Payment Systems

New Payments Architecture

The UK is in the middle of a once in a generation change to its core payment systems. Alongside infrastructure changes undertaken by the Bank of England to its high value gross settlement system and the developments in cross-border payments, the domestic retail interbank payments network is also being transformed into the New Payments Architecture (NPA) intended to deliver enhancements to payment services, innovation and increased choice. 

In our engagement, on behalf of payment service providers that will ultimately rely upon and fund the NPA, with stakeholders including the delivery body Pay.UK, we seek to inform the design and delivery priorities to enable innovation, consider the needs users and secure value for money for the industry and ultimately the end-users. We seek to ensure that consideration is given to developments across the broader industry landscape with implications for inter-bank payments, including the development of emerging payments and related technologies, such that the NPA is well positioned for the future. 

Cash Services 

While Covid-19 has accelerated the transition to digital forms of payment, at UK Finance we continue to promote the importance of consumer choice in this area. Cash remains a safe and widely used method of paying for goods and services, and is relied on by some of the most vulnerable groups in society. The Cash Services team supports members through our forecasts of upcoming demand, the operational trading of notes and coin, and oversight of systemic cashflow risks. In ensuring that the industry remains fit for purpose, we also work closely with the Royal Mint on tackling counterfeit in circulation and with the Bank of England on promoting environmental sustainability within the cash system. The team also works closely with colleagues in Personal Finance to support the organisation’s work on Access to Cash, run jointly with the independently chaired Cash Action Group. 

Single European Payment Area

Capitalise on the benefits of SEPA membership, while being alert to regulatory developments which may threaten the UK’s future participation.

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