22 October 2017
Find out more

UK Payments Council publishes financial inclusion policy

02 October 2009  |  2015 views  |  0 Source: Payments Council

In keeping with the commitment made in its landmark publication, National Payments Plan - setting the strategic vision for UK payments, to promote financial inclusion in all payment matters, the Payments Council today (2 October 2009) published a policy document which puts financial inclusion at the heart of any debate on major payment system change or payment innovation.

The Financial Inclusion policy has two main principles: a commitment to consider financial inclusion issues when making a major change to a collaborative system - which involves identifying any potential effects of change and any vulnerable groups who will be affected, and then working to lessen any negative impact caused by the change. The other principle aims to ensure that any co-operative payment innovation is designed to be inclusive, so that it is accessible, easy to use, adaptable and intelligently designed. A copy of the Financial Inclusion policy can be obtained from the Payments Council website.
The policy document was developed in consultation with organisations able to provide expert input on financial inclusion issues, ranging from consumer groups Toynbee Hall and Age Concern and Help the Aged, through to HM Treasury and the Financial Inclusion Taskforce.

Adam Clark, who manages Transact, the national forum for financial inclusion at the charity Toynbee Hall said:

"We're really pleased to see that the Payments Council is committed to ensuring that as the payments we use change and innovate, the needs of those who face financial exclusion will be recognised."

Paul Smee, Chief Executive of the Payments Council said:

"Ensuring that payment systems and services meet the needs of all users is the Payment Council's raison d'être. When developing the priority issues highlighted in the National Payments Plan, we always consider financial inclusion issues, and indeed the recent review of the Cheque Guarantee Card Scheme complied with all the requirements found in this policy document.

The Payments Council is proud to promote financial inclusion and this policy document is testament to our commitment to ensure that the payment needs of disadvantaged sections of society are fully considered as we drive forward change in payments."

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
11003 views comments | 17 tweets | 24 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
10996 views comments | 22 tweets | 26 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9216 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8265 views comments | 9 tweets | 18 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
8224 views comments | 10 tweets | 22 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job