Governance, risk & compliance


Blunder-proofi ng payment transactions


On Christmas morning, tens of thousands of people awoke to a surprise gift from an unlikely source: Santander. After the bank accidentally used its own reserves to double payments from 2,000 business accounts, an extra £130m found its way into the virtual pockets of 75,000 people. A striking story, but how do these blunders happen – and what can be done to prevent them? Tim Gunn talks to Dougie Belmore, chief payments offi cer at Pay.UK, to learn more.


T


he phrase ‘payment journey’ used to apply to more of banking customers’ physical bodies than just their thumbs. Prior to digitisation, sending a bank transfer meant dragging one’s entire physical form to a brick-and-mortar branch, shuffling along a slow-moving queue, talking through or writing out a request for the teller, scraping ink over whatever needed to be signed, and then, perhaps most excruciatingly of all,


waiting multiple days for the money to reach its recipient.


It is enough to make today’s UX and UI designers wince. In the UK, at least, it is as if efficiency and convenience only came into existence in 2008, triplets birthed with the country’s Faster Payments service. Now funds are sent and received in the few seconds it takes to tap through the ever-optimised menus of an app.


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Fizkes/Shutterstock.com


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