PSR responds to launch of the Payments Strategy Forum's draft strategy

The Forum was created by the PSR in March 2015 with a specific focus on developing a strategy for the payments sector where the industry needs to work together. It includes a wide range of interested parties to ensure the right input and representation that will drive collaborative thinking and innovation in the payments sector.

‘This is a significant milestone for the Forum. It demonstrates that good progress is being made and that it is on track to deliver its final strategy later this year.

‘We set up the Forum to drive innovation in the payments sector where collaboration is needed. Continued innovation is crucial to ensure that payment systems are responsive to the needs of the people and businesses that use them. Its creation was itself innovative, and it’s encouraging to see how the Forum and the Payments Community have developed over the past year.

‘The Forum has come up with some strong ideas that have the potential to make a real difference in the payments industry and it will be interesting to see how the wider industry responds to them during this consultation period’.

The PSR is committed to maintaining the momentum of the Forum’s work. Now that the strategy is becoming clearer, the PSR is working with the Forum to consider how it can be best implemented.

While some elements of the Forum’s strategy are already in the process of being implemented, others may take longer to put into operation. As such, the next phase will require detailed design and analysis of the solutions being proposed.

The PSR expects a multi-stakeholder body like the Forum will continue to work alongside the Regulator and help make sure that links between different aspects of the strategy are considered and any risks to overall implementation are highlighted in good time.

‘It’s important that, as the strategy evolves and develops, the industry keeps momentum going. The work done to date has brought us to a good position – now we must continue to work together to refine and implement the strategy to ensure the best outcomes for the industry and payment systems users.

‘We will continue to stand behind the Forum and subsequent implementation to ensure the pace and direction best serves system users; intervening where necessary.

‘I encourage everyone to engage in the consultation process so that we deliver the best possible strategy to meet the needs of users.’

The consultation period will last until 14 September 2016; submissions may be forwarded to Forum@psr.org.uk.

More information about the work of the Payment Strategy Forum can be found on its website.