The Bank of England has taken onboard several recommendations from the The Payments Association as part of BoE’s Future of Finance project, led by Senior Advisor Huw van Steenis.
London, United Kingdom – The The Payments Association is proud to announce, that several of their suggestions and recommendations on how the future of finance should look like, have been taken onboard by the Bank of England as part of their Review on the outlook for the UK financial system and what it means for the Bank of England.
The focus of Bank of England’s review lies on the Aging population, Big data sets, Emerging markets, Low carbon economy, and New Financial technologies.
Tony Craddock, Director General of the The Payments Association, said “As the leading membership association in the payments industry, it is heartening to see our recommendations being incorporated in BoE’s vision of the future. The benefits of enriched payment data, easing the transaction process for corporate and consumer payments are at the core of our industry, and our own Project Banking Access is built around these topics. Seeing Bank of England place importance on them is very promising.”
Stephen Quinn, Chief Strategy Officer at OpenPayd, commented “As one of Payments Association’s Benefactors we have been working closely together to support this BoE review. It is encouraging to see that the recommendations of the The Payments Association are being incorporated by the Bank of England. Equally as positive is that the BoE considers and values the voice of the Payments Association and its membership; leading the way in improving the transaction process for business and consumers alike.”
The Bank of England’s Review on the outlook for the UK financial system and what it means for the Bank of England comes after a two-year review process, spearheaded by Huw van Steenis, Senior Advisor, and can be read in full on BoE’s website.
About the The Payments Association
The Payments Association, established in 2008, connects the payments ecosystem, encourages innovation and drives profitable business growth for payments companies. Its goals are to strengthen and expand the payments industry to the benefit of all stakeholders.
It achieves this by delivering a comprehensive programme of activities for members with help from an independent Advisory Board, which addresses key issues impacting the industry. These activities include:
The Payments Association has over 150 members and is growing at 30% annually. Its members come from across the payments value chain; including payments schemes, banks and issuers, merchant acquirers, PSPs, retailers, and more. These companies have come together, from across the UK and internationally, to join our association, collaborate, and speak with a unified voice.
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