19 January 2018
visit www.ebaday.com

Payments Council to draw up 'Roadmap' for UK payments overhaul

17 June 2013  |  10425 views  |  1 One way sign

The UK Payments Council is to develop a Payments Roadmap, setting out key strategic short-term and long-term goals for restructuring the nation's payments infrastructure over the next three, five and ten years.

Billing the Roadmap as a 'ground-breaking document', the Council's initial report sets out six possible options for long-term reform, weighing the benefits of creating multiple, separate, collaborative payment 'schemes', compared to having a single, integrated shared payments platform.

The Roadmap will also include a three year plan to address more pressing interim needs, including: the adoption of the international ISO 20022 format as a common standard across the entire payments landscape; providing the capability to include additional reference information when a payment is made which might benefit businesses, charities or government; and a cost benefit analysis of account number portability.

The Council says it will consult with all key stakeholders over the coming months with a view to publishing the first full version of the Roadmap by Q1 next year.

The UK Government is currently consulting on a more strenuous set of reforms to the payments system, including the abolition of the Payments Council and establishment of an entirely new independent regulatory body.

In an open letter to the Government, Craig Donaldson, chief executive of new high street bank Metro Bank, has today called for the creation of an independently run, licensed 'plug and play' payments platform that banks can use and fund according to volume.

"The current system of 'agency banking' means that not only are existing banks able to charge discretionary fees to new banks to process their transactions, but that new banks are dependent on the service levels and IT systems of existing banks for their transactions," he says. "Transactional services should be made independent, and run by an independent payments regulator."

Payment Council chief Adrian Kamellard acknowledges the pressure for regulatory reform, but maintains that work on the Roadmap will provide a lasting legacy.

"Although we do not currently know what new regulation will emerge as a result of the Government's consultation...we are developing the Roadmap to ensure that any new regulator will find it to be an invaluable resource," he says. "The Roadmap will clearly set out how the collaborative space of the UK's payments environment can be made even more competitive, innovative, and cost-effective, whilst always maintaining the highest levels of resilience and security."

Read the full report:» Download the document now 64.7 kb (PDF File)

Comments: (1)

A Finextra member
A Finextra member | 18 June, 2013, 18:51

So the world was holding its breath for another Roadmap, just as accurate and immediate as the SEPA Roadmap (2004). ISO20022 XML - global? A standard? Methinks the document author he needeth to lie him down.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK govt preps full, utility-style, payments regulator

UK govt preps full, utility-style, payments regulator

26 March 2013  |  11718 views  |  0 comments | 8 tweets | 11 linkedin
Disabled and elderly facing payments barriers - study

Disabled and elderly facing payments barriers - study

25 October 2012  |  8734 views  |  0 comments | 6 tweets | 4 linkedin
UK govt plans Payments Council regulation

UK govt plans Payments Council regulation

11 November 2011  |  8311 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.ebaday.comvisit www.capgemini.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
11827 views comments | 33 tweets | 38 linkedin
BofA leads on blockchain patentsBofA leads on blockchain patents
7254 views comments | 11 tweets | 12 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
6880 views comments | 14 tweets | 14 linkedin
hands typing furiouslyFintech Adoption is About People, Not Tech
6404 views 1 | 6 tweets | 2 linkedin

Featured job

New York, NY - USA (some flexibility on location)

Find your next job