UK Payments Council to Develop Standards for Faster Payments

The Payments Council has launched its revised National Payments Plan. The new plan has been shaped by public consultation, which invited stakeholders to share their views on what the council’s future plans should cover.

A number of key actions have been identified, which will bolster the Payments Council’s goal to help consumers and businesses by delivering innovation, enhancing inclusion and ensuring integrity in the way we pay:

  • Helping increase customer confidence in making electronic payments (e-payments). This will include enhancing the benefit customers get when using the Faster Payments Service (FPS) by developing mandatory minimum standards, and helping customers ensure that they are sending an e-payment to the right person using the correct account data.
  • Reviewing ways to allow customers to elect someone to make payments on their behalf, specifically addressing the needs of the housebound and ensuring any solution minimises any risk of fraud.
  • Helping people choose the payment options that best suits their needs, primarily through its ongoing Pay Your Way education campaign.
  • Raising awareness of chip and signature cards (which provide an alternative for customers unable to use Chip and PIN cards).

These actions complement the Payments Council’s other key projects which include making account switching faster and simpler for customers and its plans to develop a new service for customers that will enable them to make bank to bank transfers quickly and easily using their mobile phone.

Gary Hocking, acting chief executive officer (CEO) of the Payments Council, said: “Our new National Payments Plan has been shaped by everyone who uses payments and reflects the views of our stakeholders. This is critical in such a fast-moving payments landscape. Our goal over the next few years is to deliver these commitments successfully so that people have access to a wide choice of payments that are suited to their needs and that they feel comfortable using them. It is important that our strategy remains current and relevant for all types of customers, so our next update is scheduled for 2014.”


Related reading

New consumer banking head for Citi Asia Pacific