Payment System Regulators (PSRs) are considering narrowing the scope of their delivery contracts amid concerns about the “unacceptably high risk” of current programs, so the UK’s New Payment Architecture (NPA) delivery And started discussions on regulations.
During the five-year gestation period, the NPA will replace the current Faster Payments and Bacs retail interbank payment system in the United Kingdom, with clearing and settlement on a single dedicated central infrastructure.
At the start of the talks, the PSR said that the NPA program run by Pay.UK did not provide monetary value, curbed competition and innovation, and NPA.
Regulators are seeking feedback on “providing enhanced instant payment services and narrowing the scope of initial contracts for delivery to NPA services that will allow Faster Payments transactions to be migrated to NPA.”
The talks are also seeking answers on how to reduce the risk of competition and innovation. Specifically, we need feedback on:
- Pay.UK Procures Effectively
- Central Infrastructure Services (CIS) user pricing is set using proportional, objective, non-discriminatory (POND) criteria
- There are contractual clauses that guarantee a minimum level of service, limit the sharing of information and data, and promote and promote innovation.
Regarding governance issues, PSR says it wants to confirm that:
- Pay.UK is the primary interface and decision maker for all matters related to the provision of the CIS.
- Pay.UK actively implements rules to promote competition and ensure that access terms are POND
- If the CIS provider (or its owner) has a great interest in another payment system that competes with interbank payments or the competitive overlay market of NPA, its CIS capabilities are operationally separated.
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PSR seeks feedback on new payment architecture amid risk concerns
Source link PSR seeks feedback on new payment architecture amid risk concerns