Business Challenge - Faster Payments was the first new payments instrument to be introduced in the UK for 24 years. This would require a brand new central infrastructure to be set up that would allow all UK banks to exchange payments messages and settle centrally with BoE. An added complexity was to create an instant settlement model catering for both batch and single message payments.
  • Our Role in the Solution - Our consultant was the Payments SME within the programme for one of the big 4 banks. Responsible for the analysis and requirements of the bank-side platform enhancements along with e2e B2B requirements. Key roles included being the Bank’s FPS representative at industry events, discussing and inputting to the central and e2e design.  Also responsible for sign-off and validation of the e2e test strategy and of risk assessments.
  • The Outcome - The platform requirements were defined and embedded into the existing architecture including the backend Accounting platforms, AML, Reconciliations, Liquidity, Workflow, Fraud and Security. The new intra day-Settlement and Clearings model with the BoE were defined and agreed.
  • Achievements - Successful delivery of the whole solution on Day 1, the only Bank to do so. The programme was delivered at a fraction of the cost of the industry average.

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