On 28 August 2015, Payments UK, published a report on the changes needed to deliver a world class payments environment in the UK.  The report summarises the Payments UK’s findings so far, highlighting the following four areas for prioritisation:

  • Open access for those offering payments to customers;
  • Ability for customers to confirm the identity of the payee before making a payment;
  • Providing customers with greater control over outgoing payments; and
  • Enhanced data enabling more and better information to be linked to payments.

What this means for you

The report is of relevance to all participants in the payments market due to the pace of change and payments innovation taking place at the moment. Payments UK is also intending to publish a further update on its work next year.