In 2023, £3.7tn was paid via A2A Faster Payments in the UK, a 15% increase over the previous year. However, the payment of bills and subscriptions through bank transfers remains largely unchanged since the inception of direct debit 60 years ago. Visa says that under the current model billions of pounds are lost or withheld from consumers due to problems such as unauthorised auto-renewals or the lack of flexibility around bill payments.Visa A2A aims to enable banks and businesses to give consumers more choice and control over how they pay their bills, beginning with utilities, rent and childcare fees. This will be gradually expanded to cover the subscriptions of products and services including digital streaming, gym memberships and food boxes.The full package includes a formal dispute resolution process, biometric security conrols, and an easy way to set up and manage payment permissions.For businesses, the proposition entail real-time settlement through Faster Payments, and notification if a consumer changes or cancels payment permissions. It also provides them with the ability to include more transaction data for reconciliation. Mandy Lamb, managing director, Visa UK and Ireland says: “Bank payments are a popular way to pay bills and services but have remained largely unchanged since the inception of direct debit 60 years ago. We want to bring pay-by-bank methods into the 21st century and give consumers choice, and peace of mind. Visa A2A will ensure consumer-to-business bank transfer payments have similar levels of protection that consumers are used to when they use their cards.” Visa is collaborating with banks and payments vendors - including Banked, Modulr, Moneyhub, Salt Edge, Vyne and Yaspa - to design the new system.Pella Frost, head of everyday banking, HSBC UK, comments: "We welcome an initiative that seeks to standardise the rules, capabilities and protections for customers using account-to-account payments. Visa is well placed to build on the growth we are seeing, and we look forward to seeing how it will work with the industry to create a secure and sustainable payment experience for the ecosystem."