Pay.UK is calling for industry input on plans to provide enriched data alongside payments as part of the reboot of the nations financial pumbing.
Examples of the types of additional information made possible by what Pay.UK refers to as 'Enhanced Data' can include the purpose of the payment, tax and benefit information, a personalised message, or underlying business transaction details.
Interested parties are being invited to complete a questionnaire on the Pay.UK website which will help to identify segments, sectors, stakeholders, use cases and benefits for Enhanced Data, helping the project in turn to map an information matrix informing scope and field of engagement.
The flurry of activity comes as Pay.UK draws up plans to develop a New Payments Architecture, replacing the current Faster Payments and BACS systems and paving the way for the introduction of more versatile ISO20022 message standards.
This latest project will invite a cohort of respondents to discuss the topic in further detail through introductory workshops, one-to-one sessions and round table discussions. This engagement will run alongside an ongoing Enhanced Data advisory group, which is currently recruiting participants.
Editorial | what does this mean?