The purpose of this paper is to highlight the capability for innovation within the UK’s payments system, and to show how such innovations can deliver government policy objectives and a match fit economy in a post-Brexit setting. Each of these innovations is aimed at a specific existing policy challenge that, at the time of writing, remains unaddressed but which, if resolved, will help to provide a platform for a more productive and efficient economy.
The UK’s payments system – how money moves from A to B – is largely unseen but is critical to achieving these efficiencies.
Vocalink is in a unique position to identify how the UK’s economic arteries can be adapted and innovation brought to market to fulfil policy priorities and deliver greater economic and social benefit. The challenges lie in two broad areas: empowering people and powering economies. For each of these challenges, this paper will set out how payments innovation can play a role in addressing them.
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