Tim Yudin, Director of Design and Delivery, Payments UK, comments: 

“We are delighted with today’s announcement as it marks a defining moment in the history of the UK’s payments industry.  The changes that have been proposed will ensure that the UK maintains its position as a global leader within the payments world, and can deliver real benefits to how people make and receive payments in the future.
 
“It is great to see that the proposed changes mirror our own vision for the future direction of the payments industry. Payments UK’s evidence-based World Class Payments work, which is strongly supported by our wide and ever increasing membership, has clearly helped shape much of the PSF’s thinking around simpler access, greater innovation, increased competition, improved data handling and better security. For example, Confirmation of Payee and Request to Pay were both set out in Payments UK’s 2015 report as being necessary for meeting customers’ needs. Since then we have further developed and published our thinking and thought-leadership to progress these proposals, and we will continue to do so. 

“As the industry now looks forward to delivering these initiatives, alongside those already in train, it will also need to address the challenges – which include an ambitious timeline for delivery. Success will be helped by effective coordination of all stakeholders in the payments space to ensure that changes can be delivered efficiently, and in the right order to deliver benefits for customers and new players whilst critically maintaining resilience, efficiency and security of the billions of transactions that are processed every day.” 

 

ENDS

For further information contact the Payments UK press office on 020 3217 8368 or Shane.McKenna@ukfinance.org.uk.