Pay.UK seeks better data for New Payments Architecture
Pay.UK (formerly known as the New Payment System Operator, or NPSO) is calling for fintech companies to contribute to its “Enhanced Data” project as part of the New Payments Architecture (NPA) programme.
Speak up for data!
The initiative offers the capability to add additional information to payments, which can be added as standardised, structured data creating both a larger data capacity and wider data range capable of transmission.
Examples of the types of additional information made possible by Enhanced Data can include the purpose of the payment, tax and benefit information, a personalised message or underlying business transaction details. Enhanced Data can also provide a capability to link items to a payment.
According to Pay.UK, it is expected that a wide range of organisations could benefit from involvement in the development of Enhanced Data, ranging from government, commercial and consumer organisations through to financial service providers, system suppliers and fintechs, industry associations and trade bodies.
Interested parties are being invited to complete a questionnaire on the Pay.UK website which will help to identify segments, sectors, stakeholders, use cases and benefits for Enhanced Data.
The project will invite a cohort of respondents to discuss the topic in further detail through introductory workshops, one-to-one sessions and round table discussions.
This engagement will run alongside an ongoing Enhanced Data advisory group, which is currently recruiting participants.
The terms of reference for the Enhanced Data NPA Advisory Group have now been published on the Pay.UK website, with applications open until 7 December 2018.
You can give feedback on Enhanced Data here.
In other news, on 12 November the Bank of England (BoE) and Pay.UK issued an open call for interest for members of the payments industry wishing to join a newly created Standard Advisory Panel.
