2024 Payment Trends: What's Next?

As an industry leader in Financial Services recruitment, Adams + Oliver is committed to staying ahead of the curve and providing our clients with the expertise they need to navigate an ever-evolving landscape. Our team attended this year’s Pay360 conference, and gathered some invaluable insights into the future of the payments industry.

One of the key topics discussed was the rise of Authorised Push Payment (APP) fraud, where individuals are tricked into sending money to fraudsters. While Financial Service providers currently reimburse victims, this practice will become regulated in October 2024. As these "free insurance" protections likely contribute to the problem's escalation, providers must stay one step ahead by leveraging AI to identify and prevent anomalous behaviors before funds change hands.

Another significant development on the horizon is the EU Instant Payment Regulation. By December 2024, payment service providers offering SEPA credit transfer services must enable instant euro payments within 10 seconds. This regulation presents opportunities for both banks and solution providers, as many may struggle to meet the September 2025 deadline for sending instant payments.

The adoption of ISO 20022 standards continues to be a priority, although banks are often not fully capitalising on the opportunities this data standardisation brings, such as improving straight-through processing rates and identifying fraud, money laundering, and even human trafficking.

Open Banking for payments is gaining traction, with retailers and merchants keen to adopt this cost-effective alternative to credit cards. However, consumer incentives are lacking, and regulatory ownership and legislation are needed to drive widespread adoption.

Looking further ahead, PSD3 is on the radar for potential legislation in 2026, while the Bank of England is consulting on the "Digital Pound" – a Central Bank Digital Currency (CBDC) that could revolutionise the payments landscape.

As we navigate these exciting developments, Adams + Oliver remains dedicated to providing our clients with the specialised talent and expertise they need to succeed. Our deep industry knowledge, extensive professional networks, and commitment to building long-term partnerships ensure we can support your organisation in capitalising on emerging opportunities and staying ahead of the curve.

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