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Pay.UK and ISO 20022: One step closer to a new payments ecosystem?

CMS Digitalbytes

3 March 2020

Last month Pay.UK, the leading retail payments authority, published a consultation paper setting out its proposals for the adoption of ISO 20022 and other key standards for the clearing and settlement capability to be enabled by the New Payments Architecture (NPA) infrastructure. A key benefit of using ISO 20022 in the payments space is that its messages allow a significant amount of data to travel with (or be allocated to) the payment. With the Bank of England seeking to implement the first phase of ISO 20022 in 2022, our new payments ecosystem could soon be on the horizon.

"In the consultation paper, Pay.UK proposes a range of data enhancements as building blocks to support future innovation.  Pay.UK anticipates the enhancements will:

-  help overcome challenges associated with fraud, efficiency, transparency and regulatory alignment;-  be interoperable with the Bank of England’s operations, and harmonised with those of other payment system operators globally; and-  benefit end users by providing more transparency about the payment, who is involved in it and its status."

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Authors

Portrait ofBarbara Zapisetskaya
Barbara Zapisetskaya
Senior Associate
London