Pay.UK is to embark on a round of industry consultation over its approach to delivery of the global message standard ISO 20022 as part of the country's New Payment Architecture.
The messaging protocol, which is being adopted globally by real-time payment networks, provides the capability to transfer extended, rich data alongside payment transactions.
Pay.UK has been deliberating the best way to introduce the new standard to the UK for some time. With multiple options available, the payments body is thought to favour a stripped-down approach, delivering a tightly-controlled core message that could be made available to all participants. The possibility of adopting a two-speed implementation, with upgrade options available across the payments value chain would significantly increase the delivery costs.
Kate Frankish, director of standards and strategy at Pay.UK, comments:
“This is a unique opportunity to make the UK’s payment systems work more efficiently for everyone that uses them and we welcome views that will help us shape and define the adoption of standards and rules into the New Payments Architecture.”
Payment service providers, payment end user organisations, trade bodies and anyone with a vested interest in payments are being asked to provide feedback on this consultation by 31 March 2020. Findings and conclusions will be published by Pay.UK during the second half of 2020.