Payments regulatory news, 5 July 2021

Contents

• Download the full regulatory news bulletin
• ISO 20022 payment messages: Pay.UK and BoE collaboration
• Protected ATMs: PSR second annual review of specific direction 8

ISO 20022 payment messages: Pay.UK and BoE collaboration

The Bank of England (BoE) and Pay.UK have published a joint press release announcing collaboration on ISO 20022 payment messages. The BoE and Pay.UK are implementing ISO 20022 in CHAPS and the New Payments Architecture (NPA) as part of their objectives to improve resilience, security, user experience and innovation in the UK's payments industry.

The press release outlines work in this area that the BoE and Pay.UK have carried out to date. It also states that, through 2021 and beyond, the key areas of collaboration will include:

• working with UK Finance and the Payments Standards Strategy Group (PSSG) on the strategic direction for the governance of payment standards in the UK;
• working closely with the industry to develop meaningful use cases and end-to-end journeys for using enhanced data to address existing challenges, such as authorised push payment (APP) fraud and tax administration;
• providing to industry a CHAPS and NPA schema comparison view against the original pacs.008 common credit message, outlining where the schemas align and diverge; and
• further developing the requirements with industry for how the key enhanced data would be consistently implemented and used to unlock benefits and ensure an aligned approach.

The BoE and Pay.UK will continue to collaborate closely and are also looking to engage further with the industry as changes are introduced.

Protected ATMs: PSR second annual review of specific direction 8

The Payment Systems Regulator (PSR) has published its second annual review report of specific direction 8 (SD8), together with a paper setting out stakeholder responses to its call for views. SD8 requires LINK to do all it can to fulfil its commitment to maintain the broad geographic spread of free-to-use (FTU) ATMs.

Based on the evidence the PSR has collected and its analysis of stakeholder responses, it considers that SD8 should remain in place until it expires in January 2022. SD8 has been successful in maintaining access to cash and has also enhanced the transparency of the measures LINK has implemented. The PSR has also identified areas for further action by LINK.

Download the full regulatory news bulletin 

Authored by Yvonne Clapham