Your questions on the Payments Council
Creation of the Payments Council
The Payments Council is the body that sets strategic direction for the UK payments industry. It was created as the long-term solution to the issues of transparency, access, governance and innovation that were originally raised in the Cruickshank review of 1999. The creation of the Payments Council, which was accepted by the OFT Payments Systems Task Force in 2006, was a major influence in the decision to close down the Task Force two years early. The first meeting of the Payments Council took place on 30th March 2007.Aims and objectives of the Payments Council
The aim of the Payments Council is to provide strategic vision for UK payments.The main objectives are:
- to lead the future development of co-operative payment services in the UK in order to ensure that the payment system as a whole meets the needs of payment service providers, users and the wider economy;
- to ensure that the payment system is open, accountable and transparent; and
- to ensure the operational efficiency, effectiveness and integrity of payment services in the UK, through a primary focus on issues which cross schemes.
Further details are available in the Memorandum and Articles of Association of the Company.
Activities and benefits of membership
Members will have privileged access to valuable information (including unpublished research) and the opportunity to network with the big and small players in the payments industry, as well as other stakeholders representing a wide variety of users of payments systems, such as consumers and SMEs.Main activities
The Payments Council launched the UK National Payments Plan in May 2008, and will also assume responsibility for cross-scheme innovation in the UK payments industry. There will be a dialogue and formal contractual relationship with the schemes and interest groups responsible for the operational delivery of payments.UK National Payments Plan
The UK National Payments Plan is the Payments Council's landmark publication, which sets out its medium-and long-term vision for UK Payments. The Plan looks at a wide range of areas, such as:the development of alternatives to cheque and cash payments,
the opportunities arising from new technologies,
the future of the cheque guarantee scheme,
the impact of SEPA on UK payments,
the improvement of supply chain efficiency and e-invoicing; and
the future of interoperable mobile payments.
Innovations
As the champion of payments innovation, the Payments Council will identify, evaluate and sponsor innovative payments solutions - including new clearing schemes. Members will be able to propose, view and evaluate new payments innovations before anybody else, gaining a head start on new developments in the industry and allowing early sight of opportunities for growth and entry into new markets - a real competitive advantage.Innovations that will be considered first include the following: the changes to the LINK access and governance arrangements and implementation of changes to the cheques clearing system.
Schemes and groups
One of the Payments Council's objectives is that of integrity: to ensure the operational efficiency, effectiveness and integrity of payment services in the UK, through a primary focus on issues which cross schemes. The Payments Council Board will provide strategic leadership for the development of the payments sector, and work closely with a number of contracted schemes for the benefit of the UK payments industry.These will include BACS Payment Schemes Limited, CHAPS Clearing Company Limited, Cheque & Credit Clearing Company Limited, [Cheque Guarantee Scheme, Northern Ireland Cheques] and LINK ATM Scheme.