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continues its move to adopt the ISO 20022 paymentsmessagingstandard, the Bank of England is reportedly planning to create a panel aimed at streamlining the adoption of the standard for more efficient payments in the country. for the New Payments Architecture (NPA), which will clear and settle all of the U.K.’s
Checks will continue to be processed through the paper clearing system as well as the Image Clearing System, recently launched to support digital images of checks used for clearing and settlement. “This is our opportunity to create the future of retailpayments in the U.K., economy. . for the benefit of people everywhere.”
In other news tied to large-scale payments infrastructure deployments, the United Kingdom’s New Payment System Operator has invited industry stakeholders to populate specialist advisory groups that will have input on the development of retailpayments infrastructure. Payments, Cross-Border and Over the Phone.
Consumers know that payment methods bearing their brand are accepted at tens of millions of merchants globally and that when they use those products, they work reliably. Retailpayments innovators have tapped into that ubiquity-driven certainty to enable new use cases that extend their reach. That creates certainty.
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