Pay.UK invites interest on 'Enhanced Data' payments project

Pay.UK invites interest on 'Enhanced Data' payments project

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.

Comments: (1)

Paul Love
Paul Love - Konsentus - Nottingham 14 November, 2018, 10:07Be the first to give this comment the thumbs up 0 likes

This should not be rocket science but given the longevity of the current "legacy" systems I can see why there is a desire to get this right at the outset.

Carrying the additional data with the payment make much more sense than trying to route it around the outside with some complex messaging system, but can the legacy endpoints cope and what tolerance should be given for non adoption?

The main lesson to learn from the recent past is that to expect the unexpected and ensure we build in enough flexibility to be future proof. 

 

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