28 Jul 2017

DESIGNING THE FUTURE OF UK PAYMENTS - Your opportunity to make payments work for you!

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.