TISA welcomes payments strategy initiative
TISA has welcomed the launch of the final strategy of the Payments Strategy Forum which aims to give customers more control and more assurance, enable more data to be transferred and to reduce financial crime.
Carol Knight, Chief Operations Officer at TISA said:
“TISA is pleased to have participated in two of the Forum’s member groups that helped to devise this strategy. Advances in digitalisation and changes to working patterns are radically changing the way people manage their money. We need to ensure that the way in which payments are made in the UK keeps pace. This new strategy aims to do that and we particularly support the proposals for greater flexibility and control over direct debit payments.
“TISA fully support the proposals to improve the process for identifying individuals and business. We are delighted that the initiative we are currently undertaking with the development of a Digital ID has been cited as one of the pieces of work which will inform this critical debate.
“And we also need to encourage FinTech innovation and build a safer and more secure environment for payments if we are to fully meet customers’ needs. We are pleased that this also forms a central part of the strategy.”
Further details are available from the Payments Strategy Forum website: https://www.paymentsforum.uk/
The Final Strategy can also be viewed here:
https://paymentsforum.uk/sites/default/files/documents/A%20Payments%20Strategy%20for%20the%2021st%20Century%20-%20Putting%20the%20needs%20of%20users%20first_0.pdf
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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/Email Jessica.HodsonWalker@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. The focus of our recommendations and actions is improved outcomes for consumers and UK plc with this approach leading to a stronger UK financial services industry.
TISA’s growing membership comprises over 150 firms involved in the supply and distribution of savings and investment products and services. These members represent many different sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for the public. Effective policy and regulation and the creation of efficient industry infrastructure continues to be the major focus for our members. TISA is unique in that it represents the entire financial services industry, incorporating cross-sector policy, industry and technical expertise. Whilst we maintain a solid partnership with government, the regulators and wider industry, we remain independent and develop neutral views and opinions. This impartiality is reflected in our ability to drive development projects which improve industry performance and consumer outcomes, putting us in the unique position of being able to constantly challenge the status quo to bring about material improvement.