Request to Pay

Faster Payments has offered a credit transfer (push payment) service since launch in 2008. The Faster Payments Service now handles over 1.4 billion such payments worth over £1 trillion a year.  

However, changes in working patterns (self-employment, multiple employments, zero hours contracts) have led to increasingly unpredictable or irregular income streams for some consumers – which can mean existing methods for paying bills do not meet their needs.

To meet these needs, Request to Pay is a new secure messaging service which will be available for the market to competitively launch in 2019. Request to Pay is designed to improve the control, flexibility and transparency of bill payments - it will be overlaid on top of existing payments infrastructure as a new flexible way to settle bills between businesses and organisations as well as among friends.

For each ‘request’, the payer will be able to pay in full, pay in part, ask for more time or decline to pay and begin a dialogue with the requester. It gives more control to the person being asked to pay.

The Request to Pay service is currently in development. A new portal - www.requesttopay.co.uk - has been launched by our parent company, the New Payment System Operator (NPSO), to enable interested Payment Service Providers and billers register to play their part in developing the service.

Potential participants are being invited to review the draft specifications and provide feedback using an API sandbox for the ‘message repositories’ which will play a role in storing, sending and receiving messages, and the ‘end-user applications’ which will make it possible for consumers and businesses to communicate with repositories. Using API (‘application programming interface’) technology as a secure way of sharing data, the proposition is for the Request to Pay service to be underpinned by a single central directory, which will enable registration of participants and identification of the services they provide.  

All potential participants’ initial feedback will be used to help inform the draft technical specifications, which are currently provided for illustrative purposes. Two further iterations of documentation are planned to be published on the portal during 2018, as the specifications are further refined. The final versions will be published in early 2019, to enable interested participants to prepare their own competitive launches from spring 2019 onwards.

The development of the Request to Pay service is one of the end user deliverables being overseen by the NPSO as part of its role in creating a New Payments Architecture (NPA). Any stakeholders that are interested in finding out more about the NPA, and how Request to Pay fits with the wider project, should visit the NPSO website: newpso.uk/npa-programme.

Find out more about Request to Pay at requesttopay.co.uk

 

Request to Pay advisory group

The Request to Pay service is recruiting to an advisory group, to influence the design and delivery of this exciting part of the New Payments Architecture (NPA).

The advisory group will comment on issues ranging across the design of the service, the rules and standards and implementation.

Interested parties are invited to nominate representatives with relevant subject matter knowledge, skills and experience for the first advisory groups at: https://www.newpso.uk/npa-programme-advisory-groups/. The closing date for applications is Friday 5th October 2018.

 


 

Request for Payment

Produced by Eclipse Experience in conjunction with Faster Payments

This report summarises the service user research conducted by Eclipse Experience and Faster Payments into the benefits to users of a Request for Payment service. This research took place between March and September 2016, via a number of interviews with both payers and billers, utilising two prototype devices to stimulate responses from the interviewees. The report provides a background into how the interviews were conducted and the findings that resulted. The report provides strong evidence that a Request for Payment Service would be of benefit to both Payers and Billers.

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Economics of Request for Payment

Produced by Accenture in conjunction with Faster Payments

An analysis of the economics of Request for Payment. This looks at the economic benefits for Billers, Payers and the UK economy as a whole.  Again this report supports a strong case for Request for Payment service being introduced into the UK market, something also endorsed by the PSF Strategy document published on 29th November.



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