Highlights of Other National Payments Plan Activities
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Cash The Strategic Cash Group is looking at a wide range of issues regarding banknotes and coins, and the routes through which they circulate. It has prepared the first of two reports to explore where the Payments Council can play a strategic role in note and coin developments in the UK. The report discusses the future prospects for cash in the UK and can be found here: The Future for Cash in the UK - March 2010 (PDF 2MB)
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e-Invoicing The Payments Council board is consulting the Government and other UK stakeholders on a broad range of issues relevant to e-invoicing. It is also involved in e-invoicing activities at a European level.
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Online Payments A new Payments Council group has been set up to review the development of new online payment initiatives enabling online retailers to be paid by means of an electronic credit from customers’ online bank accounts.
The benefits centre on more choice for both consumers and online retailers, more competition and increased efficiency.
However, the risks include potentially allowing third parties sight of online banking security credentials and sending out mixed messages to customers about online security. Work is focused on maintaining the integrity of online payment systems as well as reviewing the consumer and retailer appetite for this kind of service. -
Fraud and Security In June 2009 the Payments Council board set up a new Payments Council group on fraud and security. This group is seeking input from existing payments industry fraud and security groups and public sector organisations. This approach will help define priorities and explore how the payments industry and public sector activities may complement each other.
The first Annual Security and Fraud Review was published in December 2010 and provides an assessment of key trends, emerging threats and counter measures in payments fraud and security, including new technology, and reviews what additional action may be needed to mitigate any risks.