Payments industry and regulatory round up
Issue 292 | 19 March 2022
Welcome to issue 292 of Payments:Unpacked, this premium subscriber edition provides a round-up of payment related developments at Pay.UK, the Payment Systems Regulator, the Bank of England, HM Treasury, the FCA and the Open Banking Implementation Entity.
Period covered: 3 to 19 March 2022.
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Building a smarter way to move money
Pay.UK have updated their page describing the planned New Payments Architecture (NPA).
The New Payments Architecture (NPA) programme is creating the retail payment infrastructure that will address these challenges and keep the UK at the forefront of payments. Built on the vision established in 2017 by the Payments Strategy Forum, an initiative of the Payment Systems regulator, six guiding principles will underpin both its design and delivery:
Maintaining a robust, resilient and scalable platform – enhanced by new technology and able to handle rising payment volumes
Adoption of the ISO 20022 messaging standard, which will enable new capability, for example tracking and tracing payments
Developing a real-time payment capability, creating more choice for those who make and receive payments
Lowering barriers to entry so more customers can access NPA services more easily and create more choice for end users
Delivering a safe, secure environment equipped to help combat fraud and financial crime
Ensuring users benefit from efficiencies, for example using data to support innovative new services.
The NPA offers a platform for new payment products and services that have the potential to transform people’s financial lives. Its component parts include:
An accessible capability for clearing and settlement.
Webinar - Why Request to Pay is needed now more than ever
Pay.UK is hosting a webinar on Monday 4 April at 14:30 – 15:30 GMT where they will be joined by other industry experts to discuss what impact Request to Pay can have on UK bill payments for organisations and consumers, especially in today’s rapidly changing landscape.
Request to Pay solutions come in different shapes and sizes and Pay.UK’s design is unique in a number of key ways. Tune in to understand the differences, the rationale behind it, and why we think it’s required now more than ever.
Kate Frankish, Chief Business Development Officer, Pay.UK
Simon Brooks, Faster Payments Service Line Manager and Business Owner for Request to Pay, Pay.UK
David Cox, Payments Lead, Virgin Media
Tony Craddock, Director General, Payments Association
Tina Harrison, Professor, University of Edinburgh.