The innovative new service, called the Standards Collaboration Framework, will provide the capability for the industry to future-proof standards requirements with a single, authoritative resource. It will ensure rigorous version control and make it possible for relevant industry stakeholders to obtain all the up-to-date standards documentation crucial to supporting the UK payments infrastructure.

Faster Payments Scheme Limited (FPSL), the company that enables mobile, internet, telephone and standing order payments to move quickly and securely, is the first user to take advantage of the new service. It will use the central, well-maintained ‘library’ to simplify how its industry stakeholders access and receive notifications about updated Faster Payments documentation as well as mapping to future standards.

This latest innovation from Payments UK was developed in response to feedback from its members. It is designed to reduce the time, effort and industry cost of standards management while providing easy access to this important information. Access to the service will be granted via a web interface.

Maurice Cleaves, Chief Executive of Payments UK, commented:

“We saw an opportunity to simplify standards management in payments and are pleased to make the Standards Collaboration Framework available for the industry. It will reduce the time and cost of managing the standards that are vital to the smooth working of payments.

“Standards are natural territory for a centralised, shared resource and the new service will deliver increased efficiency in the management of operational standards.”

Mike Banyard, Head of Development, Faster Payments, commented:

“Faster Payments is pleased to be the first customer to take advantage of Payments UK’s standards library. This is an important vehicle to ensure that the world-leading functionality of Faster Payments is available to customers across the world via standardisation, and allows us to be ISO 20022-ready.

“Demand for the real-time payments offered by Faster Payments has never been higher - we believe the new standards library can play an important part in supporting Payment Service Providers and FinTechs in developing new ways to connect to Faster Payments through our innovative New Access Model as well as other payment services too.”