Pay.UK launches consultation for new payment standard

From: RegTech Analyst

Pay.UK, a retail payment authority, has released the consultation on the best approach on the clearing and settlement capability of the New Payments Architecture (NPA).

The NPA is a clearing and settlement infrastructure being developed by Pay.UK for all UK retail payments and will change how payments are processed. Its new standard aims to change standards and rules used to exchange payments data.

A consultation has been launched by the company to get feedback from the wider payments industry on the standard.

Its consultation period will end on 31 March and findings will be published in the second half of 2020.

Pay.UK director of standards and strategy Kate Frankish said, “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.”

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