The Payments Strategy Forum launched its ‘Payments Strategy for the 21st Century’ on 29th November 2016.
Ruth Evans, the Forum's Chair said:
‘I am really pleased and would like to thank the hard work of the Forum and the Payments Community. Over the course of 12 months’ the Community has grown from 304 individuals from 208 organisations, to over 500 individuals from 326 organisations today. Four working groups were created and included 190 members, over 180 members also engaged through a series of round tables. This work represents an unprecedented amount of industry collaboration and has resulted in a strategy which reflects the needs of all users."
Ruth Evans continued:
"People’s needs are constantly evolving and we must address these demands. When the internet was first launched, nobody could have predicted the extraordinary impact that widespread access to information would have on our daily lives. Our proposals have as much potential to transform the way we make payments in the decades to come."
The Strategy will provide:
- More control and assurance for consumers over how they manage their finances
- Safer and more secure banking
- Opportunities for new banks and Fintechs to compete and offer innovative services that meet the needs of tomorrow’s users
The Forum will now focus on the implementation. The first Forum for the meeting to kick off this phase of work will be held on 16 December 2016.