Payments Industry Marks Progress On Transparency Agenda
APACS, the UK payments association, has today (20 December 2007) published its annual review of policy initiatives. The report, ‘Innovation, efficiency and competitiveness’, looks back over a year which saw a number of key developments aimed at increasing transparency and developing best practice across the payments industry. 2007 was a landmark year for UK payments. The Payments Council – the new organisation set up to oversee the strategic development of payment systems – has begun its work, consulting on the first ever National Payments Plan for the UK. Also continuing through this year was the triennial review of The Banking Code – the banking industry’s self-regulatory code. Now in its fifteenth year, the Code has evolved to offer strong consumer protection over and above existing legislation. There have also been a number of new products and developments in payments services in 2007, which are covered in the report.