Last week, the Emerging Payments Association (EPA) announced the launch of Inclusion Signpost, an accreditation service for inclusive payments products. As one of the EPA’s members, we’re proud to be one of the first companies to sign up for accreditation.
Today, 1.5 million people are uniquely financially excluded in the UK. Inclusion Signpost’s aim is to bring that number below a million by 2020, by introducing consumers to payments products that suit their individual needs. It hopes to raise the bar in the industry for inclusive products, and ensure consumers have access to the best, not basic, services.
Inclusion Signpost will be connected to a comparison site, Signpost Now, which enables consumers to find the best products for them by a series of search criteria. Monese, for example, is a great service for people recently arrived in the UK and seeking a multi-currency account to receive their salary or transfer money back home. It also allows customers to manage money in their own language, with 12 languages available in-app and via customer service.
Companies can apply for accreditation here. Submissions will be rigorously reviewed by an independent body of expert judges, and accreditations will be reviewed annually to ensure the standard keeps pace with the improvements technology can offer.
There are a myriad of excellent payment services available in the UK that will now have a chance to meet customers in their moment of need. It is an incredibly exciting prospect for both consumers and industry leaders, and we would strongly encourage other companies to join in.