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

Card Processing Migration

"Disciplined methodology and effective teamwork, guided by Savantor's migration expertise and operational knowledge, were the hallmarks that led to the resounding success of this project, enabling us to maintain and develop our business capability."

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

Platform Selection & RFP Management

"OP-Pohjola Group has used Savantor in both acquiring and issuing for platform/service provider research, RFI/RFP processes and subsequent contract negotiations. Savantor's approach and commitment have always been very professional and transparent. They have been of great help for the company in providing us important insights and background information beyond vendors sales speeches."

Kai Lindstrom, Head of Acquiring - OP-Services Ltd - Finland

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

Acquirer Transformation

"We needed a programme manager for a complex transformation who also brought a broad understanding to help stakeholders through the change. We have been delighted with the delivery and outcomes from this engagement with Savantor."

Michael Liquornik, Executive Vice President - Neovia Financial - UK

Credit Card Migration and Operational Support

"The bank has undergone significant transformation of its card business on both the issuing and acquiring sides. One business partner we have looked to for support in the areas of strategy, major project leadership, management analysis and ongoing business support is Savantor. The Savantor team has contributed to our success as we have leveraged their deep industry knowledge and broad range of operational skills."

Sean Sheehan, Service Management Director - Bank of Ireland

Moneris Solutions

"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."

Jeff Guthri, COO - Moneris Solutions - Canada

Market Insights

"Savantor did a good job in helping us understand the dynamics of a key growth area for Trionis. Savantor's ability to listen and their degree of commitment have always impressed me. They have been of great help in providing us important market insights and I would not hesitate to work with them again in future."

Ernst Verbeek, Managing Director - Trionis - Belgium

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

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.