Does the payments industry get value for money from its technology investment?

The UK payments industry spends in the region of £3bn on IT changes every year. It’s a lot of money. Much of the spend is driven by mandatory requirements aimed at improving consumer protections, as well as the need to add functionality in order to drive efficiency and stay ahead of the competition.

So far, so good but is the industry getting value for its money? It’s a question we will pose directly to those responsible for technology acquisition within the payments industry at this specially-convened CBR Dining Club event in association with IBM.

It’s a timely question and a timely discussion with a new wave of changes on their way. On the horizon is the New Payments Architecture, a conceptual model for the future development of the UK's shared retail payment infrastructure. Also on the horizon is real-time gross settlement (RTGS) service replacement, the infrastructure that holds accounts for banks, building societies and other institutions.

Ahead of these changes, it is good to take stock and ask:

Have the intended benefits of the Second Payment Services Directive (PSD2) and Open Banking been realised?
Would the money be better spent on operational resilience and cost reduction?
Will new cloud-based high availability solutions be the answer?
It promises to be an insightful and engaging discussion, featuring keynote speakers and a chance to network with industry peers. The event will take place against a luxurious backdrop of the Private Dining Room in The Ivy City Garden in the heart of the City.

Do join us for a wonderful evening of fine dining and enthralling conversation.