The Payments Strategy Forum (the Forum) is today launching a consultation on a blueprint that sets out the design and implementation approach for a new payments system for the UK, in the most radical change to the payments industry since the 1960s.
The New Payments Architecture (NPA) is designed to provide simpler access, greater innovation, increased adaptability, improved competition and better security. This will open the door for new and innovative products that work well for everyone who uses payment services.
The Forum, the first collaborative initiative of its kind in the UK, and whose members include consumer groups, businesses, Fintechs, UK banks and building societies, is inviting those who use payment services to have their say and be a part of shaping the future of payments.
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.
The Forum is hosting roundtables on 5 September 2017 to discuss the proposals and provide further information to those planning to respond to the consultation.
Ruth Evans, Chair of the Payments Strategy Forum said:
‘This is an exciting time for payments in the UK, with change taking place at unprecedented scale and pace. It is not often that you can be part of large-scale transformational and progressive work. I believe that this consultation gives everyone the opportunity to do just that. We are very keen to hear everyone’s views on this new and innovative future.
‘The feedback we receive now is essential to getting the right results for everyone. That’s why we’re asking for all interested organisations to contribute. Once the consultation has closed, we will finalise this design work and the initiatives will then be handed over to the appropriate industry bodies for implementation.’
Hannah Nixon, Managing Director, Payment Systems Regulator, added:
‘The PSR founded the Forum to speed up the pace of collaborative innovation in payments and harness the resource and expertise of industry – from end users to big banks. These proposals are geared to achieving a generational change in UK payments that will benefit everyone.’
To read more about the Forum’s Final Strategy and the initiatives being proposed, visit the Payments Strategy Forum website.
Notes to editors
1. The Payments Strategy Forum (the Forum) was announced by the Payment Systems Regulator (PSR) in its Policy Statement published in March 2015.
The Forum leads on a process to identify, prioritise and help to deliver initiatives where it is necessary for the payments industry to work together to promote collaborative innovation. The central focus of the Forum is to make payment systems work better for those that use them.
Currently, the Forum consists of a chair, who is independent from industry, and 22 members. The Forum’s membership includes user representatives and payment service providers. They were appointed jointly by the PSR and the Forum chair following a public nomination process during the summer of 2015.
The Bank of England (BoE), the Prudential Regulatory Authority (PRA), the Financial Conduct Authority (FCA) and the PSR are observers on the Forum.
The PSR provides the secretariat to the Forum.
Louis Myers – Payments Strategy Forum Press Office
020 7066 5874