Pay.UK is searching for a strategic partner to build the clearing and settlement backbone of the country's New Payments Architecture.
The former New Payment System Operator has published a ‘Strategic Partner Procurement Prospectus', marking the starting point of a competitive process to define, deliver and operate the UK's future payments system.
The new infrastructure will take over the processing of Bacs, Faster Payments and potentially cheque payments, all of which have been brought under the aegis of Pay.UK in an effort to simplify the rules, standards and processes that banks and others need to follow to use the systems.
Pay.UK is inviting applications from single suppliers or a prime-led consortium, who will be responsible for the design and build of the clearing and settlement layer of the NPA, which includes the provision of hardware, software, secure communications and security standards and operating environments.
Paul Horlock, chief executive of Pay.UK says the design of the infrastructure should be able to flex and accommodate future volume changes that arise as a result of the ‘Internet of Things’, PSD2 and interoperability demands.
"Publication of this prospectus is the launch pad for the delivery of this unique undertaking, representing a massive opportunity for potential partners to be involved in delivering the core of a next-generation retail payments ecosystem," adds Horlock.
The successful bidder for the project is not expected to be unveiled until Q2 2020.