Summary - Supporting a UK blue chip retailer respond to changes in e-payment regulations
Situation - Working with a leading, multi-brand, omni-channel retailer in the UK with >350 stores across retail and grocery and a well established, substantial online presence. The client also offers a range of financial products including Home Insurance, Foreign Currency and a branded credit card. Online and in-store business processes managed over £15 Billion of transactions per annum. The client became aware of the implications of the impending PSD2 Strong Customer Authentication (SCA) regulations relatively close to the planned implementation date.
Task - Mobilise and progress activity within the organisation to ensure the continued ability to accept payments both online and in store.
Action - CBS deployed a "Head of Customer Payments" and a small team of experienced payment professionals to work collaboratively with the client. Working with various industry participants, we provided a "voice of the retailer" to educate the financial services sector (and payment partners) of retail use cases to help influence the interpretation and implementation of the SCA regulations. We provided guidance on the regulations to the internal delivery teams and managed the overall PSD2 programme for the client, encompassing both online and in store changes.
We created a customer payments strategy for the client (a first), aligned to overall enterprise objectives and defined an operating model for a new Customer Payments team to work alongside the Brands.
Furthermore, we tackled their obligations around PCI-DSS compliance and embedded a new way of working across the organisation to ensure heightened awareness and compliance.
Result - The ability to continue to accept customer payments post SCA implementationwas delivered, with excellent acceptance rates. A clearly defined and robust operating model to manage PCI-DSS compliance risk was established. We left a legacy of a newly established Customer Payments team resulting in improved awareness of the importance of payments and the opportunities offered by a dynamic and fast changing payments environment.