The Payments Systems Regulator (PSR) established the Payments Strategy Forum to lead a process to identify, prioritise, and develop strategic initiatives where the industry needs to work together to deliver innovation for the benefit of those who use services provided by payment systems. The PSR attends all Forum meetings as an observer and provides the secretariat to the Forum
The Forum continues to represent the first time that both those who use payments and those who provide them, have come together in one place to make a Strategy for the future of Payments in the UK. It consists 22 members and a Chair who is independent from industry. The Forum's membership includes representatives of both user and providers of payment services. The Bank of England (BoE), the Financial Conduct Authority (FCA) and the PSR are observers on the Forum. The PSR also provides the secretariat.
On November 29th 2016 the Forum delivered its Strategy which outlined a set of collaborative proposals to meet the needs of users. Having delivered its final Strategy, the PSR has agreed that the Forum should continue and take ownership of the first phase of design and implementation in 2017.
Role of Other Bodies
Interaction between the Forum and other relevant regulators is important. The Bank of England (BoE) and the Financial Conduct Authority observe meetings and provide guidance to the Chair in relation to their own objectives for payments.
In their Strategy, the Forum recognised that there are a number of related industry initiatives. These initiatives are:
- The Open Banking Application Programming Interfaces (APIs)
- The Image Clearing System (ICS) being deployed by Cheque & Credit Clearing (C&CCC)
- Projects to deliver new functionality, such as ‘Paym’, on Faster Payment Service (FPS).
- The Bank of England (BoE) review of Real Time Gross Settlement (RTGS)
- Fraud and financial crime, initiatives led by others in the industry, for example, Financial Fraud Action UK (FFAUK), the Joint Money Laundering Intelligence Taskforce (JMLIT), the National Crime Agency (NCA), and the Joint Fraud Taskforce (JFT).
The Forum will continue to coordinate closely with these activities in 2017.