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National Payments Plan
The National Payments Plan was launched on 14th May 2008.
National Payments Plan (PDF 667KB)
The Payments Council have published 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 which closed on 4th February 2008.
Why a National Payments Plan?
In payments, unlike many other sectors, there may need to be co-operation between participants if users are to have full benefit of new developments. The Plan outlines those areas where collaboration can deliver such an outcome. The Plan will be periodically revised and updated, and is intended to provide a framework for the development of payments in the UK over the next five to ten years.
Co-operative action can be needed:
- to introduce common standards so that business is made easier to transact;
- to create a network between participants which maximises the reach of payment services; and
- to address market inefficiencies.
There are, of course, many areas where innovation will be taken forward by individual institutions or groups of institutions, and where action at industry level would be unnecessary or counter-productive, as it could stifle competition and innovation. The Payments Council recognises that the best outcomes may often be achieved through the operation of market forces alone.
Core objectives
The Plan reflects the Payments Council's core objectives. There is a particular emphasis on innovation, efficiency, integrity and responsiveness to user requirements. This includes, for example:
- identifying gaps in the services offered by UK payment service providers and assessing how they can be plugged;
- facilitating an environment that supports innovation and competition;
- moving the UK to more efficient methods of payment and more efficient delivery channels;
- seeking to ensure that current and emerging payment methods continue to operate securely and that effective methods of fraud control are adopted;
- identifying and responding to the needs of all categories of payment services users, and, in particular, ensuring that the payment requirements of financially disadvantaged sections of society are adequately met.
The Plan will lead to further action, including statements of principle and agreements to undertake more detailed reviews of specific issues.
Consultation
Before producing the Plan the Payments Council undertook an extensive public consultation. The purpose of the Consultation was to ensure that all stakeholders and people with an interest in the future of payments were able to help form the National Payments Plan. The consultation period closed on 4 February 2008.
If you would like to request a hard copy of the National Payments Plan document please email: NPP@paymentscouncil.org.uk
National Payments Plan - May 2008 (PDF 667KB)
Executive Summary of the National Payments Plan - May 2008 (PDF 255KB)
