TISA supports Payments Strategy Forum consultation
TISA, the investments and savings membership organisation, is supporting the Payments Strategy Forum and the latest consultation on the technical design and implementation of a New Payments Architecture (NPA) for future payments in the UK.
The Payments Strategy Forum is already a valuable reference point in TISA’s project to deliver a digital identity for consumers of financial services products.
Andrew Churchill, TISA’s Digital Innovation Director said:
“Identity verification, authentication and risk assessment is a crucial aspect of the payments strategy for the 21st Century and we are pleased that TISA’s work is cited within this strategy. It is a key deliverable for our digital identity project where we are aligning our work with the current industry initiatives including the Mobile Identity Authentication Standard (MIDAS) and the Electronic Identification and Signature (eIDAS).”
TISA members are also being encouraged to participate in the consultation, particularly in the areas of payment transactions data sharing, trusted KYC data sharing and financial crime data and information sharing.
Andrew Churchill continued:
“The proposals represent the most radical change to the payments industry in the UK since the 1960s and will benefit established industry participants, FinTech innovators and most importantly, the consumer. I urge all interested parties to review the consultation and provide their feedback.”
The Payment Strategy Forum consultation will run until 22 September 2017. Full details are available at: https://implementation.paymentsforum.uk/
Ends…
For further information please contact:
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.com
Sara Neidle – Telephone: 020 7680 6550 / Email Sara.Neidle@newgatecomms.com
Jessica Hodson Walker- Telephone: 020 7680 6538/EmailJessica.HodsonWalker@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a unique, consumer focused membership organisation. Our aim is to improve the financial wellbeing of UK consumers by aligning the interests of people, the financial services industry and the UK economy. We achieve this by delivering innovative, evidence based proposals to government, policy makers and regulators.
TISA’s growing membership comprises 170 firms involved in the supply and distribution of savings and investment products and services. These members represent all sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, FinTech, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
Current themes of TISA policy work include:
• Brexit: developing proposals for government that will enable the savings and investments sector to prosper on a global scale
• Digitalisation: a digital identity for consumers of financial services, innovation, standards and data responsibilities
• ISA’s: LISA, simplification of the regime
• Retirement saving: the Auto Enrolment review, self-employed and pension tax relief
• Housing: the use of property to supplement retirement income
• Guidance: developing a framework and services to make guidance more widely available
• Education: supporting the education of young people to make them aware of the impact of finance on their life.
TISA also provides support on a range of operational and technical issues targeted at improving infrastructure and processes, standards of good practice and the interpretation and implementation of new rules and regulations. TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve industry effectiveness by reducing cost and risk and to enhance customer outcomes. This work currently includes: MiFID II, CASS, the UK Fund Trading & Settlement initiative and Payments Strategy Forum. TISA Exchange (TeX) is providing a model for transfers and re-registrations.