The Forum, created by the UK’s Payment Systems Regulator (PSR) in March 2015, is made up of 22 experts tasked with planning the future of the UK’s payments sector. PSR is calling for feedback on its Payments Strategy Forum’s draft plans, bankingtech.com reports.
In the report, Ruth Evans, chairperson of the Forum, says it wants to “reinforce the position of the UK as a global leader, and address those weaknesses in payments that are holding us back”.
The report mentions the growth of e-payments and it adds that by 2024 it is “expected that only one third of payments will be made by cash in the UK”.
The report also covers such issues as cybercrime, financial crime intelligence sharing, Know Your Customer (KYC) data sharing, a new architecture, and its implementation approach.
The full report can be found here. The consultation period will last until 14 September 2016; submissions may be forwarded to Forum@psr.org.uk.
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