Payments Strategy Forum drafts in public for future of UK payments
Calling it “the most radical change to the payments industry since the 1960s”, the Forum says the New Payments Architecture (NPA) is designed to “provide simpler access, greater innovation, increased adaptability, improved competition and better security”.
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.
Hannah Nixon, managing director of the PSR, says: “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.”
The consultation runs until 22 September 2017 and more details are here.
The sound of feedback
Last year, and around the same time, the PSR called for feedback on the Forum’s draft plans for the future of the UK’s payments sector.
At that time, and in the report, Ruth Evans, chairperson of the Forum, said it wants to “reinforce the position of the UK as a global leader, and address those weaknesses in payments that are holding us back”.
Pretty much the same as this year.
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