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 NPA 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;
- the use of "push payments"; and
- 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 Banking Act 2009 (Service Providers to Payment Systems) Order
A draft copy of the Banking Act 2009 (Service Providers to Payment Systems) Order 2017 has been published on legislation.gov.uk. Legislation.gov.uk, 26 July 2017 WORLDWIDE
Final EBA guidelines on major incident reporting under PSD2
The EBA has published its final report looking at the guidelines for major incident reporting, which have been developed in close co-operation with the European Central Bank, under the Directive on payment services in the internal market. The guidelines contribute to the PSD2 objective of minimising disruption to users, PSPs and payment systems. EBA, 27 July 2017