The Payments Vision Delivery Committee met to consider its Strategy for Retail Payments Infrastructure and the Payments Forward Plan recently.
1. Strategy for Retail Payments Infrastructure
The strategy document has since been published. You can find it here. It aligns with the principles of the National Payments Vision published a year ago and, with the innovative new governance announced in the summer, should lead to delivery of its outcomes of innovation, competition and security.
2. Payments Forward Plan
The Committee agreed the plan’s objective is to provide clarity to the sector on the timing, sequencing and prioritisation of future payments initiatives in support of the NPV. As parts of the sector have different priorities and a variety of views on sequencing, the process of producing the Plan itself was important, as it will help ensure HMT and the Authorities are aligned, provide enhanced clarity for industry and maximise opportunities to manage regulatory congestion.
The Plan will set out to capture legislative and regulatory initiatives across HMT and the Authorities but not private sector initiatives, given the Committee is not responsible for them. Vision Engagement Group members will be involved in helping to understand where the anticipated ‘pain points’ are before producing the plan.
