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In 2021, members of UK Finance outlined an ambitious ten-year strategy for the payments industry with the publication of the Future Ready Payments 2030 report. One of the conclusions of that report was for the payments industry to better understand how it could utilise standards to deliver benefit to payment service providers, financial institutions and, ultimately, the businesses and consumers who make and receive payments on a daily basis.
Outlined in this report are the recommendations of the Payments Standards Strategy Group for the industry to enable better co-ordination and collaboration between payment standard providers and their respective communities. This has the potential to unlock the significant untapped potential of standards to bring greater benefit to all industry stakeholders, from end users to direct and indirect market participants.
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