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Payments Council Response to ‘Opening up UK Payments’ Consultation

The Payments Council’s new Current Account Switch Service and new Mobile Payments Service will deliver real benefits to customers and new entrants and are just two examples of projects that a collaborative body is best placed to carry out. September 4, 2013: Adrian Kamellard, Chief Executive of the Payments Council, said: “Today we have published our response to the Treasury’s consultation on Opening Up UK...

The Payments Council’s new Current Account Switch Service and new Mobile Payments Service will deliver real benefits to customers and new entrants and are just two examples of projects that a collaborative body is best placed to carry out.

September 4, 2013: Adrian Kamellard, Chief Executive of the Payments Council, said:

“Today we have published our response to the Treasury’s consultation on Opening Up UK Payments.

“In essence we welcome the government’s focus on ensuring that payment services in the UK remain cutting edge and world leading. We share and support these aims.

“Effective competition has been rightly acknowledged in the proposals as a vital element to ensure the UK’s payments infrastructure continues to work for us all and we are supportive of the principal of new economic regulatory powers. However, it is vital that any new regulation is tightly-focussed and outcome-based.

“We hope the Government will recognise that there are practical delivery functions, ranging from coordinating industry innovation to vital stakeholder engagement that a regulator cannot provide. The Payments Council’s new Current Account Switch Service and new Mobile Payments Service will deliver real benefits to customers and new entrants and are just two examples of projects that a collaborative body is best placed to carry out.

“The new regulatory framework needs to deliver a payments infrastructure that works for the individuals, businesses and charities that all rely on it.”

Source : Payment Council

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