CHAPS

Remembering that mandatory reimbursement only covers a subset of APP fraud.

So it covers faster payments and CHAPS payment rails, and it applies to victims who are individuals or micro-enterprises.

It doesn't cover international payments.

It doesn't cover unauthorized fraud.

We're vulnerable.

We've got to be thinking how do we go forward and... you know we've all been grappling with the Swift changes and the RTGS changes our route to market for that actually was to use the new payment hub within Santander because it is ISO 2822 native now we could have done just some old and we have done a bit of tactical work on translations and sort of short-term tactical capability but the strategic route is to leverage that payment hub because we get the ISO 2822 flow and it allows us to meet the strategic requirements of SWIFT and of CHAPS.

So that, to me, is regulatory mandatory, but we've taken the benefit of what the group is doing to do it in a far more, to get more bang for our buck, better investment return on that over the longer term.

So I'm gonna throw three words at you, build, buy or partner.