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Payments Council Responds to the Chancellor's Speech on Banking Reform

Monday 4 February 2013

In response to the Chancellor’s speech on the Reform of Banking, Adrian Kamellard, Chief Executive of the Payments Council, comments:

“We agree with the Chancellor that ‘payments systems sit at the heart of the banking system’. I am determined that the Payments Council will continue to deliver positive change for the benefit of customers. We recognise the critical need for continuing innovation and vibrant competition, including easy access to payment systems for new entrants. This is why we are focusing on developing a payments strategy that meets the needs of customers, the economy as a whole and satisfies any new regulatory requirements. Examples of what a good strategy can deliver include our new account switching service and mobile payments service.

“It is particularly rewarding to receive such a strong endorsement from the Chancellor today of the Payments Council’s new account switching service being launched this September.

“Our new service will make switching accounts simpler, faster, hassle-free and will be backed by a cast-iron customer guarantee. We will also be running a national TV advertising campaign to make sure everyone is aware of this beneficial change. We are confident this will increase competition in the market for new and existing current account providers and increase customers’ confidence in the switching process.

“We also recently announced a new exciting mobile payments service for customers. The new service will enable secure payments to be made directly to or from an account without the need to disclose the sort code and account number, by simply using a mobile phone number as a proxy. This will add to the excellent choice of world-leading payments options that UK customers already enjoy - such as the Faster Payments Service which has made internet and phone transfers almost instantaneous.    

“We look forward to continuing our work with Treasury, and with our many consumer and business representatives to ensure continuing improvements to payments in the UK.”

For further information contact the Payments Council press office on 020 3217 8340/ 8441/ 8368/ 8251 or email