Payments Council launches first national plan for UK payments

National Payments Plan sets the framework for payments over the next decade

The Payments Council has today (14 May 2008) unveiled the first national plan for UK payments, providing a strategic framework for payments innovation and change over the next decade.  The National Payments Plan - Setting the strategic vision for UK payments also summarises the results of the public consultation launched on 26 November 2007. 

The Plan has been developed after extensive consultation with the payments industry and users and includes statements of principle, specific actions and a number of focused reviews of key issues. The document covers current payment methods such as plastic cards, cash and cheques and also reviews the next wave of innovation in payments, fraud and security, and consumer education about payments.

Brian Pomeroy, the Chairman of the Payments Council, said:

 "Our Plan has been developed with input and ideas from consumers, small and medium-sized enterprises and large corporates, and we have been delighted with the degree of consensus which our Consultation revealed. 

"We are confident that our vision for payments over the next decade strikes a chord with both the payments sectors and its users, with an emphasis on innovation, efficiency and integrity."

The Payments Council is the strategic body for payments in the UK and was established to ensure that UK payment systems and services meet the needs of users, payment service providers and the wider economy. 

"The Plan is largely focused on practical steps to implement the vision; as this is the first time a UK Payments Plan has been produced, we also need to undertake further research and consultation around a number of areas and then take final decisions in the light of that work. 

"For example, the future of the cheque attracted the most comments from respondents and our diagnosis that the cheque is in irreversible decline went almost unchallenged.  However, we are fully aware that alternative arrangements to cheques have to be available before the closure of the cheque clearing service can be seriously contemplated."

National Payments Plan (PDF 667KB)

ENDS

For further information, contact the Payments Council media team on 020 7638 5760 or media@paymentscouncil.org.uk

NOTES TO EDITORS

Payments Council

The Payments Council, which was created in March 2007, is the organisation that sets strategy for UK payments. It has three core objectives:

1. 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;
2. To ensure that the payment system is open, accountable and transparent; and
3. To ensure the operational efficiency, effectiveness and integrity of payment services in the UK.

The Payments Council Board comprises 11 directors from organisations that are members of the Payments Council, alongside four independent directors and the Bank of England as an observer. It is chaired by an independent chairman, Brian Pomeroy.