as an aging population increasing demand on our services. We’re also looking at the introduction of open banking, which is aiming to create more competition in the payments industry by opening up and standardising banking data.

An important conclusion of our design thinking is that although we must change and develop new services, we need to protect the core services that our users rely on.

Changing trends

Some of the trends that we’ll be watching as we transform our payment services include:

  • New Payments Architecture – this will introduce the biggest set of changes to the way UK payment schemes process payments in years. Forecasted to start implementation in 2021, a common payment message standard will be introduced, the existing schemes will be consolidated and new overlay services, such as Request to Pay and Confirmation of Payee, will be available.
  • Open Banking – this is now starting to reshape financial services at pace, enabling new business models and products.
  • Distributed Ledger Technologies – we are starting to see the first full production implementations, such as Santander’s One Pay FX. The benefits include reducing time, cost and failure rate associated with making transactions whilst data is stored on a secure immutable ledger.

I’m keen for us to consider how we can harness the payment innovations coming out of these trends and how we can influence the New Payment Architecture to help shape future of payments across government.

Successes so far

Payments are core to our service and are critical to help people live better lives.

We’ve already achieved a lot: we’ve insourced some services, migrated the hosting of our core payments system from external suppliers to on premises hosting and now manage and evolve our payments systems within the department. We have delivered some fairly significant change: introduced a new Faster Payment solution allowing for near real-time payments. And we have migrated our banking services to the new Government Banking Services.

As we move our Payment Services forward they need to be efficient, modern, fast, scalable, flexible, innovative and available 24/7. To do this we’re building a team of incredible people and skills. But most importantly, we’re continuing to ensure our customers receive their payments on time.

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ARK.io Announces MarketSquare: The New Homepage for the Decentralized Web 5410

ARK.io, a leading blockchain technology provider, pulled back the curtain today on their newest product – MarketSquare. MarketSquare is being regarded as the new homepage for the decentralized Web. In recent years the amount of blockchain businesses, applications and services available to the general public and tech community is expansive.

Moreover, it is nearly impossible to find one single place to explore, learn and interact with blockchain projects and applications. MarketSquare aims to change that by delivering a robust user experience that puts discoverability and the ability to forge new relationships within the industry at the forefront. The MarketSquare platform will open to all users, blockchain-powered businesses and developers within the blockchain industry. An excerpt from the official ARK.io blog reads;

“On MarketSquare, we make it easy to discover businesses, blockchains, applications and delegates. By searching through different categories using our robust search function and following your favorite projects, it has never been easier to learn about, interact with and follow projects within the blockchain industry.”

The current roadmap for MarketSquare contains a long list of additional features and services that will be added to the platform over time. These range from social features, all the way to developer-focused features. Social messaging and a developer bounty system are just a few of the items on MarketSquare’s current slate.

To this moment, MarketSquare has gone through three rounds of closed alpha testing with overwhelmingly positive responses from testers. The testing has helped the ARK.io team shape improvements to the user experience and create features that everyone from average users, to blockchain business leaders will find valuable.

Binance Announces B2B Solution for Merchants to Natively Integrate Buy Crypto Function 5246

Binance, the global blockchain company behind the world’s largest digital asset exchange by trading volume and users, today announced Binance Access, a business-to-business (B2B) solution for merchants, vendors and wallets to integrate a “buy crypto” functionality on their platform. By integrating Binance Access, merchants and vendors are able to allow their users to natively buy crypto directly on their platform through Binance without leaving its interface.

Binance Access is a standard API operated on Binance.com, which is made available to clients and partners as part of Binance’s Open Platform initiative. Binance Access will automatically allow users to create a Binance account after logging in to the merchant’s site. Users can buy crypto directly from the merchant’s interface using their available fiat balance. While the purchased crypto goes directly into the user’s Binance account to ensure the highest level of security and participation in Binance’s SAFU program, users can continue to buy crypto on the merchant platform.

“Binance Access allows businesses to provide a one-stop exchange service to their customers and users without operating an exchange, streamlining the process for both service providers and the end-users,” said Binance CEO Changpeng Zhao (CZ). “By providing other industry players and businesses with the tools and services to build the ecosystem, we hope to continue lowering the entry barrier to crypto and enabling more solutions to boost adoption as an infrastructure provider.”

Binance Access is currently customized for businesses operating in the digital asset space, including vendors accepting payments in crypto and crypto wallets, allowing them to expand their offerings and new opportunities to scale in the crypto ecosystem. Merchants and businesses looking to integrate the Binance Access solution must have fiat capability and be fully compliant in the jurisdictions they service to be eligible.

The seamless integration of the solution involves the implementation of a standard API and integration of the “buy crypto” functionality into the platform interface and is ready for use shortly after. If the user has already passed KYC (Know Your Customer) verification on the merchant’s platform, no additional verification is required on Binance. E-wallet platform Advcash is the first platform that has integrated the Binance Access solution.

Earlier this year, Binance introduced the Open Platform initiative committed to providing infrastructure solutions and resources to the larger industry that help them build sustainable growth for the global crypto ecosystem. Initiatives under the Open Platform include the Binance Brokerage Program, Binance Cloud and Binance Widget.

XETHER 4921

Gambling has existed since ancient times, in many countries they were banned, and then allowed, played by everyone, from the poor to the richest, over the centuries, games have only become more interesting and varied. And now the modern world, and it would seem that everything is fine, online games and casinos in many countries are officially allowed, place a bet and play, and if you win, rejoice and take your money, but the catch is that the casino is almost impossible to track how much they are paid to players and how much they take for themselves. Fortunately, blockchain technology has appeared (in which there is no human factor) but there is a chain of blocks that cannot be undone or made changes.

2323

Projects presented on the blockchain are open to the user and easily provable. This technology began to be applied in the field of gambling industry. Today, a unique online project on the XETHER blockchain is presented in which you can make a cryptocurrency bet, and just log in from your wallet, for example, MetaMask and enjoy the game, but there are a lot of them, bets and winnings are visible online, instant withdrawals are instant , generally a pleasure. This casino has its own XEET token, and anyone can buy it for passive earnings https://xether.io/token/details

If you have any questions or just want to share your emotions about the game, then this can easily be done in the telegram chat https://t.me/xEtherTalk_en

And on you tube channel you can find out about this gaming eco system https://www.youtube.com/channel/UCDzKylgnFyepuo03wxjwtYA

Go to the site https://xether.io, and join the project, good luck friends!

Global Airlines Leverage AI, Machine Learning and Blockchain to Save Costs and Generate New Revenues, Says Frost & Sullivan 4938

Frost & Sullivan’s recent study, Analysis of the Global Airline IT Market, Forecast to 2025, finds that the increasing expectations of passengers are compelling airlines to embrace digital enablers and propelling a digital transformation journey that will fundamentally change traditional airline information technology (IT) strategies. Impacted by the COVID-19 pandemic, the airline IT market is estimated to generate a revenue of $20.74 billion by 2025, compared to $21.20 billion in 2019. As per the original forecast, by 2025, the market was estimated to reach $25.1 billion from $21.20 billion in 2019.

“Despite the adverse impact of COVID-19 on the industry, airlines are increasingly focusing on adopting next-generation digital solutions such as mobility, machine learning (ML), Big Data analytics, and artificial intelligence (AI) to identify cost-saving and revenue-generating opportunities,” said Abhilash Varkey Abraham, Aerospace & Defense Research Analyst at Frost & Sullivan. “Additionally, a few major airlines have already committed to migrating their entire IT infrastructure to the cloud over the next 3-5 years and this trend is likely to continue and grow, mainly among low-cost carriers.”

Abraham added: “From a regional airline IT market perspective, North American airlines were the highest revenue contributor in 2019 and are expected to remain so during the forecast period. Further, APAC is expected to be the key growth engine over the medium and long terms.”

With global airlines losing $25 billion due to disruptions in operations and with 50% of them addressable via digital solutions, a huge opportunity exists for IT suppliers to innovate and expand their portfolio. Market opportunities include:

  • Real-time data analytics with an interactive display/graphical user interfaces (GUI) will have higher penetration in the medium term, which will serve as a growth opportunity for suppliers.
  • With airlines embracing the capabilities of next-gen technologies such as AI and ML, solution providers are encouraged to integrate these technologies into their solutions.
  • Vendors are encouraged to develop solutions to solve airlines’ disruption pain points, especially in the areas of passenger re-accommodation and compensation.
  • Adopting Big Data platforms can streamline the operations of airlines, reducing cost and time.

Analysis of the Global Airline IT Market, Forecast to 2025 is the latest addition to Frost & Sullivan’s Aerospace & Defense research and analyses, available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

Inaugural Mainnet by Messari Crypto Event Brings Together 1,300+ Attendees & Speakers 5202

Over 1,300 attendees from around the world virtually gathered earlier this month (June 1-3) for the inaugural Mainnet by Messari event, focusing on the crypto industry’s past, present, and future of developmental progress and pain points from leading thinkers and builders including: Meltem Demirors (CoinShares), Albert Wenger (Union Square Ventures), CZ (Binance), Balaji Srinivasan (Nakamoto, CoinBase), and Neha Narula (MIT, Digital Currency Initiative).

Over 200 of the industry’s leading executives and builders participated as speakers from some of the top companies and projects including: Fidelity Digital Assets, Ark Investment, Paxos Global, Circle, Bitfinex, Lightning Labs, Kraken, Maker Foundation, Coinbase, Ledger, Chainalysis, Bison Trails, Bloq, Binance, and more. Additionally, the event raised over $60K for COVID-19 relief efforts via non-profit partners, Binance Charity and The Giving Block.

As the talks centered on many themes related to creating free, equitable systemic financial, and technological changes to our world, the prevailing global call for racial and governmental reform ignited around the globe sparked much debate, discussion, and unity on the need for innovative advancements now more than ever.

A few noteworthy talks included:

  • A heated debate took place during the session “Blockchain Analysis or Financial Surveillance” between Alex Gladstein (Human Rights Foundation) and Dr. Tom Robinson (Elliptic), inspiring Gladstein’s posit to Robinson, “I think you should quit your job and go and work for the good guys.”
  • During the presentation “Bitcoin 2020+” with Elizabeth Stark (Lightning Labs) and Neha Narula (MIT, Digital Currency Initiative), Narula sparked Twitter fodder when she questioned the need for institutional support of the movement vs. use of the people, stating “Mainstream adoption doesn’t mean institutional adoption. To me, it means people–everyday people–are actually using this network.”
  • During her keynote “The Anxiety of Influence: The Ideological Contradictions of Crypto-Governance,” Meltem Demirors (CoinShares) related the need to be different and pull away from the inequalities and power-driven decision-making structures that have been seen to go so awry over the course of history, and more specifically in recent weeks and days.
  • Albert Wenger (Union Square Ventures) thoughtfully discussed income and wealth inequality, opportunity attainment, and other themes of the scarcity of attention to valuable, curated knowledge as a society to drive impactful change during his fireside chat with Ryan Selkis (Messari), “The World After Capital.” 

Videos of select presentations will be posted on Messari.io/Mainnet2020 for attendee and Messari Pro subscriber access, and on the Messari YouTube channel in the coming days.

The event was produced by Messari, the crypto industry’s leading market intelligence company. Event sponsors included: title sponsor BitGo and top tier sponsors Bitstamp, Crypto.com, Nexo, Anchorage, Fireblocks, Sila, and ZUBR.

About Messari: 

Mainnet is a production of Messari, the industry’s leading market intelligence company focused on the digital asset ecosystem. The company’s tools and research solutions provide customers with actionable insights to confidently make decisions in the fast-moving crypto-asset space. Since its inception in 2017, Messari has built strong relationships with the industry’s top thinkers, investors, and builders from today’s most promising projects. Learn more about Messari at messari.io.

Huobi Token Begins Trading as Japan’s First Compliant Global Exchange Token 4983

Huobi Group today announced that its native ecosystem token Huobi Token (HT) has been listed on Huobi Japan as a fully compliant crypto asset. HT is the first global exchange token to receive regulatory approval for trading in the country by the Financial Services Agency (FSA), a Japanese financial regulator responsible for overseeing banking, securities and exchange, and insurance sectors.

According to crypto market analysis firm DataLight, Japan has more than 6.2 million crypto asset investors, making it the second-largest crypto trading market in the world. The country is known for having some of the most stringent compliance policies for crypto assets and limits the number of new tokens approved for trading. HT is currently one of just 26 compliant crypto assets to trade in Japan under the FSA’s guidance.

“The HT approval process was an arduous journey, so we’re incredibly excited to now offer it as a trading option for local users,” said Haiteng Chen, CEO of Huobi Japan. “The listing is a testament to Huobi’s on-going commitment to its global compliance strategy. We will continue working closely with the FSA to ensure full compliance with local regulations so our users can trade with ease in a safe and secure environment.”

Of the compliant crypto assets in Japan, HT is the country’s seventh-largest token in market capitalization. Huobi Japan supports six trading pairs for HT, including HT/JPY, HT/BTC, HT/ETH, BCH/HT, XRP/HT, and LTC/HT. Users can also access Huobi Japan’s fiat-to-crypto gateway to purchase HT directly with the Japanese Yen at local branches. In the near future, Huobi Japan will reduce the HT fee and launch HT voting functionality to strengthen the exchange.

As a localized exchange and subsidiary of Huobi Group, Huobi Japan began working with the FSA in mid-2018 to meet all regulatory requirements and obtain the proper licenses to operate legally in Japan. In late 2018, Huobi Japan received the Kanto Finance Bureau No. 0007 license issued by the Japanese Ministry of Finance, which allowed the exchange to support six digital assets, 10 trading pairs, and a fiat-to-crypto on-ramp for the Japanese Yen. This early regulatory approval of Huobi Japan ultimately helped pave the way for the HT approval.

HT’s listing comes as Japan continues to tighten regulations and updates existing laws to better define crypto assets. Last year, the Japanese House of Representatives passed revisions to two pieces of legislation, the Payment Services Act (PSA) and Financial Instruments and Exchange Act (FIEA), to classify and regulate crypto assets. Japan began enforcing the revised versions of the PSA and FIEA this past month.

About Huobi Japan

Huobi Japan is one of Huobi Group’s strategic overseas operations. Through acquiring a licensed Japanese cryptocurrency exchange ‘BitTrade’ in September 2019, Huobi Japan has since been able to provide Yen-to-crypto trading services in a legally compliant manner. In an effort to build a world leading digital asset exchange and with liquidity shared with Huobi Global, Huobi Japan is committed to providing secure, professional and quality services for Japanese users.

About Huobi Group

Consisting of numerous upstream and downstream enterprises, Huobi Group is a leading global blockchain company. Established by Leon Li in 2013, the company’s Huobi Global exchange accumulative turnover exceeds US $3 trillion. Huobi proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 170+ countries. For more information: www.huobi.com.