Pay.UK consults on retail payments infrastructure

Pay.UK has launched a consultation into the clearing and settlement capability of the New Payments Architecture (NPA).

It will focus on the payments authority’s recommended approach to use the global standard ISO 20022 for the clearing and settlement infrastructure of the NPA, which will change the way that all UK retail payments are processed.

Pay. UK is looking to gain feedback from the wider payments industry on defining the ISO 20022 standard, and the business rules that apply to this standard. It is asking payment service providers, payment end user organisations, trade bodies and anyone with a vested interest in payments to provide feedback on the consultation by 31 March.

Findings and conclusions will be then published during the second half of 2020.

Last week, the Payment Systems Regulator launched its own consultation on the competition issues that could emerge in the NPA.

Kate Frankish, director of standards and strategy at Pay.UK, commented: “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.”

Pay.UK is responsible for, and has authority over, all aspects of standards development, maintenance and modification across the UK payments ecosystem.

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