PSF launches UK payments system consultation
Written by Anthony Strzalek
The Payments Strategy Forum (PSF) has launched a consultation on a blueprint that sets out the design and implementation approach for a new payments system for the UK.
The New Payments Architecture (NPA) is designed to provide simpler access, greater innovation, increased adaptability, improved competition and better security. It is also expected to open the door for new and innovative products for everyone who uses payment services.
Set up by Payments Systems Regulator, the PSF is the first collaborative initiative of its kind in the UK. Its members include consumer groups, businesses, FinTechs, UK banks and building societies, and the latest consultation is inviting those who use payment services to have their say.
The forum is seeking feedback on:
• The design, costs and benefits, implementation plans, transition arrangements and economic models for the NPA.
• The requirements and rules for the three solutions that end users have told the industry they need – request to pay, assurance data, and enhanced data.
• The requirements for two strategic solutions to reduce the impacts of financial crime on users.
The consultation runs until 22 September 2017 and is open to the public for feedback.
A spokesperson for new industry body UK Finance said of the plans: “Today’s blueprint consultation provides an update on the initiatives developed to improve trust in payments and ensure the UK maintains a world-class payments system that is both agile and responsive.
“UK Finance’s members look forward to playing a key role in making these initiatives a reality; enhancing the sharing of financial crime data and intelligence, and continuing our work to increase customer education and awareness on fraud and financial crime.”