Following almost 12 months of work, the UK’s payments industry, made up of hundreds individuals from over 200 organisations, representing a significant collaboration and commitment, has launched the new payments strategy ready for the 21st century designed to address end-user needs. A download of the Payments Strategy is available here: https://www.paymentsforum.uk/final-strategy
Mark Beresford joined teams from Barclays, Nationwide, Lloyds Bank, Royal Bank of Scotland, HSBC, Bank of England, Virgin Money, UK Payments Council, Vocalink, various technology vendors, and many other leading experts from the UK financial services community to work with the PSR as the Horizon Scanning Working Group (HSWG). One of four working groups the HSWG had the remit to address the future needs and conduct an international scan to assess the technology horizon, future regulatory developments and innovative developments from across the world to determine where the UK could learn lessons and gain competitive advantage.
Mark worked with many others who drafted the strategy document to respond to the requirement to make payments and the retailing banking infrastructure be ready for the 21st century. It must be more effective to allow access from non-banks, promotion competition, resolve known end-user issues and promote innovation. This was no small task, but after almost 12 months work and many heated discussions the strategy is ready to commence its four year implementation schedule. As Marion King, from Royal Bank said, ‘it is like re-wiring the house with the lights on’, let us hope no one gets electrocuted!