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.
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.
Northey Point has been pleased to respond to the consultation and encourage anyone with a vested interest in payments to review the consultation and respond.
Don’t miss out on this opportunity to influence the implementation of ISO 20022. The consultation seeks views on a range of topics including:
- The use of LEI’s, structured data and unique transaction references.
- Testing plans – including a portal to support diagnosing errors.
- The concept of Metadata standards.
- The role of a standards authority.
- The opportunity for inter-operability across a broad range of payment types.
- The use of ISO 20022 for B2B transactions that require multiple authorisations
- Structured ways of exchanging information and messages.
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/