PSR encourages all users of payment services to take part in the Payment Strategy Forum's consultation on the future of UK payments
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 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.
Speaking of the consultation, 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 is open to everyone for feedback.