Payment Strategy Forum consults on future of UK payments
The Payments Strategy Forum (PSF) has published a consultation document on a blueprint for the future of UK payments. In particular, it focuses on:
- The new payments architecture (NPA). The strategy concluded that a new architecture is required to meet the changing expectations of users and to create an environment flexible enough to meet future needs. The new architecture will replace running Bacs, Cheque and Credit and the Faster Payments System in parallel. Key features of the NPA, which is due to be implemented over a 5 year period, include:
- a layered approach, with a collaborative infrastructure to enable competition and innovation;
- a single set of standards and rules with strong central governance;
- adoption of the common, international messaging standard (ISO 20022) to enable access and interoperability;
- security and resilience, with financial stability as a key principle; and
- the use of "push payments".
- Improving trust in payments. Following its proposed deployment of an analytics capability with access to UK payments data to identify criminal money flows between accounts, the PSF is consulting on a solution that combines with other information (for example, known fraudulent accounts and suspicious activity reports (SARs)). The PSF is also consulting on trusted know your customer (KYC) data sharing.
The consultation closes on 22 September 2017. The PSF expects to complete its consultation assessment in late November 2017. Responsibility for the NPA is due to transition to the new payment system operator (NPSO) by the end of 2017. A consultation webpage includes links to a number of supporting documents, including material on NPA design and an implementation plan.
PSF, 28 July 2017
ESRB 2016 annual report
The European Systemic Risk Board (ESRB) published its annual report for 2016.
The report describes the work that the ESRB has carried out during its sixth year of operation. It is split into three sections:
- Section 1: Systemic risks in the financial system of the EU, which considers the four main risks to financial stability in the EU that the ESRB has identified.
- Section 2: Policy measures addressing systemic risks, which reviews the ESRB's work in the area of macro-prudential policy.
- Section 3: Ensuring implementation and accountability, which discusses the follow-up to ESRB recommendations, the ESRB's obligation to report to the European Parliament and the institutional framework.
ESRB, 28 July 2017
Joint Committee of ESAs technical advice on PRIIPs with environmental or social objectives
The Joint Committee of the European Supervisory Authorities (ESAs) (that is, the EBA, EIOPA and ESMA) have published their technical advice on the procedures used to establish whether a packaged retail and insurance-based investment product (PRIIP) targets specific environmental or social objectives.
ESAs, 28 July 2017
ECB guidance on CRR securitisation notifications
The European Central Bank (ECB) has published guidance on information on transactions that go beyond the contractual obligations of a sponsor institution or an originator institution under Article 248(1) of the Capital Requirements Regulation (CRR).
ECB, 28 July 2017