The Payments Council has secured government support to look at supplying more information around electronic payments.

The council explained that richer data could provide additional reference information, help businesses better reconcile payments, improve cash management, and give customers greater clarity on their finances.

As the largest single user of the UK’s payment systems, the government has given its backing to the plans. The payments industry is currently in discussion with a number of government departments to explore feasibility, including the Department for Work and Pensions (DWP), HM Revenue & Customs (HMRC), and the Department of Business, Innovation and Skills (BIS), with the Cabinet Office leading on commercial arrangements.

The council noted that DWP had already identified that richer data could help it more quickly reconcile the information it received in administering the benefits system. This could also offer advantages to individual claimants, making their reporting of financial data to DWP easier.

The latest proposals come as the new Payment Systems Regulator (PSR) prepares to become fully operational on 1 April 2015. Should there prove to be a feasible and commercial proposal for richer data, the council will consider putting it to the PSR for review.

Andrea Leadsom, economic secretary to the Treasury, said: “Richer data offers some exciting avenues for innovation, and it is right that government and the industry works together to explore the case for developing these. If there proves to be a viable proposition, this will be an issue for the PSR to consider as it takes control of the strategy setting process for the payments industry.”

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