News & Views - Savantor

The next step in mobile payments

Sunday, 09 March 2014
This week the Payments Council announced the forthcoming launch of its new payments platform, 'Paym', which will enable consumers to pay securely using just a mobile number. The project is currently undergoing final testing with the launch date to be announced in April. The service will be integrated into consumers' existing mobile banking or payment apps as an additional way to pay, making it possible to send and receive payments using just a mobile number. Initially the service will be offered by nine banks and building societies: Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB Bank. Later on in the year Clydesdale Bank, first direct, Isle of Man Bank, NatWest, RBS and Yorkshire Bank have also committed to join; Nationwide has confirmed its intention to join in early 2015. Metro Bank and Ulster Bank are apparently also showing interest in offering the service. This will make Paym the most extensive payment service in the UK for moving funds directly from one account to another, without the need for sort codes or account numbers. Customers need to register their phone number and the account they want payments made into with their bank or building society to receive payments through Paym. Payments will be sent by the secure Faster Payments Service or by the LINK network and will be processed whether or not the recipient's phone is on or within coverage. The new initiative is the next in a number of developments exploiting our increasing comfort with and dependency on mobile phones for more than a mere means of communication. What gives this particular project an advantage is the industry-wide collaboration and support for it, offering the potential to link every UK current account on a P2P or P2B (for small businesses) basis. Key differentiators of this particular service are that it will not only substitute sort code and account number with an already known identifier, but also that it will not be 'closed loop' and will operate across financial institutions. Moreover it will not require customers to open a new, additional account to use it similar to other schemes such as PayPal and Zapp. It is probably not an understatement to describe the Paym initiative as not just a step but a leap forward in establishing a nationwide shared payments infrastructure.
Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

Acquirer Risk Assessment

"The expertise provided by Savantor has greatly helped us evaluate our risk position and to take the right steps in managing our future risks. Strong, disciplined planning and an ongoing willingness to work closely with our staff played an enormous part in making this a very successful well-delivered project which will greatly help us in achieving our business goals."

Mark Healy, Chief Risk Officer - NEOVIA Financial - UK

Payments Workshop Material

"Savantor helped ACI build a payments onboarding workshop for new technical staff in ACI EMEA. Their extensive experience took our outline and built a great starting presentation of industry facts that we have now customised further into a half day session that is used for all new joiners. Our Americas and APAC regions have also taken the material and customised it for their regions. A great job by Savantor has meant new joiners to ACI hit the ground running."

Richard Sanders, Principal Solution Consultant - ACI - Worldwide EMEA

Commercial Card Migration

"Execution at its best. We're delighted that this project has been truly outstanding and received an award from 'The Banker'. Savantor provided crucial expertise that helped us keep all our promises in terms of delivery. The scheduling, planning and control regime throughout was excellent."

Chris Mason, Director - Commercial Cards EMEA - Citi - UK

Interchange Review

"Savantor did a superb job in confirming what we believed was an area of weakness. The detail we now have will enable us to agree internally what we need to do to improve structure, control and income. Nationwide management were very impressed with the quality of the Savantor team."

Adam Slater, Senior Manager - Banking - Nationwide Building Society - UK

Platform Selection

"Savantor's support in our platform selection process has enabled us to sustain our profitability and positioning for the future. Their advice and guidance was essential to our decision-making."

Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland

Collections Transformation

"Savantor did an absolutely superb job for us on the Collections programme. The professionalism, hard work, courtesy and tenacity of their experts is a credit both to the individuals and to Savantor."

Peter O'Dea, Senior Manager - Collections Department - Permanent tsb bank - Ireland

Acquirer Strategy and Operating Model

"Savantor brought an effective blend of European acquirer market expertise and transaction processing solution design. Their experts quickly forged strong working relationships with our team. We enjoyed working with them to create our future acquirer strategy."

Mikko Hyttinen, SVP - Lending Services - OP-Pohjola Group - Finland

Credit Risk Review for New Product Launch

"We needed expert help at short notice and Savantor were very impressive in their response and knowledge. The results were very clear and useful, enabling us to quickly make good progress on the next steps."

Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.