Pay.UK consults industry on NPA standards
Pay.UK has published an industry consultation and called for feedback to help “shape and define the adoption and rules” into its New Payments Architecture (NPA), reports Jane Connolly.
The consultation focuses on Pay.UK’s recommended approach for the use of global standard ISO 20022 within the clearing and settlement capability of the NPA.
Payment providers, payment end user organisations, trade bodies and entities in the wider payments industry are being asked for their views on defining the ISO 20022 standard and applicable business rules.
The NPA, which is being developed by Pay.UK, has been described as the biggest change in UK transaction processing for 60 years.
Kate Frankish, director of standards and strategy at Pay.UK, says, “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.”
Feedback on the consultation must be submitted by 31 March 2020 and findings will be published in the second half of this year. Download the consultation here.