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June 27 2019

The Bank of England looks to the future of Finance with Emerging Payments Association consultation

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The Emerging Payments Association (EPA) is proud to announce, that several of their suggestions and recommendations on how the future of finance should look like, have been taken onboard by the Bank of England as part of their Review on the outlook for the UK financial system and what it means for the Bank of England.

The focus of Bank of England’s review lies on the Aging population, Big data sets, Emerging markets, Low carbon economy, and New Financial technologies.

Tony Craddock, Director General of the Emerging Payments Association, said “As the leading membership association in the payments industry, it is heartening to see our recommendations being incorporated in BoE’s vision of the future. The benefits of enriched payment data, easing the transaction process for corporate and consumer payments are at the core of our industry, and our own Project Banking Access is built around these topics. Seeing Bank of England place importance on them is very promising.”

Stephen Quinn, Chief Strategy Officer at OpenPayd, commented “As one of EPA’s Benefactors we have been working closely together to support this BoE review. It is encouraging to see that the recommendations of the Emerging Payments Association are being incorporated by the Bank of England. Equally as positive is that the BoE considers and values the voice of the EPA and its membership; leading the way in improving the transaction process for business and consumers alike.”

The Bank of England’s Review on the outlook for the UK financial system and what it means for the Bank of England comes after a two-year review process, spearheaded by Huw van Steenis, Senior Advisor, and can be read in full on BoE’s website.

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