A New Payments Architecture for the UK

Posted on May 27, 2019 by Toby Sheldon, Director of Communications, Pay.UK

Pay.UK runs the UK’s non-card retail payments operations – owning and operating Bacs, Faster Payments and the Cheque and Credit Clearing Company. As the single operator for these systems we act as the guardian of an infrastructure and services that enable consumers and businesses in the UK to transfer billions of pounds of transactions every single day.

At Pay.UK we are responsible for:

  • Managing the infrastructure that processes hundreds of millions of payments a month worth more than £7 trillion a year.
  • A centre of excellence on national and international messaging standards, and their development and deployment, on behalf of the payments industry and other relevant stakeholders.
  • Delivery of the New Payments Architecture and universal standards to help accelerate innovation and competition, enabling better choice in payment services for everyone in the UK.
  • A host of additional, supporting services including the Current Account Switch Service (a simple, reliable and stress-free service for customers wishing to move their bank account to a different ... Read more in the CBPN Members’ Library with your annual subscription

NOTE: While the information contained in this article was current and correct at the date of publication on 27 May 2019, any changes after the time of publication may impact on the accuracy of the information.

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