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Banking Tech Forum 15: Revolution underway in payments

There is a revolution underway in banking and payments, with new digital challenger banks like Atom and Starling seeking to displace established banks. These are turning to real-time payment infrastructures to retain customers, and under regulatory pressure are opening up to FinTech competition from mobile players and payment service providers. Crypto-currencies, cyber-security and other tech challenges were also addressed at the Banking Technology Forum 2015. In his keynote address at the event, Mark Falcon, head of regulatory policy and strategy at the UK's Payment Systems Regulator, said: 'One of our key roles is to promote collaborative innovation.' The two other primary objectives of the PSR are to promote competition and look after the user experience. 'We can change the ownership of payment systems if needed and prices too, just like a utilities regulator,' he explained. 'We're not a conduct regulator.'

 

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