The UK's Payment Systems Regulator (PSR) is calling for all users of payment systems – including therefore corporate treasurers and CFOs who make UK-based payments – to respond to a consultation on changes to the UK's payment systems. The consultation, launched by the Payments Strategy Forum, sets out the design and implementation approach for a new payments system for the UK, which the PSR describes as “the most radical change to the payments industry since the 1960s”.

The overhaul is designed to provide simpler access, greater innovation, increased adaptability, improved competition and better security.

The forum is seeking feedback on:

• the design, costs and benefits, implementation plans, transition arrangements and economic models for the new system;
• the requirements and rules for the three solutions that end users have told the industry they need – request to pay; assurance data; and enhanced data;
• the requirements for two strategic solutions to reduce the impacts of financial crime on users.

The PSR's Hannah Nixon said: “The PSR founded the Forum to speed up the pace of collaborative innovation in payments and harness the resource and expertise of industry – from end users to big banks. These proposals are geared to achieving a generational change in UK payments that will benefit everyone.”

The consultation runs until 22 September 2017 and can be viewed here. 

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CTMfile take: It will be important for corporate treasurers and CFOs to answer this consultation and make their voices and requirements heard.