Advertise on podcast: Payments:Unpacked Podcast

The Promise and the Proof Five stories. One test: does it work? NS&I’s bereavement tracing failure exposes the human cost of missing records, while a surge in UK current-account switching shows what dependable infrastructure makes possible. Europe’s payee-name guidance, Iceland’s proposed A2A alternative and India’s new NPCI technology arm complete the picture. The next generation of payments needs more than ambition. It needs proof. NS&I’s missing bereavement holdings Confirmed operational error and remediation in progress, not completed. NS&I’s tracing process failed to identify all products. Revised estimate: just under 30,300 affected estates and up to £181.90m in deposits; 15,600 estates have holdings >=£10. At 23 October, 795 letters and 613 warrants issued; expected completion first half of 2027. Estimates are falling as reviews proceed. Why it matters: The integrity of account discovery, reconciliation and redress is part of trust in payment infrastructure. Source: https://www.nsandi.com/about-us/press-releases/2026/nsi-bereavement-claims-quarterly-update Current Account Switch Service records 411,384 switches Confirmed Pay.UK scheme data. Q3 2026 switches up 55% year on year and 42% quarter on quarter. 99% met seven-working-day target. Over 201.1m payments redirected since launch. Net gain rankings relate to April–June, not Q3. Why it matters: Portability and payment redirection are practical enablers of banking competition. Source: https://www.currentaccountswitch.co.uk/news-insights/switching-data/current-account-switch-service-records-highest-quarter-of-switching-since-2023/ European Payments Council refines Verification of Payee matching Guidance, not a new binding rulebook. Updated recommendations cover character sets, initials, abbreviations, transposed letters, phonetics and match/close-match/no-match outcomes. Individual PSPs retain matching responsibility. Why it matters: False warnings can create friction and undermine attention to genuine risk. Source: https://www.europeanpaymentscouncil.eu/news-insights/news/epc-publishes-updated-recommendations-matching-processes-under-vop-scheme Iceland proposes domestic A2A merchant payment scheme Proposed approach, not a launched scheme. Central bank to facilitate shared rules, standards and interfaces, with banks and PSPs developing customer products. Aim: diversify from dependence on international card networks. Why it matters: Domestic payment sovereignty is about credible alternatives and resilience, not isolation. Source: https://www.bis.org/speeches/20261103-new-payment-scheme-iceland-building-sovereign-and-secure-payment-system India’s NPCI establishes technology arm NPCI Tech Solutions Limited focuses on AI, blockchain, digital financial infrastructure and technology services, led by Vishal Kanvaty. Why it matters: Separating innovation from core operations creates opportunities but demands clear governance. Sources: https://www.reuters.com/world/india/indias-payments-authority-npci-forms-unit-push-into-ai-blockchain-tech-2026-11-04/ ; https://www.business-standard.com/companies/news/npci-launches-tech-arm-for-ai-blockchain-names-vishal-kanvaty-as-ceo-126110401642_1.html This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

Who gets to use modern banking? How much control are customers prepared to give AI? And what happens when the technology underpinning payments fails? Today’s Payments:Unpacked examines new UK banking inclusion commitments, consumer resistance to autonomous AI, cyberattack research, a major French bank theft and lessons from a cloud outage. Five stories. One theme. The real test of payment innovation isn’t simply what technology can do. It’s whether people can trust it. 1. Banking access: an account is only useful if you can actually use it What changed: UK Finance announced new initiatives intended to make banking more accessible. Developed following its Inclusive Design Challenge, the programme addresses three areas: helping customers use trusted third parties, improving accessible communications and reducing barriers to opening basic bank accounts. Twelve submissions informed the programme. Proposals include extending identity-verification support, exploring alternative identity documents and developing safer arrangements for customers who need help managing their money. Some improvements are expected within the next year. Longer-term proposals remain under development. Why it matters: Payment innovation is meaningless if customers cannot access accounts, understand information or authorise transactions safely. Source: UK Finance announcement, 5 November. UK Finance 2. Britain isn’t ready to hand control of money to AI What changed: A survey commissioned by FIS found that just 22% of UK adults were ready to let an AI assistant manage their money day to day. By contrast, 58% were not ready. The survey covered 2,000 UK adults. Respondents were considerably more comfortable using AI to identify suspicious activity, answer financial questions or manage approved recurring payments than allowing software to make independent financial decisions. These are self-reported attitudes, not evidence of actual adoption. Why it matters: Agentic payments challenge established assumptions about authorisation, consent and accountability. Source: FIS research reported by Finextra, 5 November. Finextra Research 3. Cyberattacks expose the cost of financial infrastructure disruption What changed: Security company ESET published research based on a survey of 500 UK financial services organisations. The findings included: * 97% reported experiencing a cyberattack during the previous year. * 62% reported multiple attacks. * Recovery of critical operations took approximately seven days on average. These are supplier-sponsored survey findings rather than independently verified incident statistics for the entire financial sector. Why it matters: Payment providers increasingly depend on interconnected systems, suppliers and digital services. An operational disruption can affect salaries, business payments, access to funds and confidence in financial institutions. Source: ESET research coverage, 5 November. The Paypers 4. A French bank reports approximately €100 million stolen What changed: French bank Crédit Mutuel Arkéa reported that approximately €100 million had been taken through fraudulent transactions involving an account belonging to the bank. The bank says customer assets were unaffected and that it is attempting to recover the funds. Reporting indicates that access through a third-party service provider may have been involved. The final financial loss remains uncertain, and investigations are continuing. Why it matters: Banks may have strong internal controls while remaining exposed through suppliers and third-party access arrangements. Sources: Reuters investigation, 5 November and Financial Times coverage. Reuters 5. Two cloud providers don’t automatically deliver resilience What changed: An article published by UK Finance and written by an engineering executive at Form3 examines lessons from the Google Cloud disruption of 20 October. The author argues that multi-cloud infrastructure only delivers meaningful resilience when systems can continue operating across providers during an outage. That requires synchronised data, effective traffic routing, tested failover and a detailed understanding of third-party dependencies. Form3 says its platform continued processing payments during the incident. That is the company’s account of its own performance. Why it matters: A payment system can appear resilient on paper while depending on an underlying service that represents a single point of failure. Source: UK Finance — Cloud outages: lessons for payments resilience, 6 November. This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

The Missing Connections New rails. Real people. Shared responsibility. Britain’s next-generation retail payments infrastructure takes an important step forward as the RPIB publishes its consultation response. Meanwhile, the Bank of England explores longer CHAPS settlement hours, new research exposes the scale of money-mule recruitment among young people, and fraud intelligence offers lessons for cybersecurity. We also examine whether tokenised money needs new regulatory permissions or simply clearer rules. Five stories. One theme. The future of payments depends on more than new infrastructure. It depends on making the connections work. 1. Britain’s next payments infrastructure moves from consultation towards design What changed: The Retail Payments Infrastructure Board published its response to the consultation on Britain’s next-generation retail payments infrastructure. The consultation received 121 responses. There was broad support for the proposed direction, including greater payment choice, competition, interoperability between different forms of money, fraud protection and operational resilience. However, important design decisions remain unresolved. The Board will refine its high-level Blueprint before handing it to the industry-owned Delivery Company in spring 2027. The Delivery Company will then progress lower-level design, procurement and construction. Why it matters: This is a significant milestone, but it is not a completed specification or implementation decision. The response also emphasises the importance of maintaining today’s infrastructure while the next generation is developed. Bank of England — RPIB consultation response, 4 November. Bank of England 2. CHAPS moves towards longer settlement hours — but not necessarily seven days a week What changed: The Bank of England published minutes from its October RTGS and CHAPS Industry Forum. The minutes reveal broad industry support for extending settlement hours. However, respondents generally favoured longer weekday operating hours before adding Sundays and bank holidays. The Bank has not reached a decision on sequencing. Work towards opening CHAPS at 1:30am is progressing, with initial estimates suggesting approximately 20% of CHAPS payments could settle before 6am. The forum also discussed synchronisation between central bank money and external asset ledgers. Why it matters: Longer settlement hours could support international payments, digital assets and liquidity management. But extended availability creates additional demands for operational support, incident management and liquidity provision. Bank of England — RTGS and CHAPS Industry Forum minutes. Bank of England 3. Nearly two-thirds of young people encounter suspicious money-making offers What changed: UK Finance published research through its Don’t Be Fooled campaign examining how criminals recruit young people as money mules. The research found: The findings come from a survey of 1,000 young people conducted in August 2026. These figures describe reported approaches, not confirmed criminal participation. Why it matters: Criminals increasingly disguise money-mule recruitment as employment, entrepreneurship and social-media opportunities. Banks can improve payment monitoring, but prevention must also address recruitment before money reaches a mule account. UK Finance — Don’t Be Fooled research, 4 November. UK Finance 4. Your fraud team might detect a cyberattack before your cybersecurity team What changed: A UK Finance-hosted article from security technology provider Cleafy argues that fraud teams may identify the earliest indications of malware through unusual customer activity and device behaviour. The analysis highlights the importance of combining fraud intelligence with cybersecurity information. It includes supplier-reported detection performance figures. These should not be interpreted as independently verified industry benchmarks. Why it matters: A cyberattack may first appear as an unusual payment session, suspicious application behaviour or an unexpected customer interaction. Different teams can observe different aspects of the same incident. UK Finance — The first team to spot the cyberattack might be your fraud team. UK Finance 5. Does tokenised money really need a new regulatory rulebook? What changed: Legal specialists from Linklaters have published an analysis through UK Finance examining the regulatory treatment of tokenised deposits and programmable payments. Their argument is that changing the technology used to record or instruct a bank deposit payment does not necessarily change the underlying regulated activity. However, genuinely new features — including programmable conditions and different liability arrangements — may require regulatory adjustments. This is legal commentary, not a new regulatory decision. Why it matters: The industry needs sufficient regulatory certainty to invest in digital money without creating unnecessary barriers or overlooking new risks. UK Finance — Digital money and tokenised payments, 5 November. This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

The Cost of Connection Faster rails. Tougher choices. Who benefits? From early car-finance compensation and the cost of banking cash to plans linking Canadian and European instant-payment systems, today’s Payments:Unpacked explores the consequences of greater connectivity. Form3 and Ebury are preparing another route into Canada’s payments infrastructure, while Revolut has secured a New Zealand banking registration. Five stories. One theme. Faster and more connected payments are important — but who benefits, and who pays? 1. The FCA says compensation can arrive sooner — but there is a catch The Financial Conduct Authority has set out expectations for motor finance lenders wishing to offer early compensation while legal challenges delay its wider redress scheme. Barclays Partner Finance has confirmed that it will offer settlements to some customers. The FCA expects offers to be no less than customers would receive under its scheme. However, accepting an offer is final: customers cannot subsequently claim more if the eventual scheme would have produced a higher payment. The regulator’s research found that 89% of surveyed customers who had complained or were considering complaining wanted the option of receiving compensation sooner. Why it matters: Faster reimbursement may help customers, but speed must not come at the expense of informed consent. FCA announcement — 3 November 2026. FCA 2. HSBC’s cash charges raise a question about the future of cash acceptance HSBC has published revised business banking charges taking effect on 14 December. For its Small Business Banking Account, cash deposited or withdrawn at a branch counter will attract a 2% charge, up from 1.5%. However, the separate £1.50 counter transaction charge disappears, while withdrawals at HSBC cash machines become free. This is not a straightforward across-the-board increase. The effect depends on how frequently a business deposits cash and the amounts involved. For example, depositing £2,000 once at a branch would cost £40 under the new percentage charge, compared with £31.50 under the previous combined charges. Why it matters: The debate about cash often focuses on whether customers can use it. But businesses must also be able to bank their takings affordably. HSBC published business banking charges. HSBC Business Banking 3. Europe and Canada want to connect their instant-payment systems Payments Canada has welcomed an agreement between Canada and the European Union to support work towards connecting their instant-payment systems. Canada’s new Real-Time Rail is designed around ISO 20022 messaging, with international interoperability identified as an important objective. The announcement is a commitment to develop connectivity, not confirmation of an operational cross-border payment service. No launch date has been announced for the international link. Why it matters: Domestic instant-payment systems are increasingly being designed with international connections in mind. Payments Canada announcement — 2 November 2026. Payments Canada 4. Form3 and Ebury extend their partnership towards Canada’s new payment rails UK payments technology provider Form3 has announced an expanded partnership with Ebury. Form3 already provides Ebury with connectivity to Britain’s Faster Payments and Europe’s SEPA payment schemes. The new arrangement will enable Ebury to connect to Canada’s forthcoming Real-Time Rail as participation expands during 2027. This is an announced partnership, not confirmation that the Canadian service is already available to Ebury customers. Why it matters: Specialist infrastructure providers can simplify access to multiple national payment systems. But reliance on intermediaries also raises questions about resilience, pricing and operational dependency. Form3 announcement — 3 November 2026. Form3 5. Revolut gains another banking licence The Reserve Bank of New Zealand has registered Revolut as a bank. Revolut becomes New Zealand’s twenty-seventh registered bank. The company says it is launching local banking services and intends to invest NZ$120 million over five years. The registration is a significant regulatory milestone, although it does not establish how successfully the bank will compete or how many customers will adopt its services. Why it matters: Digital banking competition increasingly crosses national borders, but each new market brings its own regulatory obligations. Reserve Bank of New Zealand announcement. This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

Who controls access to the future of payments? The FCA demonstrates the consequences of ignoring UK crypto promotion rules, while Hong Kong moves tokenised settlement towards a round-the-clock future. Meanwhile, embedded payments expand into Ireland, instant payouts into China gain another route, and payment terminal technology becomes easier to deploy. Five stories. One theme. The future of payments isn’t just about faster rails. It’s about who controls the gateways. 1. The FCA closes the door on unlawful crypto promotions What changed: The Financial Conduct Authority secured High Court undertakings preventing crypto exchange HTX, formerly Huobi, from knowingly promoting cryptoasset services unlawfully to UK consumers. The regulator says HTX has exited the UK. New UK customers cannot register, and deposits are no longer available. The settlement does not constitute an admission of wrongdoing or liability. Why it matters: The FCA is demonstrating that operating from overseas does not exempt firms from UK financial promotion requirements. As Britain prepares for its broader cryptoasset regulatory regime in October 2027, market access is becoming inseparable from regulatory compliance. Source: FCA announcement, 29 October. FCA 2. Hong Kong takes tokenised settlement around the clock What changed: The Hong Kong Monetary Authority announced that its EnsembleTX pilot now supports 24/7 interbank settlement of tokenised deposit transactions using tokenised central bank money. Participation has increased to 12 banks and 20 industry organisations. Meanwhile, Standard Chartered launched a tokenised-deposit solution for eligible corporate customers, reporting live transactions. Why it matters: This is a practical demonstration of how commercial bank deposits and central bank settlement infrastructure might operate beyond conventional banking hours. It is not a general-purpose retail payments launch. It is a controlled wholesale and corporate initiative. Sources: HKMA announcement and Standard Chartered announcement. Hong Kong Monetary Authority 3. Embedded payments cross the Irish Sea What changed: Unipaas and JPMorgan Chase announced the expansion of their payment offering into Ireland. The service enables software platforms to integrate white-label payment acceptance for their business customers. The announcement was published on 29 October and featured in industry reporting on 2 November. Why it matters: Payments increasingly become part of the software merchants use to run their businesses. The strategic question is shifting from which payment provider a merchant chooses to which payment capabilities its software platform provides. Source: J.P. Morgan Payments announcement. JPMorgan Chase 4. Instant payouts into China gain another route What changed: Thunes and UnionPay International announced expanded instant payouts to UnionPay cards in mainland China. The service provides access to cards issued by 79 major Chinese banks, with stated daily payout limits of up to US$10,000. Why it matters: International payment interoperability does not necessarily require replacing established payment networks. Connecting to existing card infrastructure can provide another route for cross-border payments. However, instant receipt does not automatically mean every part of the international payment journey is instantaneous.. Source: Thunes announcement, 2 November. Thunes.com 5. The unglamorous technology that makes payment innovation possible What changed: Newland Payment Technology and Aevi announced a partnership to simplify the deployment of Android SmartPOS terminals. Pre-integrated devices and shared certification are intended to reduce development and deployment complexity. Why it matters: Every additional payment method, terminal type and software integration creates operational work. For merchants, particularly smaller businesses, practical implementation can matter more than ambitious industry announcements. Source: Aevi announcement, 2 November. This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

From new standards for till software to tokenised collateral, nine-country Pay by Bank and AI agents making payment decisions, the industry is testing what trust really means. Add the UK’s failure-to-prevent-fraud rules, and a common theme emerges: innovation needs records, controls and accountability that work when challenged. Five stories. One theme. This is Payments:Unpacked. 1. The government wants tills that cannot quietly rewrite history What changed: HM Revenue & Customs confirmed that the government intends to introduce mandatory software standards for electronic and mobile point-of-sale systems. The objective is to prevent electronic sales suppression, where transactions are manipulated or concealed to understate turnover and tax liabilities. A technical consultation is planned for summer 2027. Legislation and implementation will follow, with no commencement date yet confirmed. Why it matters: Payment integrity extends beyond authorisation and settlement. The accuracy and permanence of the underlying transaction record matter too. Sources: HMRC consultation outcome and Budget 2026 policy details. GOV.UK 2. The Bank of England opens the door to tokenised collateral What changed: The Bank of England published proposed supervisory expectations for central counterparties wishing to accept tokenised forms of eligible collateral. The Bank considers that the existing regulatory framework need not prevent their acceptance, provided assets remain capable of being valued, transferred and realised, including during stressed market conditions. The consultation closes on 12 February 2027. Why it matters: Tokenisation could accelerate collateral movement and improve liquidity management. But new technology must satisfy established standards of financial resilience. Source: Bank of England announcement. Bank of England 3. Pay by Bank moves across nine European markets What changed: ZEN.COM announced that its Pay by Bank service, supported by Mastercard Open Finance, was available across nine European markets. The company says the service was live by September and supports merchant payments and wallet top-ups through a single integration. The nine countries are Germany, Austria, Spain, Belgium, the Netherlands, Italy, Portugal, Ireland and Lithuania. Britain is not included. Why it matters: Commercial distribution is advancing. However, the announcement does not provide transaction volumes, merchant conversion rates or evidence of cost savings. Source: ZEN.COM official announcement. ZEN.COM 4. When AI makes the payment, who gives permission? What changed: A legal commentary hosted by UK Finance examines whether existing payment services regulation adequately addresses AI agents acting under delegated customer authority. The authors question whether a payment independently selected and initiated by an agent can always be treated as having been made at the customer’s request. They advocate greater clarity on consent, liability and agent identification. This is legal analysis, not a new regulatory announcement. Why it matters: The payment industry has spent decades refining authorisation and authentication. Delegating purchasing decisions to software challenges some of those assumptions. Source: UK Finance-hosted analysis. UK Finance 5. Fraud prevention: having a policy is not the same as having protection What changed: A legal review hosted by UK Finance examines the practical implications of the UK’s corporate failure-to-prevent-fraud offence, which came into force on 1 September 2025. The review argues that organisations need evidence of functioning fraud controls, not simply documented policies. That includes current risk assessments, testing, documented exceptions and clear responsibility for resolving weaknesses. This is a review of existing legislation, not a new enforcement action. Why it matters: For payment providers, governance and operational controls must be demonstrably effective. Sources: UK Finance-hosted review and Government guidance. UK Finance This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

Payments:Unpacked Podcast In today’s podcast - the Bank of England explores tokenised collateral, Revolut Pay reaches Just Eat, the government targets fraud in till software, and financial-crime screening gets faster. Meanwhile, the FCA delivers a clear message to offshore crypto businesses. Five stories, one question: what makes the next generation of payments trustworthy? 1. Bank of England opens the door to tokenised collateral The Bank of England has launched a consultation on how central counterparties could accept tokenised versions of eligible collateral. The Bank considers that existing regulation does not inherently prevent this, provided the assets can be valued, transferred and realised when required, including during stressed market conditions. The consultation closes on 12 February 2027. It does not grant blanket approval for tokenised collateral. Why it matters: Tokenisation could improve collateral mobility and liquidity management. But its success depends on settlement finality, custody arrangements, interoperability and operational resilience. Source: Bank of England announcement, 29 October⁠. 2. Revolut Pay arrives at Just Eat Revolut has partnered with Just Eat to introduce one-tap account-to-account payments across its UK and Irish app and web checkouts. Eligible customers can pay directly from their Revolut accounts, authorising transactions through biometric authentication without entering card details. The launch includes enhanced RevPoints rewards until 27 December 2026. Why it matters: Account-to-account payments are becoming part of familiar, everyday retail experiences. However, a simpler checkout does not automatically guarantee sustained adoption. Source: Just Eat’s official announcement, 28 October⁠. 3. Government targets fraud hidden inside payment terminals A separate measure in Wednesday’s Budget commits the government to introducing mandatory software standards for electronic and mobile point-of-sale systems. The objective is to prevent electronic sales suppression, commonly called till fraud, where software conceals or reduces recorded sales. HMRC intends to publish a further technical consultation in summer 2027. Implementation details and the start date remain undecided. Why it matters: Reliable transaction records are fundamental to the integrity of retail payments. The proposed requirements could affect payment technology suppliers, acquirers and merchants. Source: HM Treasury — Budget 2026 measures⁠. 4. Napier AI integrates faster financial-crime intelligence Napier AI has announced that its transaction-screening platform has completed technology validation for integration with LSEG’s World-Check On Demand. Financial institutions can use the integration to access updated risk intelligence through an API within minutes of publication. This includes sanctions, politically exposed persons and adverse-media information. Why it matters: Faster intelligence could improve transaction screening, particularly when sanctions and other risk information change rapidly. However, the announcement does not establish independently measured improvements in detection accuracy or false-positive rates. Source: Napier AI announcement, 29 October⁠. 5. FCA secures court-backed agreement restricting HTX’s UK activities The Financial Conduct Authority has secured High Court undertakings following its legal proceedings against cryptocurrency exchange HTX. The regulator says HTX is no longer active in the UK. New UK customers cannot register, deposits are blocked and the exchange has agreed not to target British consumers with unlawful financial promotions. The settlement does not constitute an admission of wrongdoing or liability. Why it matters: The FCA is demonstrating that overseas financial-services businesses cannot avoid UK financial-promotion requirements simply by operating from another jurisdiction. Source: FCA announcement, 29 October⁠. This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

The Budget Reaches the Payment Rails The UK Budget puts Direct Debit, banking taxation and financial data-sharing firmly on the agenda. Meanwhile, Confirmation of Payee secures its regulatory future and Brite Payments tackles the friction of repeat Pay by Bank purchases. Five stories, one question: who is really shaping the future of payments? 1. Direct Debit becomes the government’s tax-payment safety net The government has announced plans to require businesses to establish Direct Debit instructions for VAT and PAYE liabilities from April 2029. The proposed arrangements would begin on 1 April 2029 for VAT and 6 April for PAYE. Importantly, businesses would still be able to pay using other methods before a specified deadline. Direct Debit would collect any outstanding balance. The Budget separately proposes allowing HMRC to recover certain lower-value tax debts directly from bank accounts from July 2029, subject to safeguards and further legislation. Why it matters: This is potentially a significant development for one of Britain’s most established payment methods. Direct Debit would become the default collection mechanism for unpaid VAT and PAYE liabilities. It also raises questions about customer control, cash-flow management, failed collections and the operational requirements of implementing such a system. Source: HM Treasury — Budget 2026, published 28 October. GOV.UK 2. The Budget doubles the banking surcharge — temporarily The government has announced that the Bank Corporation Tax Surcharge will increase from 3% to 6% for 15 months, beginning on 1 January 2027. It will return to 3% on 1 April 2028. The surcharge applies to relevant banking profits above the existing £100 million allowance. The government estimates the measure will raise approximately £1.5 billion to help fund household support. Legislation is still required to implement the increase. Why it matters: Banks face a temporary increase in their tax burden at a time when the government is also seeking investment, innovation and greater competition across financial services. The debate concerns whether the additional contribution is justified by banking profitability or risks discouraging lending and investment. Source: HMRC — Banking surcharge changes, 28 October. GOV.UK 3. HMRC data could become part of the open-finance ecosystem The Budget contains a potentially important commitment to explore the use of HMRC data within open finance. The government intends to work with regulators and industry participants to test the feasibility of making relevant information available while protecting the integrity of the tax system. This is exploratory work, not authorisation for financial institutions to access taxpayers’ records. Separately, the Budget confirms plans to require structured electronic VAT invoices from April 2029. The detailed technical design is expected by April 2028. Why it matters: Combining reliable business information with open-finance services could eventually support better credit assessments, faster lending decisions, improved reconciliation and less repetitive administration. However, the practical challenges around consent, data protection, standards and interoperability remain substantial. Source: HM Treasury — Budget 2026. GOV.UK 4. Confirmation of Payee secures its regulatory future The Payment Systems Regulator has confirmed that the regulatory requirement supporting Confirmation of Payee will no longer expire on 1 November 2026. Specific Direction 17 will remain in force unless amended or revoked. According to the regulator, more than 320 organisations provide Confirmation of Payee, with over two million checks completed daily. The PSR intends to review the requirement in five years and continues to consider whether coverage should be expanded. Why it matters: This preserves the regulatory foundation of an important fraud-prevention and payment-verification service across Faster Payments and CHAPS. Although announced last week, the decision is particularly relevant now because the original expiry date is just days away. Source: PSR — Policy statement PS26/2. PSR 5. Brite Pass tackles the repeat-purchase problem for Pay by Bank Brite Payments has launched Brite Pass, designed to make repeat Pay by Bank purchases quicker and easier. After a customer completes an initial payment and opts in, the service can recognise them when they return to participating merchants. Their preferred bank account is automatically preselected, reducing the steps required to complete another payment. Brite claims the service can reduce checkout completion time by 50% and recognise more than 90% of returning sessions. These are company-reported figures rather than independently verified outcomes. The company also plans to introduce one-touch payments using biometrics or passkeys. That functionality is not yet part of the launch. Why it matters: Pay by Bank’s competition with cards will increasingly depend on the customer experience, particularly for repeat transactions. This is a European announcement; UK-specific availability of Brite Pass has not been established. Source: Brite Payments — Official announcement. This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

The Human in the Loop AI is transforming banking, open finance is taking shape, and businesses are demanding better payments. But who remains in control? AI is helping Lloyds investigate fraud, the Bank of England reveals how extensively financial institutions are adopting intelligent technology, and the FCA is exploring the infrastructure behind open finance. Meanwhile, new research points to growing business interest in Pay by Bank, and Funding Circle is blurring the boundaries between cards, credit and bank transfers. Five stories from the world of UK payments and banking, with one question running through them: as technology takes on more responsibility, who remains accountable? 1. Lloyds reports 90% accuracy from AI-assisted fraud investigations Lloyds Banking Group has published results from its agentic AI platform supporting debit-card fraud investigations. The technology has assisted specialists with more than 10,600 live customer cases over 90 days. Lloyds reports decision accuracy exceeding 90%, a 30% reduction in staff overriding AI recommendations, and roughly half as many systems needed during customer calls. Crucially, trained fraud specialists retain responsibility for the final decisions. Why it matters: This is evidence of AI moving beyond demonstrations into operational banking. However, the performance figures are Lloyds’ own, rather than independently verified results. Source: Lloyds announcement, 26 October. Lloyds Banking Group 2. Bank of England reveals how extensively financial firms are using AI A new survey from the Bank of England and Financial Conduct Authority provides a revealing picture of AI adoption across British financial services. Of 196 responding firms, 86% reported using AI, compared with 75% in the 2024 survey, although differences in respondents and methodology mean the figures are not directly comparable. Among firms completing the detailed questionnaire, 80% reported having AI agents deployed. Yet only 2% reported agents operating with broad autonomy. There is another striking finding: the three largest cloud and computing providers accounted for 79% of reported relationships. Why it matters: Financial institutions are adopting AI rapidly, but autonomy remains tightly constrained. Meanwhile, dependence on a small number of technology providers creates important questions about operational resilience. Source: Bank of England and FCA AI survey, 26 October. Bank of England 3. FCA prepares to test the infrastructure behind open finance The FCA is preparing to test different infrastructure models for open finance, according to comments by Simone Plances, manager of its Smart Data Accelerator, reported by Open Banking Expo. The regulator intends to explore centralised, decentralised and hybrid approaches, examining which responsibilities should sit with common infrastructure and which should remain with individual organisations. It is also considering how AI agents might access and use financial information on behalf of customers. Why it matters: The UK is beginning to confront the infrastructure and governance questions that must be resolved before open finance can operate at scale. This is planned experimentation, not an agreed architecture or operational service. Source: Open Banking Expo, 26 October. Open Banking Expo 4. NatWest research finds 94% of businesses willing to trial Open Banking payments New research commissioned by Payit by NatWest suggests that businesses are becoming increasingly receptive to open banking payments. According to the findings, 47% of surveyed businesses already use open banking, while 94% say they are likely to trial it as a payment method over the next 12 months. But there is a warning beneath the enthusiasm: 93% consider bank-equivalent regulatory oversight important, while 59% say their existing payment processes result in late payments. These are survey responses, not independently verified adoption or transaction figures. Why it matters: The opportunity for Pay by Bank appears substantial, but willingness to experiment is not the same as sustained adoption. Trust, reliability and integration remain critical. Source: Payit by NatWest research, 26 October. Open Banking Expo 5. Funding Circle connects card credit to bank transfers Funding Circle has introduced a feature allowing customers to make transfers to UK bank accounts directly from its Cashback card. The service is designed for expenses that cannot normally be paid by card, including rent and supplier invoices. Funding Circle says customers can access up to 42 days of interest-free credit, with transfers made in the business’s own name. Transfers requested before 2pm on working days are eligible for same-day payment. Why it matters: This is an interesting example of the boundaries between card payments, bank transfers and business lending becoming less distinct. The proposition is not simply another payment method. It combines access to credit with the ability to pay suppliers through bank transfers. Source: Funding Circle announcement, 27 October. Funding Circle Holdings plc (LSE: FCH) This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

Who Pays, Who Protects? | 27 October 2026 A proposed £5bn card-fee lawsuit, Revolut's move into lending, questions about unclaimed customer balances, a cross-border payee-checking initiative and Wero's Dutch launch. Mike Chambers asks what fairness, accountability and protection look like in a changing payments system. 1. Visa and Mastercard face proposed £5bn UK collective claim Law firms Harcus Parker and Hausfeld have applied to the Competition Appeal Tribunal for permission to bring a collective action alleging excessive interchange fees since October 2020. An estimated one million smaller businesses and organisations could be covered if authorised. Both networks dispute the allegations. Why it matters: card acceptance economics, merchant choice and potential compensation.Source: https://www.theguardian.com/business/2026/oct/26/visa-mastercard-potential-uk-lawsuit-interchange-fees-compensation 2. Revolut enters UK lending as PRA review is reported Revolut has introduced £2,000–£25,000 unsecured personal loans for a limited initial group of UK customers. Separately, the Financial Times reports that the PRA ordered an independent review of the company’s product approval processes; Reuters could not independently verify the account. Why it matters: governance must scale alongside product expansion. Sources: https://www.reuters.com/business/finance/revolut-launches-personal-loans-uk-taking-major-banks-2026-10-26/ ; https://www.reuters.com/business/finance/bank-england-orders-review-revolut-product-approvals-ft-reports-2026-10-27/ 3. Pockit reportedly recognises almost £4m of unclaimed customer balances The Times reports that Pockit recognised nearly £4m from unclaimed balances on frozen or closed accounts as income. The company says it made reasonable efforts to return funds, considers obligations extinguished after six years and acted lawfully. The report does not establish wrongdoing. Why it matters: customer money, e-money safeguarding and financial inclusion. Source: https://www.thetimes.com/business/companies-markets/article/pockit-app-fintech-frozen-accounts-income-thfjqqvb6 4. TerraPay integrates cross-border recipient verification with Kinexys Liink London-based TerraPay says TerraPay Verify is integrated with J.P. Morgan Kinexys Liink Confirm, allowing participants to check account and wallet recipient details before international payments. Benefits in reduced errors and fraud are prospective. Why it matters: extending pre-payment assurance across incompatible global rails. Sources: https://www.terrapay.com/media/terrapay-verify-jp-morgan-kinexys-liink/ ; https://thepaypers.com/payments/news/terrapay-integrates-payee-verification-into-kinexys-liink-network 5. Wero begins Dutch e-commerce roll-out (26 October; confirmed phased launch in Netherlands) The European Payments Initiative began enabling Wero online merchant payments across eleven Dutch banks, starting the gradual transition from iDEAL. Completion is targeted by end-2027, with additional functionality and Dutch purchase protections following later. This is not a UK launch. Why it matters: a practical account-to-account alternative to cards, built on a successful domestic scheme. Sources: https://thepaypers.com/payments/news/epi-starts-wero-ecommerce-roll-out-with-dutch-banks ; https://www.abnamro.nl/nl/zakelijk/producten/betalen/winkels-en-webshops/ideal-wordt-wero.html This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

Trust Has to Be Built In | 26 October 2026 Could reusable business identity simplify payment onboarding? Can an AI investigator make a defensible decision in 17 seconds? Mike Chambers explores new UK financial-crime research, the reliability gap facing Pay by Bank and Europe’s next payments rulebook. Five stories, one takeaway: trust must be built in, not bolted on. Five developments worth watching: reusable business identity, AI-driven fraud investigations, the scale of money laundering, the reliability of Pay by Bank and Europe's evolving payments rulebook. 1. Government backs reusable business credentials The UK government has accepted all but one recommendation from its Small Business Regulatory Taskforce and committed to developing reusable business credentials while exploring a service allowing businesses to provide information to government once. This is not an operational identity scheme, but it could eventually reduce repetitive verification when businesses open accounts, establish merchant relationships and access payment services. Why it matters: Better business identity infrastructure could simplify onboarding without weakening verification, provided consent, security and accountability are properly addressed. Source: UK government response, 23 October. GOV.UK 2. Starling claims its AI investigator resolves alerts in 17 seconds Starling says it has deployed an AI financial-crime investigator embedded in its core banking technology, capable of investigating transaction-monitoring alerts, documenting the audit trail and reaching a decision within 17 seconds. The reported speed is the bank’s claim, not an independently verified benchmark; published information does not establish its accuracy, error rates or level of human oversight. Why it matters: Automation could transform financial-crime operations, but speed must be accompanied by explainability, effective controls and defensible decisions. Source: Finextra, 21 October. Finextra Research 3. New research estimates £155 billion of UK money laundering The latest Napier AI/GlobalData index estimates that money laundering in the UK amounted to approximately £154.83 billion in 2025, equivalent to 5.16% of GDP, while anti-money-laundering compliance costs were estimated at £5.88 billion. These figures are modelled estimates rather than verified losses or observed criminal transfers, but they raise important questions about the effectiveness and cost of financial-crime controls. Why it matters: Payment providers need evidence that investment in detection and compliance produces better outcomes, rather than simply processing alerts more cheaply. Sources: Napier AI research, 22 October and The Paypers, 23 October. Napier AI 4. Pay by Bank leaders warn of reliability and data gaps At Open Banking Expo, representatives from banks and payment technology providers argued that inconsistent payment limits, variable reliability and insufficient transaction information remain barriers to Pay by Bank competing with cards. Their assessment highlights the importance of dependable acceptance, useful reconciliation data and predictable customer outcomes rather than transaction speed alone. Why it matters: Merchants will not switch payment methods at scale unless account-to-account payments deliver consistent, operationally reliable experiences. Source: Open Banking Expo, 21 October. Open Banking Expo 5. European Council advances PSD3 The has published its first-reading position on the proposed third Payment Services Directive, alongside work on the related Payment Services Regulation. This represents further legislative progress rather than final implementation, and does not itself introduce new UK requirements; nevertheless, British payment businesses serving European markets will need to follow the eventual authorisation and operating framework. Why it matters: Different regulatory frameworks on either side of the Channel create important compliance and interoperability considerations for cross-border payment providers. Sources: EU Council documentation, 21 October and Regulatory analysis, 23 October. This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

What must Britain protect as banking and payments change? Mike Chambers examines the PSR’s decision to preserve Confirmation of Payee, proposed FCA financial-crime guidance, the future of account switching, anti-money-laundering restrictions on six lenders and Kingdom Bank’s new payments platform. Five stories. One question: are we preserving the safeguards that make payments trustworthy? 1. Confirmation of Payee: PSR removes the expiry date The Payment Systems Regulator has removed the 1 November 2026 expiry date from Specific Direction 17, preserving the requirement for widespread Confirmation of Payee checks. More than 320 organisations offer the service, with over two million checks daily; extending mandatory coverage to additional providers remains under consideration. Why it matters: Future UK retail payments infrastructure must preserve existing fraud-prevention safeguards. Source: PSR policy statement PS26/2. psr.org.uk 2. FCA proposes new financial-crime guidance for emerging risks The Financial Conduct Authority has published consultation CP26/38, proposing updates to its Financial Crime Guide covering fraud, cryptoassets, sanctions, data security and money laundering. The proposals address changing risks associated with AI and third-party technology; responses close on 24 December 2026. Why it matters: Payment providers need effective controls against evolving threats, not simply additional compliance processes. Source: FCA CP26/38, 23 October. FCA 3. Pay.UK explores the next generation of account switching Pay.UK has published findings from its Current Account Switch Service strategy event, examining changing banking behaviours and the growing use of multiple accounts. Participants discussed potential improvements involving transaction histories, linked payment information and open banking connections, while emphasising the importance of retaining the existing Switch Guarantee. Why it matters: Account switching must evolve without sacrificing the reliability and customer protections that underpin competition. Source: Pay.UK, 23 October. Pay.UK 4. FCA restricts six lenders over money-laundering concerns The FCA has announced restrictions on six Annex 1 firms following concerns about their anti-money-laundering policies and controls. The restrictions, imposed at the firms’ request, limit new business and sometimes the acceptance of payments from existing customers; they do not constitute findings that the firms committed money laundering. Why it matters: The FCA is examining information from approximately 900 other Annex 1 firms and reminding regulated businesses that registration does not replace independent due diligence. Source: FCA announcement, 23 October. FCA 5. Kingdom Bank completes major payments technology migration Specialist UK lender Kingdom Bank has gone live with core banking, payments and financial-crime technology from Temenos, delivered through Microsoft Azure. The supplier says the new platform replaces fragmented legacy systems and enables near-real-time clearing through integration with the bank’s clearing partner. Why it matters: The completed migration offers a practical example of modernisation, although claims about improved efficiency and resilience remain vendor assessments rather than independently established results. Editorial angle: Modernise the bank — but measure resilience, not just speed. Sources: Temenos announcement, 22 October · FinTech Futures, 23 October. Temenos This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

Who answers when banking technology fails? Who answers when banking technology fails? Mike Chambers looks at regulatory scrutiny following the Google Cloud outage, new FCA complaints figures, proposals to simplify the accountability regime, a Co-op/Smile open-banking incident and Standard Chartered’s planned acquisition of Zodia Custody. Five stories, one essential question: who owns the risk? Five stories. One essential question: who owns the risk? 1. Google Cloud outage triggers supervisory scrutiny The FCA says it is engaging with Google after Tuesday’s cloud disruption, while the European Banking Authority has sought information and the Treasury Committee has asked UK supervisors about the response and potential customer harm. This is a new regulatory development following the previously covered outage, not a new outage. For payment professionals, it tests whether oversight of critical third parties can translate into credible accountability when common technology fails. You can outsource the technology — but can you outsource responsibility? Sources: Finextra, reported 22–23 October 2026; Reuters, 21 October 2026. 2. FCA reports 1.85 million complaints in first half of 2026 New FCA data show 1.85 million complaints to financial firms in January–June 2026, up 6.3% on the previous six months; current accounts were the most complained-about product, at 525,653. Firms paid £240 million in redress across financial services. The figures are reported complaints, not findings of wrongdoing in every case, but they are a powerful indicator of where customer experience and operational performance need scrutiny. The real measure of digital banking is what happens when customers need help. Source: FCA complaints data, 22 October 2026; FCA product tables, 22 October 2026. 3. FCA and PRA propose major simplification of accountability regime The FCA and PRA published Phase 2 consultations on the Senior Managers and Certification Regime, proposing fewer pre-approved senior roles and reduced certification requirements. Regulators say the objective is lower administrative cost while preserving individual accountability; the reforms depend in part on legislation and are not yet in force. Responses close on 22 January 2027. Less paperwork, but will responsibility remain unmistakable? Sources: PRA CP14/26, 22 October 2026; FCA CP26/37, 22 October 2026. 4. Tink reports Co-op and Smile open-banking data outage 22 October, status checked 23 October | Open banking / resilienceTink’s UK provider-status page reports a major Account Information Services incident for Co-operative Bank and Smile connections beginning at 11:05 BST on 22 October, with an HTTP 504 gateway error and 100% of the affected Tink flow’s users impacted. This is a provider-specific data-access incident, not evidence that all Co-op banking or payments were unavailable. It highlights how third-party access depends on reliable bank APIs and incident communication. Open banking is only as reliable as the interfaces behind it. Source: Tink UK provider-status page, incident dated 22 October 2026. 5. Standard Chartered signs agreement to acquire Zodia Custody Standard Chartered has signed definitive agreements to acquire Zodia Custody, subject to regulatory approvals and closing conditions, and intends to integrate the regulated custody business into its institutional services. Zodia’s software and professional-services assets would move to a separate Zodia Solutions business. The agreement is confirmed, but the acquisition has not completed; it signals continued convergence between regulated banking and digital-asset infrastructure. Digital assets are entering banking’s control room. Source: Standard Chartered press release, 21 October 2026. This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

Barclays reports rising profits while AI reshapes its cost base; Europe’s payments sector works towards shared fraud intelligence; Checkout.com heads into the high street; Visa tightens business-payment controls; and new BIS research asks whether fintechs and stablecoins really beat bank transfers. Five stories. One question: Does innovation deliver better payments, or simply more technology? 1. Barclays reports 12% profit rise as AI-driven restructuring draws attention Barclays reported third-quarter pre-tax profit of approximately £2.3 billion, up 12% year on year, and announced a £500 million share buyback. Reuters reported a further £201 million of structural cost actions, while the Financial Times reported plans affecting around 5,000 jobs as the bank expands its use of AI; those are reported plans, not 5,000 confirmed departures. For payments professionals, the test is whether automation improves controls and resilience as well as reducing operating costs. Sources: Reuters, 22 October 2026; Financial Times, 22 October 2026. 2. European fraud-sharing scheme moves towards a central platform The European Payments Council is seeking a supplier to build and operate the central platform for FRIDA, its proposed Fraud Information Distribution Arrangement, with submissions due by 23 October. Its planned hub-and-spoke network would distribute structured alerts about suspected account-to-account payment fraud; individual payment providers would remain responsible for deciding what to do with them. This is a European initiative rather than a new UK mandate, but its approach is relevant to fraud-data sharing and the future design of payment schemes. Sources: European Payments Council, RFP announcement, current as at 22 October; EPC FRIDA explanatory update, October 2026. 3. Checkout.com takes its acquiring platform into shops Checkout.com has announced plans to expand beyond online acquiring into in-person payments, partnering with Mollie on terminals and merchant-facing capabilities. The UK and EEA are intended to be the first markets, with a single acquiring relationship, API and settlement infrastructure spanning online and physical commerce. This is an announced rollout, not evidence that every planned capability is already live. Source: Checkout.com official announcement, 20 October 2026. 4. Visa adds controls intended to make business payments safer Visa has introduced commercial virtual-card capabilities covering intended-supplier validation, user authentication and controls over spend, merchant category, location and timing. It is also testing approved invoice payments initiated by AI agents, although the company has not provided independently verified fraud-reduction results for the new tools. The practical issue is how firms preserve permission, auditability and accountability as business payments become more automated. Source: Finextra, 21 October 2026. 5. BIS research finds fintechs often beat banks on cross-border cost A Bank for International Settlements working paper finds that fintech money-transfer providers can be substantially cheaper than conventional retail bank wires; its limited bank sample showed foreign-exchange mark-ups of about 2%–4.7% before wire fees. It also finds that stablecoin transfers can face conversion fees, liquidity constraints and delays at the points where digital assets meet bank money. This is research rather than a universal ranking of providers or corridors, and it strengthens the case for judging end-to-end outcomes rather than payment-rail novelty. Sources: BIS Working Paper 1385, 19 October 2026; Finextra, 22 October 2026. This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe

When the Cloud Fails | 21 October 2026 Yesterday’s bank-app problems turned out to be a much bigger cloud-resilience story. Mike Chambers explores what the disruption means for UK payments, the CMA’s challenge to Apple’s contactless controls, Starling’s 17-second AI investigator, a new business debit partnership and fresh investment in banking modernisation. Five stories, one question: who controls the technology we rely on? Five stories. One theme 1. Google Cloud failure exposes a critical banking dependency The disruption first reported through individual banking apps has now been traced to a power event affecting Google Cloud’s London infrastructure. Revolut, Lloyds, Halifax, HSBC and other services experienced difficulties, with Google reporting that full service was restored later on 20 October. The meaningful update is that a shared technology dependency disrupted several financial institutions, sharpening questions about cloud concentration and recovery arrangements. Sources: Reuters, 20 October 2026 · AP News, 20 October 2026 2. CMA proposes wider access to Apple’s contactless technology The Competition and Markets Authority has opened a consultation on proposed requirements intended to make the iPhone’s NFC technology more accessible, and potentially cheaper, for competing service providers. The proposals could support alternative wallets and new account-to-account payment experiences at physical points of sale. These are not final rules: responses are due by 17 November 2026. Sources: CMA announcement, 20 October 2026 · CMA case page 3. Starling says its AI investigator takes 17 seconds Starling says it has deployed an agentic financial-crime investigator capable of examining a transaction-monitoring alert, recording its work and reaching a decision in 17 seconds. That is the bank’s reported performance claim rather than an independently verified benchmark. Faster investigations could improve financial-crime operations, but accuracy, explainability, governance and routes for challenging mistakes remain essential. Source: Finextra, 21 October 2026 4. Thredd to power Finsei’s new Mastercard debit offering Finsei has selected Thredd to provide processing infrastructure, automated back-office capabilities, security and fraud monitoring for a new Mastercard debit proposition. Physical and virtual cards are planned at launch, with Apple Pay and Google Pay to follow. This is a partnership announcement rather than evidence of customer adoption, but it demonstrates how specialist processors let fintechs assemble integrated propositions without building every component. Source: Thredd, 20 October 2026 5. Hyperlayer raises £19.5 million for incremental bank modernisation London-based Hyperlayer has announced a £19.5 million Series A2 investment at a £195 million post-money valuation. Its technology is designed to sit above banks’ existing core platforms, allowing new products to be introduced without wholesale replacement. The investment highlights continuing demand for modernisation approaches that aim to balance faster change with operational stability. Sources: Finextra, 21 October 2026 · FinTech Global, 20 October 2026 Research checked at approximately 10:05 BST on Wednesday 21 October 2026. Images supplied with this edition are illustrative. No new confirmed RPIB or payment-scheme design decision was identified. Also from Payments:Unpacked Inspired by the legendary Just a Minute on BBC Radio 4, Sixty Seconds is the fast-talking, side-splitting comedy game show where the rules are simple — speak on a payments topic for 60 seconds without hesitation, repetition, or fraud (okay, “deviation“ but we like our twist). Inspired by the legendary Just a Minute on BBC Radio 4, Sixty Seconds is the fast-talking, side-splitting comedy game show where the rules are simple — speak on a payments topic for 60 seconds without hesitation, repetition, or fraud (okay, “deviation“ but we like our twist). This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit northeypoint.substack.com/subscribe