The upgrading of the UK’s payments infrastructure and has been forecasted to boost the UK economy by $3.8bn by 2026, research has found.
According to Finextra, these findings were the result of a joint study between ACI Worldwide, Global Data and the Centre for Economics and Business Research.
ACI said that while the UK was previously a world leader when it introduced its Faster Payments service over a decade ago, it is now lagging behind nations like Brazil and India.
The New Payments Architecture programme – which will be headed by Pay.UK – will bring ‘sweeping’ changes to the country’s payment infrastructure over the next five years, delivering real time account-to-account payments.
Cebr said the ‘untapped potential’ of real-time payment in the UK is enormous, with the impact of all payments being real-time potentially boosting the economy by up to $98bn in 2026.
IR extended its partnership with ACI to include enriched end-to-end enterprise transaction monitoring.
The company also previously launched a new technology solution to combat the growth of real-time payments fraud in the market.
Network Intelligence Technology will support a range of stakeholders including banks, acquirers, networks and processors to amplify fraud prevention strategies by enabling them to share industry-wide fraud signals more securely, through feeding their machine learning models and using their machine learning tech more efficiently.
According to ACI, it offers industry players a new, hybrid approach towards fraud prevention, combining the strength of custom, proprietary signals and complementing them with signals exchanged within the consortium of industry participants.
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