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February 5, 2020updated 12 Feb 2020 2:03pm

Pay UK consults on new standard for UK retail payments

By Evie Rusman

Pay.UK has established an industry consultation regarding its recommended approach for UK retail payments.

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The payments authority advises the use of global standard ISO 20022 within the clearing and settlement capability of the New Payments Architecture (NPA).

The NPA, a new clearing and settlement capability for all UK retail payments, is being developed by Pay.UK. It provides an opportunity to design the standards and rules used to exchange payments data.

Kate Frankish, Director of Standards and Strategy at Pay.UK, said: “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 New Payments Architecture.”

Gaining feedback

The consultation aims to gain feedback from the wider payments industry on defining the ISO 20022 standard, and the business rules that apply to this standard.

Pay.UK has asked payment service providers, payment end user organisations, trade bodies and anyone with an vested interest in payments to provide feedback by March 31 2020.

After this, Pay.UK will publish its finding and conclusions during the second half of 2020.

Pay.UK’s Standards Authority coordinates the standardisation activities of the UK’s financial services on behalf of participants, the wider payments industry and other relevant stakeholders.

It is responsible for, and has authority over, all aspects of standards development, maintenance and modification across the Pay.UK payments ecosystem.  The Authority operates according to the Standards Framework which establishes methods of working, decision-making and processes to develop and maintain standards.

This January, Pay.UK announced that Bacs (part of Pay.UK) processed 6.4 billion transactions worth almost £5trn during 2018. As a result, this is the 12th successive year that the Bacs record has been broken.

In August 2018, Bacs processed 580 million payments. This broke the existing record of 573 million, dating back to December 2015.

 

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img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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