Payments UK - Assessment of economic benefits from World Class Payments

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Client Payments UK (formerly Payments Council)
Dates 2015
Sector(s)Financial Services
Service(s)Strategy & Finance
The payments environment is an essential part of the underlying infrastructure for financial services. Improvements to the existing environment affect both the direct constituents of the payments environment – the financial institutions – and a whole range of users from the corporate, consumer, wider government sector, and charitable and voluntary sectors.

The methodology adopted by CEPA was based on the approach recommended by HM Treasury’s Green Book for social cost-benefit analysis and included:
  • obtaining an understanding of Payments UK’s current WCP vision, how it compares to the current status of the UK payments environment, and in particular the new capabilities that are envisaged;
  • meeting with a range of key stakeholders to understand their perspectives on the new capabilities envisaged and their potential economic benefits; and
  • assessing qualitatively and where possible quantitatively – through discussions with Payments UK’s team, the industry and through desk research – the nature and scale of the benefits which might be achieved if the new capabilities are realised.

CEPA’s findings and its final report were presented to industry working groups, the WCP Steering Committee and to Payments UK’s board of directors. The assessment of economic benefits was used to  inform the work in the next phase of Payments UK’s WCP project.