National Payments Plan – a two-year progress update
18 Jun 2010
National Payments Plan, launched in May 2008, provides a 10-year blueprint for the UK payments landscape
The Payments Council today (18th June 2010) published an update on their work on their National Payments Plan. Work has primarily focused on the future of cheques, following the Payments Council Board’s decision to close cheque clearing in 2018 provided suitable alternatives are available. Some of the other developments include the review of the UK Domestic Guarantee Card Scheme, the production and adherence to a Financial Inclusion Policy when proposing a major payments system change, the development of best practice on payments referencing to reduce error when making direct credit payments and the review of the contactless and pre-paid card markets.
Richard North, Chairman of the Payments Council said:
“It is hard to overestimate the challenge which the Payments Council has set itself, and indeed the whole payments industry, with its target for closing the cheque clearing in 2018. It is an important and bold decision which could change the shape of the payments landscape and produce a more efficient payment system for all users. But, a lot has to happen before the Council will confirm any decision on closure and there need to be better and simpler alternatives for all the main uses to which cheques are put, which all the different users are aware of and have willingly adopted. This project offers a clear opportunity to ensure we achieve our objective of meeting the needs of users, payment service providers and the wider economy.
“Whilst our primary focus for the future will, of course, concentrate on delivering leadership to the cheque replacement project; something I am confident that the Council will succeed in doing, I am also pleased that we have not let momentum drift on other areas in the National Payments Plan.”
ENDS
For further information, contact the press office on 020 3217 8316 or press@ukpayments.org.uk
NOTE TO EDITORS
About the Payments Council
The Payments Council is the organisation that sets strategy for UK payments. It has been established to ensure that UK payment systems and services meet the need of users, payment service providers and the wider economy.
The Payments Council has three core objectives: to have a strategic vision for payments and lead the future development of co-operative payment services in the UK; to ensure payment systems are open, accountable and transparent; and to ensure the operational efficiency, effectiveness and integrity of payment services in the UK.
The Payments Council is a membership organisation funded by its members, with an independent chairman. It was set up in March 2007 as a membership organisation funded by its members and currently there are 28 members; the Board has 11 banking representatives, four independent Directors and an independent Chairman. The principal UK payment schemes – Bacs, CHAPS and Cheque & Credit Clearing Companies, LINK Scheme as well as the UK Domestic Cheque Guarantee Card Scheme, the Belfast Bankers' Clearing Company Limited and the Currency Clearings – have entered into a contract with the Payments Council to set out their respective rights and duties towards each other. Under the contract, schemes are required to report regularly to the Payments Council Board: the Board is able to make decisions that are binding on scheme members in order to implement its strategy. Payments Council also has 13 associate members.