A Quick Overview of the Innovation in UK Payments
Bacs, Direct Debit, Faster Payments, Chaps and Cheques
In the UK today, we use various payments and collections systems to pay for goods and services incurred. As times change, and consumer and business needs evolve, payment systems once well suited to their function require innovation to ensure they continue to meet user requirements for years to come.
To meet the requirements of twenty-first century consumers and businesses, The Payments Strategy Forum has launched a new strategy aimed at overhauling the UK’s payment systems, with a target date set for 2020.
Over the last twelve months we have witnessed many ebbs and flows, a few unexpected events and several twists in the tale.
Even if you ignore Brexit and Trump (we can all try) and the aftermath that followed, 2016 was a mixed bag for the banking, payments and financial services ecosystem. A year we are certainly not going to forget in a hurry.
Nevertheless, we’ve all made it through safe and sound, and here at AccessPay we are certainly feeling positive about what 2017 has in store.