Specific Direction 3 requires the operator of Faster Payments to ensure that any central infrastructure contract in place after 1 July 2020 has been competitively procured.

In May 2018 the operator of Faster Payments applied to the PSR under section 4 of Specific Direction 3 to extend the date for compliance to enable transitional arrangements in relation to the New Payments Architecture (NPA).

Having considered the application and all facts that we consider relevant, we have decided to grant the requested extension of three years. The new compliance date is therefore 30 June 2023.