As the UK payment sector continues to evolve and adapt, members of UK Finance outlined an ambitious ten-year strategy for the payments industry with the publication of the Future Ready Payments 2030 report.
One of the conclusions of the report was for the payments industry to better understand how it could utilise standards to deliver benefits to payment service providers, financial institutions and, ultimately, the businesses and consumers who make and receive payments on a daily basis.
Furthermore, it also underlined the pivotal role that can be played by open banking, with the service continuing to be cited as the best practise for collaboration between OBIE, Pay.UK and UK Finance.
Outlined in this report are the recommendations of the Payments Standards Strategy Group for the industry to enable better coordination and collaboration between payment standard providers and their respective communities.
This has the potential to unlock the significant untapped potential of standards to bring greater benefit to all industry stakeholders, from end users to direct and indirect market participants.
Commenting on the ambitions of the strategy, Jana Mackintosh Managing Director, Payments & Innovation stated: “UK Finance Although this report sets out a clear direction for the future, the work is not complete yet. The PSSG has outlined both immediate next steps for the industry and a standing forum through which the payments industry can continue the standards dialogue. How this forum is taken forward is yet to be determined.
“Members of UK Finance have been incredibly supportive to this process, and I believe it is essential for UK Finance to continue working closely with the Bank of England, Pay.UK, Visa, Mastercard, SWIFT, and our members to make this vision a reality.”