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PSF lays down blueprint for new UK payments architecture

28 July 2017  |  11008 views  |  0 strategy

The UK's Payment Strategy Forum has delivered a blueprint for the future of the nation's payment system, setting out design and implementation approaches for the construction of a new 'National Payments Architecture'.

The PSFwas created by the Payment Systems Regulator in March 2015 with a brief to chart a new course for unlocking competition and innovation in UK payments.

Many of the initiatives outlined in the blueprint have already been foreshadowed by the industry group, including plans to introduce Request to Pay, Assurance Data and Enhanced Data as well as improved financial crime fighting tools.

Introducing the blueprint, PSR chair Ruth Evans says in a forward:

"This document brings together our design work developed during this year for public consultation. We have worked hand in hand with the Payments Community to develop a draft Blueprint for the New Payments Architecture. We have set out a detailed design and implementation approach for a new payment system for the UK. We have developed requirements and rules for the three solutions users have told us they needed, namely Request to Pay, Assurance Data and Enhanced Data. We have completed the design work on four of our seven financial crime solutions and have started the handover to the industry bodies that will carry them forward to completion.

"Over the next six months we will review your feedback and finalise our designs. By the end of 2017 we will hand over the final Blueprint to the New Payment System Operator to implement. In parallel, we will complete the handover of the financial crime solutions, with clear plans and accountability in place. I would like to take this opportunity to thank all those who continue to support the work of the Forum.

"Over two years, the Payments Community has grown to over 645 individuals, representing 360 organisations, including consumer groups, businesses, Government, Payment System Operators, Payment Service Providers and FinTechs. Our work would not have been possible without your engagement, support and expertise. It is now over to you. We want to hear your views. We hope that you will join us through this consultation to help refine our thinking as we transform payments systems in the UK for the benefit of everyone who uses them."

Download the full paper:
» Download the document now 1.3 mb (Chrome HTML Document)

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