The constantly developing technology around payments systems represents an opportunity for the financial services industry to develop its commercial offering to suit the specific needs of their customers. The UK currently lags behind many other countries, both developed and less developed, in the integration of technology into its payments system. However as the application of technology is increasingly prominent in the UK’s economy (e.g. mobile banking, ‘Oyster’ cards) it is increasingly apparent that financial services institutions are acknowledging the need to integrate this technology into their consumer offerings or face competition from providers that will.

In May 2008, the UK Payments Council published its National Payments Plan which set out its 10-year vision for UK Payments and the steps required to implement this vision. This plan includes the projected removal of the cheque from the UK payments system by the end of October 2018, which presents both a challenge and an opportunity for the financial services and technology industries to create a new infrastructure that not only provides a more convenient and socially inclusive means to conduct transactions, but to also reduce inefficiencies and bureaucracy (such as the time and resource required to clear cheques) in the banking institutions themselves.

Consequently, Intellect is working in partnership with the UK Payments Council to explore and evaluate the opportunities that technology offers for replacing the cheque. The Intellect/Payments Council Vendor Forum exists to apply the technical expertise of Intellect’s membership to the Payments Council’s own authority in this area, in order to develop a realistic and durable means to implement the objectives set out in its National Payments Plan.

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