LogicaCMG sees real-time business changes

Jerry Norton, director of strategy at LogicaCMG Global Financial Services, says the UK’s planned Faster Payments backbone will arrive sooner than the EU’s Single Euro Payments Area (SEPA), but both will determine massive changes in customer service levels of ecommerce. Faster Payments has come about because of competition and other regulatory authority concerns about the UK banking system reducing levels of competition and service, particularly at the retail end of the market. It is essentially about reducing the clearing cycles in the area of UK payments business, with the industry given...