Pay.UK CEO highlights importance of cross-border learning in future of payments

Our CEO, David Pitt, recently spoke at the 2024 Payments Canada SUMMIT digital experience to highlight the importance of collaboration and cross-border learning in the future of payments.

In acknowledging the different approaches to payments across the world, David Pitt highlighted the value of looking to, and learning from, others in order to deliver first-rate payments in an ever-evolving payment ecosystem.

To this end, we recognise that our pioneering work in the fight against fraud can serve as a global model. We are working to expand Confirmation of Payee, to reduce the number of misdirected payments, and we are implementing an Authorised Push Payment reimbursement model for victims of fraud. We completed a fraud detection proof of concept with industry that proved we could substantially increase the detection of fraud.

The CEO further noted that we, too, are looking to learn from others as we currently assess different models around the world as part of our work to provide an alternative to card payments in the UK.

He said: “At a global level, sharing the approach to our respective payment industries is really important because we can all learn from each other.”

You can watch the full video here