Having lost some of its teeth, the Payments Council will relaunch as Payments UK, a new trade association launched Monday 29 June. The new association will provide “a single, authoritative voice for the UK payments industry” at home, across Europe and the globe.
Payments UK succeeds the Payments Council, which delivered world-leading innovations
such as Paym, the Current Account Switch Service and Faster Payments. Payments UK will continue to look to the future, taking an evidence-based approach to deliver the secure, fast and innovative payments that people need but, unlike the Payments Council, has no quasi-regulatory role for strategy setting.
Payments UK will work closely with the Payment Systems Regulator (PSR) in its remit to promote competition and innovation across the sector.
Commenting on today’s announcement, made at the Payments Innovation conference in London, Maurice Cleaves, Chief Executive, Payments UK said:
“Payments UK will lead the collaborative drive to ensure that payments in the UK remain world-class, meeting the needs of all those who make or receive them.
“In a matter of years, the sector has been transformed from just a handful of players to many hundreds and the regulatory agenda has changed significantly. Payments UK is set up to enable the industry to navigate through such change.
“Over the coming months Payments UK will report on the industry’s World Class Payments project, which sets out a vision of what payments of tomorrow could look like if they are built on customers’ needs.”