Pay.UK Chairman explores the history of economic government bodies in podcast
Pay.UK Chairman, Mark Hoban, recently featured on the Bitesize Payments podcast to discuss the history and role of the UK’s economic government bodies.
A former City Minister at HM Treasury, Mark joined host Paul Thomalla to outline the evolution of the Treasury, central banks and payment operators in the UK, and the role each plays in supporting the country’s finance sector.
Sharing insight into the government’s economic and finance ministry, the Treasury, Mark discussed its evolution from creation in 1126 as a repository for King Henry I’s treasures, to its more central role today in setting the direction of the UK’s economic policy. He also detailed the expansion of the Bank of England to its current role in issuing currency, overseeing the UK’s monetary policy, and providing regulation for, and supervision of, commercial banks and other institutions.
Mark concluded by speaking about evolution within the payment system operator space and how Pay.UK continues to lead on developments by promoting competition and innovation through its various payment systems and products.
Our New Payments Architecture programme will notably create more opportunity and drive further developments and services within this field. The pioneering project will be the biggest upgrade the UK’s payment system has seen in a generation, creating a futureproof, single payment platform that will keep the country at the forefront of the global payments ecosystem.
Mark said: “As we modernise the payments system, increasingly we will see people thinking innovatively and creatively about how to use a modern set of rails to improve services they offer to their customers.”
Listen to the full podcast here: