Proposals for innovation should be submitted in a standard format using the form downloadable here. Only proposals submitted on forms which have been fully completed can be considered by the Payments Council. Electronic submission is preferred.
Electronic submissions should be sent to: consult@paymentscouncil.org.uk
Paper submissions should be sent to:
Innovation Evaluation - Policy Division
Payments Council
5th Floor
Mercury House
Triton Court
14 Finsbury Square
London
EC2A 1LQ
As shown on the form, the following information is required for each proposed innovation:
- A brief description of the innovation being proposed. The innovation should be described generically, rather than being linked to one specific commercial product.
- A description of who benefits from the proposed innovation with as much information as possible about the likely scale of benefits and the timescales for their realisation.
- If possible, an indication of the implementation and ongoing costs of the innovation, including any consequential knock-on costs.
- An explanation of why the innovation requires co-operative payments industry action and why it will not happen in the absence of such action.
- Any additional supporting information that may assist the evaluation of the proposed innovation.
Unless specifically requested otherwise, a summary of the above information, together with the Payments Council's decision, may be published by the Payments Council. A standard confidentiality statement in an email message will not be regarded as a request for non-disclosure.
How your proposed innovation will be considered
All validly submitted proposals for innovation will be considered by the Payments Council Board. Completed proposals received more than six weeks before a scheduled Payments Council Board meeting will be considered at that meeting, otherwise they will be considered at the following Board meeting. The dates of forthcoming Board meetings may be found here.
The decision of the Payments Council Board will be provided to the proposer within one month of the meeting at which it is made. The possible decisions by the Board about a proposal are:
- Accept - with a means and timescale for being taken forward, e.g. as part of the National Payments Plan process.
- Requires further evaluation - the process by which this will be done and the timescale for a further report back will be specified.
- Reject.
The possible reasons for rejecting a proposed innovation are:
- It is outside the scope of the Payments Council - for example, it is purely a banking, and not a payments, application.
- It does not require co-operative industry action - for example, the proposal may be a commercial initiative which could be progressed individually with financial institutions.
- After analysis, it is apparent that there is no overall cost benefit case.
- It is not new - it, or a very similar proposed innovation, has been considered by the Payments Council (or the Payments Systems Task Force) in the last three years (unless there are compelling arguments why there have been fundamental changes since it was last examined).
- It, or something with very similar benefits, is already being developed.