The UK Payments Council is to publish a Payments Roadmap that sets out objectives for reforming the nation’s payments infrastructure over the next five and ten years.
The Roadmap sets out the analytical and consultative approach the Payments Council will take and six potential options that will deliver customer benefits for the long-term.
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A three year plan is to also be included to address short-term needs such as the adoption of the international ISO 20022 format across the payments landscape, providing additional reference information when a payment is made and a cost benefit of account number portability.
Adrian Kamellard, chief executive of the Payments Council, said: "Demands on our payments infrastructure have changed massively over the past two decades, and whilst our infrastructure continues to serve us well with technological innovation happening apace, it makes sense to take a step back and consider options in a systematic way."
"The Payments Roadmap will put the needs of those who make and receive payments before those who process them – whilst of course maintaining a strong emphasis on system resilience and performance.
The Payments Council will consult with key stakeholders over the coming months with the full version of the Roadmap to be published in Q1 next year.
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