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UK-US financial innovation: digital payments

  • United Kingdom
  • USA
  • Technology
  • Financial services
  • Financial services - Digital Financial Services
  • Financial services - Payment services

15-07-2021

In our whitepaper, co-authored with TheCityUK, we address the key opportunites opportunities and obstacles for closer UK-US collaboration in the area of digital payments. It is the first in a series looking at financial innovation. 

Regulatory and technological alignment is critical to leveraging the combined size, capitalisation, and technological sophistication of the UK and US financial services sectors. This alignment has the potential to significantly reduce cross-border barriers to entry for financial services providers, and allow businesses and consumers to make efficient and data-rich cross-border payments. As the two largest financial markets in the world, UK-US leadership in this area would serve as a model for global cooperation in financial services regulation and drive greater global alignment. 

These are ambitious goals. Establishing a deep and successful digital payments market working for the benefit of both the US and the UK would be a remarkable achievement. The sooner both countries can agree an approach for dealing with these challenges and establish a roadmap to achieving a mutually accessible digital payments market, the sooner the significant mutual benefits can be realised. 

We outline five recommendations for closer UK-US collaboration in digital payments, including open banking and financial inclusion. 

Read the whitepaper >

Matthew Allen, Partner
Brian M. Murphy, Partner

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