The Payments:Unpacked newsletter from Mike Chambers at Northey Point explores a wide range of the UK’s payment news including: Open Banking, Request to Pay, Direct Debit, Confirmation of Payee, Bacs, CHAPS, Faster Payments, LINK, cash, cards and cheques and unpacks the eco-system that supports the operation of these systemically important payment systems.

The premium newsletter option offers: Quarterly performance analysis of the Current Account Switching Service, monthly round up of the UK’s retail payment habits, fortnightly briefing of payment related developments at Pay.UK, the Payments System Regulator, the Bank of England and HM Treasury, weekly analysis of the UK’s ATM cash withdrawals, hot payment topic briefings, payment Insights, payment fundamentals unpacked and payments landscape briefings.

Here’s an extract from the latest industry round up focussing on the activities of Pay.UK which was sent to premium subscribers earlier this week:

Pay.UK

Confirmation of Payee – extended capability update

The Confirmation of Payee functionality has been extended with a revised capability and simplified processes, which will enable broader participation and ensure the value of Confirmation of Payee can be introduced more widely to new organisations should they choose to participate. In turn, this will increase the number of customers that can benefit from Confirmation of Payee following its successful introduction in 2020.

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Pay.UK reaches exciting milestone in its Next Generation Standard for UK retail payments

The adoption of the ISO 20022 standard, not just within the UK but globally, will have a seismic and profound impact on the data carrying capability of payment systems, changing the way we can fundamentally make payments and transfer financial information. The standard allows for significantly enhanced data exchange; richer information through an increased quality and quantity of data will lead to improved benefits and substantial opportunities for innovation in the payments’ ecosystem and beyond – from banks and financial institutions to businesses and personal customers.

To push forward and lead this step-change, Pay.UK has published its first set of technical materials for those organisations implementing ISO 20022 and moving to the Next Generation Standard for UK retail payments. These standards pave the way for richer and more meaningful exchanges of information within UK payments.

Richer information exchange in payments is coming to the UK through the Next Generation Standard – ISO 20022 – and it will change the face of retail payments as we know it.

James Whittle, Director of Pay.UK’s Standards Authority

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Joint statement with the Bank of England on ISO 20022

Collaboration between Pay.UK and the Bank of England on ISO 20022 payment messages

An updated joint public statement between Pay.UK and the Bank of England has been published and highlights the areas of notable development and progression both organisations have made together in the last year, and commitment to continued collaboration in 2021 and in the future.

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Supporting consumers through increased flexibility

Pay.UK have been thinking about how businesses can harness the benefits of Direct Debit, and deliver greater convenience, ease and flexibility for their customers.

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The premium newsletter option offers: Quarterly performance analysis of the Current Account Switching Service, monthly round up of the UK’s retail payment habits, fortnightly briefing of payment related developments at Pay.UK, the Payments System Regulator, the Bank of England and HM Treasury, weekly analysis of the UK’s ATM cash withdrawals, hot payment topic briefings, payment Insights, payment fundamentals unpacked and payments landscape briefings.

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