For payments to move seamlessly common standards need to be in place. The Standards Authority at Pay.UK is responsible for setting and maintaining these standards in the UK payments industry.
As part of the New Payments Architecture Pay.UK are adopting the global standard ISO 20022 that allows payments to carry more associated data to provide insights, form the basis of new services and deliver better outcomes for all involved.
Pay.UK have commenced a consultation seeking views on how best to implement ISO 20022. The consultation is designed to ensure the key standards defined for the clearing and settlement capability of the New Payments Architecture will benefit as wide a community as possible.
The consultation documentation has been published on the wearepay.uk website and Pay.UK expect the findings to be published in the second half of 2020.
The consultation can be found at: https://www.wearepay.uk/next-generation-standard-for-uk-retail-payments/