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How to propose an innovation

Innovation is vital to improve the efficiency and integrity of UK payments systems. The Payments Council’s focus is to develop co-operative payment services in the UK and we are keen to promote innovation.

We recognise that the market place and competitive forces are constantly changing so we are constantly open to new ideas.  To make it easier to put forward new ideas we have designed a process whereby proposed innovations can be submitted for consideration.  Once a valid proposal has been received, there is a timetable by which the proposal will be considered by the Payments Council Board. 

How to propose an innovation

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:

Paper submissions should be sent to:
Innovation Evaluation - Policy Division
Payments Council
2 Thomas More Square

As shown on the form, the following information is required for each proposed innovation:

  • A brief description of the innovation. 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 we will consider your proposal

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 Payments Council Board decision will be provided to the proposer within one month of the meeting at which it is made.  The possible decisions by the Board 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.
Reasons why a proposal may be rejected

There are many reasons why the Payments Council may decide to reject proposals. We have highlighted some common reasons below:

  • A proposal may be outside the scope of the Payments Council - for example, it is purely a banking, and not a payments, application.
  • A proposal may not require co-operative industry action - for example, it could be a commercial initiative which could be progressed individually with financial institutions.
  • There maybe no overall cost-benefit case.
  • A proposal is not new - or is very similar to another innovation, has been already considered by the Payments Council.
  • A proposal has very similar benefits to something that is already being developed.