Trade association Payments UK has launched a new service, called Standards Collaboration Framework (SCF), to enable the industry better access and implement the standards it relies on.
The new service will enable the industry to future-proof standards requirements with a single, authoritative resource.
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It will also ensure version control and will make possible for relevant industry stakeholders to obtain all the up-to-date standards documentation important to support the UK payments infrastructure.
Payments UK in a statement said that FPSL will use the central, well-maintained ‘library’ to simplify how its industry shareholders access and receive notifications about updated Faster Payments documentation and mapping to future standards.
SCF will reduce the time, effort and industry cost of standards management while providing easy access to the important information, the association added.
Payments UK CEO Maurice Cleaves said: "We saw an opportunity to simplify standards management in payments and are pleased to make the Standards Collaboration Framework available for the industry. It will reduce the time and cost of managing the standards that are vital to the smooth working of payments.
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By GlobalData"Standards are natural territory for a centralised, shared resource and the new service will lead to increased efficiency in the management of operational standards."
