CP20/2 Call for input: Competition and Innovation in the UK's New Payments Architecture

This consultation closed on 1 May 2020.

Why we are publishing this document

The NPA is the UK payments industry’s proposed new way of organising the clearing and settlement of payments between banks, known as interbank payments.

Whether paying employee wages, or transferring money to a friend using internet banking, interbank payments are a key part of everyday life for businesses and consumers alike.

The importance of the NPA should not be underestimated. It is a once in a generation change to the very fabric of the UK’s interbank payment systems. It will encourage the development of services that make transactions safer and give everyone more control over who, when and how they pay.

We want to see the NPA delivered in a way that drives innovation in payment systems and benefits the people and businesses who use them.

What this document contains

This publication contains our view of some of the competition issues which might arise during the procurement of infrastructure for the NPA.

We are inviting all interested parties to provide feedback on a number of topics, including the likelihood of competition issues materialising in the NPA and how harmful or significant they could prove to be. It also contains a range of potential mitigations for the issues raised and questions for respondents to answer.

Who should read this document

This discussion will mainly be relevant to the payments industry, technical specialists and NPA stakeholders.

What happens next

The overall aim is to provide greater clarity and more detail on the PSR’s expectations, concerns and regulatory approach. Ultimately, we will publish a policy statement to explain what bidders, participants and other users can expect from us as the NPA becomes a reality.