By incorporating Faster Payments through Pay.UK into a central, ISO 20022 compliant architecture, the NPA is slated to simplify innovation, lower costs, and increase competition across the payments landscape.
The timeline for the NPA is already underway, with many having submitted documentation to Pay.UK in early 2022. However, the drivers for NPA are still not totally understood and with the timeline in progress, the pressure is building to ensure payments companies and financial institutions alike leverage this opportunity.
Alongside this, many are questioning whether Faster Payments is being adopted by consumers, and if this will steal market share from other payment methods. Further, new consumer payments and changes in behaviour may also have an impact on Faster Payments.
However, the benefits of NPA have been called out and it is evident that this architecture has a role to play in embedded finance, hyper-personalisation, contextual payments, or even the metaverse. By joining the scheme, incumbent organisation may also be able to improve their internal agility and scalability.
Sign up for this Finextra webinar, hosted in association with ACI Worldwide, to join our panel of industry experts as they discuss the following areas:
- What were the drivers for the establishment of the NPA?
- What can be expected from the NPA?
- What can we learn from other real-time payments implementations that could be applicable to the UK?
- What opportunities will be made available following the implementation of NPA?
- Gary Wright - Head of Research, Finextra [Moderator]
- Somya Patnaik - Global Solutions Leader, Real-Time Payments, ACI Worldwide
- Kevin Brown - Director, Payment Industry Insights
- Lewis Glaze-Adams - Senior Payments Product Manager, Barclays