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Payments Council seeks views on how to shape payment systems of tomorrow


The UK Payments Council is to outline a 'roadmap' towards the creation of new payment systems over the next decade.

The Payments Council wants stakeholders in the payments industry, including banks, other payment service providers (PSPs), technology companies that supply IT systems infrastructure, and regulators, to help identify strategic goals for what UK payments systems infrastructure should look like in five-to-10 years time.

The body, which is responsible for ensuring that UK payment services work, said that it hopes to gather views on the matter by October and lay out a 'roadmap' for arriving at "the strategic destination" early next year.

"Although our existing payments infrastructure continues to perform well and deliver innovation, we need to look ahead: technology is developing apace and customer needs are changing. It makes sense to take a step back to customers and consider all the options for change," Adrian Kamellard, chief executive of the UK Payments Council, said. "The payments infrastructure should be developed to meet the needs of all those who make and receive payments - whilst of course maintaining a strong emphasis on system resilience and performance."

"The outcomes the Roadmap will deliver include meeting customer requirements; fostering competition and innovation among banks and payment service providers; delivering value for money for all users of payments; supporting the growth of the UK economy and its international competitiveness; and ensuring high levels of resilience and security," he said.

The Payments Council has outlined six alternative payment infrastructure models (19-page / 1.10MB PDF) that could be developed. It said, though, work would be undertaken to ensure "standards-based open payments infrastructure" is introduced regardless of which model is taken forward.

"Being ‘standards-based’ and ‘open’ means that the technical components of the infrastructure would interact using established international standards for payment systems, enabling faster and more efficient enhancements, and attracting potential participation by a wider range of systems suppliers," the Payments Council said. "In turn, this would better enable the UK to compete in the ‘global race’. This is a longer-term, strategic objective to achieve the right payment systems for the UK, which may involve significant changes to the way payment systems are set up today."

The Payments Council said that, through the roadmap, all payment service providers (PSPs), from major banks to smaller new market entrants, would "have open access to payment systems".

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