Pay.UK consults on major retail payments initiative
Pay.UK has published an industry consultation regarding its recommended approach for the use of the global standard ISO 20022 within the clearing and settlement capability of the New Payments Architecture (NPA).
This is being pitched as “the biggest change to the way payments are processed in the UK since the 1960s, ensuring payments are safe while also encouraging competitive innovation and unlocking new business opportunities in everything from smarter uses of banking and payment data through to new transactional services”.
Payment service providers, payment end user organisations, trade bodies and anyone with a vested interest in the space are being asked to provide feedback on the consultation by 31st March. Findings and conclusions will be published during the second half of 2020. Further details here.
“This is a unique opportunity to make the UK’s payment systems work more efficiently for everyone that uses them and we welcome views that will help us shape and define the adoption of standards and rules into the NPA,” says Kate Frankish, Director of Standards and Strategy at Pay.UK.