Minutes
Date of meeting: 26 September 2024
Item 1: Welcome and introductions
The Chair welcomed members and noted the minutes from the last meeting.
ACTION – Secretariat to book in all SAP meetings for 2025 in advance of the next meeting.
The Chair reviewed actions from the previous SAP meeting:
- SAP membership to be covered in item 5.
Item 2: Update on workstreams
The Panel heard an update on the API Harmonisation workstream, including noting the publication by UK Finance of a blog on the outputs, authored by Pay.UK and Open Banking. The authors are putting together a communication plan. The Panel discussed the disseminating of the key messages from the workstream, and several Panel members will publicise these through their own engagement channels.
ACTION - Pay.UK to bring feedback of the blog to the next meeting.
On the corporate sector, the Panel discussed how to ensure the realisation of benefits across the whole market. ACT spoke of big challenges in diversity, with more to be done on how to incorporate benefits of ISO to small business.
ACTION – Secretariat to set up a call between Open Banking and ACT, to understand how ISO data can help corporates.
Panel members spoke of joint messaging when communicating ISO benefits.
ACTION – Oracle to present to the Panel of the opportunities of the structured data for cash management.
Item 3: Horizon Scanning
The Panel enjoyed a spirited conversation on the future of the group and ideas that were presented included:
- Innovation in Payment systems and consideration of the future thinking about the infrastructure for the future.
- Integrating ISO data within Cross Border Payments
- Artificial Intelligence and working out where it would be good to use and best practise.
- Risks of Authorised Push Payment fraud and best practise to tackle it.
ACTION - The Secretariat will incorporate the proposed discussion topics into the forward agenda.
Item 4: Bank of England Payments Strategy Discussion Paper
This item was presented by Katherine Tajer from the Bank of England. Topics that were covered included:
- How payments work together, important for the Bank to understand how it is working in today’s landscape
- Practical steps at innovation for the future of Payments e.g. tokenisation
- Goal to make central bank money useable and promotes the UK as a centre of global innovation.
- Looking at global ledger systems and domestic policies.
- Looking at how people make payments e.g. digital currencies/retail CBDC.
- Will work with a range of stakeholders for a holistic overview of payments in the UK.
Item 5: Update on Membership Refresh
The Secretariat presented on the timelines for the Membership Refresh and urged members of the Panel to nominate any individuals that would add value to the Panel.
ACTION – Members to nominate individuals and convey which skills they’d like from a new joiner.
Item 6: Any Other Business
The Panel agreed on the future dates of SAP.
Close of meeting.
Attendees
Members:
Karen Braithwaite, Chair (Barclays)
Robert White, Santander UK
Domenico Scaffidi, Volante
Laurie Roberts, Bank of England
Katherine Tajer, Bank of England
Naresh Aggarwal, The Association of Corporate Treasurers
Fiona Hamilton, Open Banking
Toby Young, Ebury
Other attendees:
Bank of England Secretariat
Apologies:
Jo Oxley, Government Banking Service
Mike Walters. Form 3
James Barclay, JP Morgan
Ian Ellis, PSR
Grant Osborn, Pay UK