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Articles by Peter Harmston
The future of payments
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.
National Payment Vision summary
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.
Payments Modernisation: How cloud adoption and transformation can drive innovation
In the ever-evolving landscape of financial services, payment platforms stand as critical pillars facilitating seamless transactions... Guest blog by Peter Harmston & Mark Corns, KPMG. In the ever-evolving landscape of financial services, payment platforms stand as critical pillars facilitating seamless transactions. However, the modernisation of these platforms often encounters a myriad of challenges that hinder their ability to keep pace with the demands of the digital age.
Payments Modernisation: Architectural Considerations
This article continues to explore the challenges in the payments industry and how cloud technologies can provide solutions. It introduces KPMG's payments reference architecture, which decomposes the logical architecture into three levels for a modular structure. The article emphasises the importance of a sound component placement strategy for cloud adoption, considering factors such as performance, data privacy, disaster recovery, cost, and integration requirements.
Customers Stand to Gain the Most Benefits from Investment in Payments Infrastructure According to Banks and Building Societies
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.
Five ways AI can help manage economic crime risk more effectively
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.
To CBDC or not to CBDC
European developments Meanwhile, 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.
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