Pay.UK rolls out technical info for ISO 20022 and retail payments

Wednesday 7 July 2021 12:34 CET | News

Pay.UK has released its initial set of technical information for entities looking to implement ISO 20022 while transitioning to the Next Generation Standard for UK retail payments, according to

The New Payments Architecture (NPA) will aim to offer various benefits for businesses and personal clients residing in the United Kingdom, which may assist with improving the way they control their professional and personal transactions while creating more innovation opportunities.

The adoption of the ISO 20022 standard, not only in the UK but internationally, will have a significant impact on the data handling capability of payment providers, transforming the way we carry out payments and transfer financial details. The updated standard enables enhanced data exchange; richer information via an improved quality and quantity of data – which can result in new benefits and opportunities for innovation in the payments space and other areas.

These updated standards should help with paving the way for richer and meaningful exchanges of information within the UK’s fast-evolving payments ecosystem. This new documentation serves as the very first set of standards materials that Pay.UK has prepared for the industry. It shows what this transformative change will be developed upon. While presently in draft form and not ready for implementation right now, the publication enables entities, where needed, to begin taking care of appropriate impact assessments.

This new standard enables improved information exchange that will result in new benefits for the payments sector – from banking and financial institutions to businesses and personal clients.

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Keywords: ISO 20022, retail banking
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech