This is your opportunity to respond to the proposals and influence UK PSR strategy for the next five years.
The UK Payment Systems Regulator’s (PSR) Payments Strategy Forum has issued a consultation paper on its draft strategy Being Responsive to User Needs. The strategy review comes at a time of rapid change: recently novel ideas such as Blockchain are becoming reality, digital IDs have become a reality in some Scandinavian countries, and the demands of the UK HMRC Real-Time Information are driving a more integrated approach to the movement of value within the UK.
The strategy has been written following broad payments market participation to identify “detriments”: those things which individuals, businesses large and small, government and its agencies, and banks would like to have changed. The strategic plan endeavours to identify solutions for these detriments and to seek debate before a final plan is put out to the market to understand the implications of bringing the solutions into practice. The ACT has participated in this process, and ACT members sit on the PSR Forum and working groups.
For example, one of the detriments identified has arisen as a result of the take up of mobile technology in addition to internet technology, and increasingly in its place for making payments. The move to mobile and internet technology has enabled easier access to payment systems, but has brought with it problems for business as money often moves without reference data to enable the recipient to identify why it has been paid. This weakness affects businesses large and small with the cost of allocating funds often outweighing the value of the transaction and this has been recognised in the consultation paper.
[su_box title="Be heard when it counts" box_color="#51284F" radius="1"]Members whose work involves payments and/or processing of revenue data are asked to review the paper and advise the Policy & Technical team of any response they wish to make.
Please send these to technical@treasurers.org by 2 September 2016 so that we can consolidate our response and submit it ahead of the 14 September deadline.[/su_box]
