AIRFA Members suport Payment Services Regulator on Strategy Working Parties and Consultations
AIRFA Involvement with the Payments Systems Regulator (PSR)
AIFRA was pleased to be invited to Payments Community Roundtables organised by the PSR for payment systems stakeholders. At AIRFA, we found these events informative, and they demonstrated the need for cross-industry collaboration to get the work done to finalise and publish a payments strategy for the UK later this year.
The Regulator established a Payments Strategy Forum, which has set-up four working groups to address: 1) End-user needs, 2) Simplified access to markets, 3) Financial crime, data and security and 4) Horizon scanning. These groups are examining ‘detriments' collected from the payments community, and are identifying and prioritising solutions, which range from providing end users greater control and assurance; the ability to send additional information with payments; centralised financial crime improvements and, looking further forward, e.g. what role distributed ledger technology has.
AIRFA is delighted to be involved on two of these four Working Groups, where it is able to contribute to the discussions and to the output of these Working Groups.
The Payment Systems Regulator (PSR) ( www.psr.org.uk ) announced the establishment of a Payments Strategy Forum in its 2015 Policy Statement. The Payments Strategy Forum is leading a process to identify, prioritise and help to deliver initiatives within the UK payments industry and to help the industry to work together to promote easier access, greater competition and collaborative innovation to the industry.
The Forum consists of a chairperson, independent from industry and 22 members, including end user-representatives and payment service providers. Meeting six times a year, the Forum is expected to deliver a strategy for UK payments by October 2016.
To ensure that the strategy meets the needs of users, the PSR has established the Payments Community to provide a flexible way for all interested individuals or organisations to engage and shape the Forum’s work through websites updates, meetings, roundtables and events.
Further end user roundtables are planned along with Payments Community events after which the Payments Strategy Forum will launch its draft strategy. We believe the Forum benefits from wider stakeholder engagement, hence the active participation of AIRFA in the Working Groups and attendance at the Payment Community Roundtables.
At AIRFA, we encourage other interested parties, stakeholders, observers and end users to attend the various Payments Community events; and for AIRFA members to become fully involved in the process if they are able to do so.
To become part of the PSR 'Payments Community' or to get more information on the Payments Strategy Forum, you can email the PSR secretariat on Forum@psr.org.uk, or visit their website at www.paymentsforum.uk.
For AIRFA members, please visit the members area for more details on the AIRFA website.
London, 6th April 2016