Payments Integrity

Customers depend on payment systems being reliable and secure. Payments Integrity examines any factors which threaten security or reliability, and develops checks and controls to eliminate risk and prevent disruptions. 

Focus areas include: 

Business continuity

The World Trade Center attack in 2001, subsequent terrorist attacks elsewhere and extreme natural events such as Hurricane Katrina have increased the focus on the payment systems risks. This work enables us to further consolidate our resilience against large-scale disruptions, and involves us working together with the authorities and the broader financial community in the UK and internationally. We had developed a Code of Conduct and a Plan, even before the outbreak of flu in Mexico to strengthen the circulation of cash that could be implemented during a pandemic. 

Fraud Control

Protecting customers and members against fraud is a key activity.

Settlement risk control

Together with our member banks and building societies, we have put in place legal and operational mechanisms to further reduce the impact should any member fail to settle what it owed to other members of the payment systems. 

Standards and Interoperability

We work through UK and international standards bodies to agree and implement common standards across the industry. Standards enable processes to be streamlined, reducing the risk of manual errors. They also sets the foundation for tomorrow's payment systems which have to be European or global in their reach. 

Security

Sophisticated security measures help ensure that customer transactions are authentic and that confidentiality is maintained. In conjunction with other countries and with the authorities we are working with internet service providers and software companies to maintain customer protection on in environments like internet banking.

Audit

Risk controls are of practical value only if their everyday use is regularly checked and procedures are monitored and improved in the light of experience and change.  The industry audit team provides independent assurance enabling payment systems to ensure that their controls are in place and operating effectively.