A contributory word from Ruth Evans, Chair of the Payments Strategy Forum.
The role as Chair of the Payments Strategy Forum has been a unique opportunity to do something that has never before been done in payments. That is, to bring both providers and users together to set a strategy for collaborative industry-wide innovation with the needs of users at the heart.
And I am pleased to be able to say that in spite of low expectations, historic inertia and aggressive timelines, we have successfully managed to bring the whole industry along with us to achieve this.
Our payments community now has more than 534 individuals from 326 organisations and we have had over 200 people from across the industry participating in our 4 working
groups, with some even contributing their own funding and resource.
This represents an unprecedented level of collaboration and commitment from the entire payments industry and beyond into making payments in the UK truly world-class.
At the start of this process, we identified the needs that users have of payment systems.
These were requirements for greater control, greater assurance, more data and reduced financial crime.
Then we decided that in order to meet these needs in a changing world, the underlying payments systems, and their governance, needed to be simplified and improved to give PSPs and FinTechs the ability to innovate and be responsive to the full range of user needs.
So, with these requirements and solutions in mind, we have now set out a strategy for how to achieve them and I hope that the industry will continue to work with us in 2017 for the next critical phase of implementation.