The Payments Strategy Forum (PSF) has published a consultation document, Blueprint for the future of UK payments. Calling it “the most radical change to the payments industry since the 1960s”, the PSF says that the New Payments Architecture (NPA) is designed to “provide simpler access, greater innovation, increased adaptability, improved competition and better security.”
The PSF 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; and
- the requirements for two strategic solutions to reduce the impacts of financial crime on users.
The consultation closes on 22 September 2017.
The PSF is hosting roundtables on 5 September 2017 to discuss the proposals and provide further information to those planning to respond to the consultation.
View Payments Strategy Forum consults on future of UK payments, 28 July 2017