The UK’s Payment Strategy Forum – What You Need To Know
August 16th, 2017 / Innovate Finance / News
The UK’s Payment Strategy Forum has delivered a blueprint for the future of the nation’s payment system, setting out design and implementation approaches for the construction of a ‘New Payments Architecture’.
The Payments Systems Regulator (PSR) established the Payments Strategy Forum to lead a process to identify, prioritise, and develop strategic initiatives where the industry needs to work together to deliver innovation for the benefit of those who use services provided by payment systems. The blueprint follows on from the strategy that was published in November 2016 and is an opportunity for all to comment and contribute to the designs before they are handed over to the New Payment System Operator and industry bodies for delivery.
The blueprint defines areas for increased competition in the market in both the provision of the payment architecture itself as well as in fighting financial crime. A number of the solutions out for consultation look to address fraud and financial crime; including the confirmation of payee, transaction data analytics and the SME KYC data sharing framework. The KYC data sharing solution aims to facilitate the development of a market for the transparent, secure, consented sharing of customer data between financial institutions.
The core principle of the KYC sharing framework is to enable creation of data exchanging solutions for safe, secure and efficient sharing of customer data attributes to meet a governed set of standards. Developing the mechanisms and standards provides an opportunity for an Industry Sandbox to allow innovative solutions in the KYC validation process to demonstrate their value to incumbent and new SME focused financial institutions.
The consultation on the blueprint is open until the 22nd September and can be found here, in addition the Forum is hosting a consultation briefing on the 5 September 2017.
More details on the consultation and the briefing session can be found on the PSF website www.paymentsforum.uk