PSR calls for feedback on UK payments strategy
The UK’s Payment Systems Regulator (PSR) is calling for feedback on its Payments Strategy Forum’s draft plans.
The Forum, which was created by the PSR in March 2015, is made up of 22 experts tasked with planning the future of the UK’s payments sector.
Today (13 July), the Forum published its findings in an 80-page report – and they are open for consultation.
Hannah Nixon, PSR’s MD, says: “The Forum has come up with some strong ideas that have the potential to make a real difference in the payments industry and it will be interesting to see how the wider industry responds to them during this consultation period.”
In the report, Ruth Evans, chairperson of the Forum, says it wants to “reinforce the position of the UK as a global leader, and address those weaknesses in payments that are holding us back”.
The report mentions the growth of e-payments – with them seen as a “substitute for cash”. It adds that by 2024 it is “expected that only one third of payments will be made by cash in the UK”.
It sets out its case for change, of which the Forum says the “complexity of the current structure means that the industry is not agile”.
The report also covers such issues as cybercrime, financial crime intelligence sharing, Know Your Customer (KYC) data sharing, a new architecture, and its implementation approach.
In addition, as Banking Technology reported earlier this year, the report stresses the need for simplifying access to promote competition.
More information about the work of the Forum can be found on its website.