Infrastructure Renewal

A new infrastructure for real time payments

The parent company of Faster Payments, Pay.UK, is seeking to appoint a strategic partner – whether a single supplier or consortium – which is capable of implementing a scalable, world-class infrastructure for the New Payments Architecture (NPA).

The NPA is a new conceptual model for payments in the UK, which will take over the processing of more than £6.7 trillion payments, including Faster Payments, every year from 2021. Bringing the settlement of Faster Payments together with Bacs and, potentially, cheques will catalyse innovation – meaning better payment services for everyone – by simplifying the rules, standards and processes that banks and others need to follow to use the systems.

The new procurement exercise follows the consolidation of Faster Payments and Bacs into Pay.UK, which has enabled the procurement for the successor to each of these schemes to be integrated inside the NPA programme. This has widened and enhanced the scope of requirements to include clearing and settlement of potentially all of the UK’s non-card retail payments, rather than just the real-time aspect. The capability for clearing Faster Payments will be migrated onto the NPA platform first, as described in the Payment Strategy Forum (PSF) Blueprint.

Pay.UK has announced further details of the procurement exercise, find out more on the Pay.UK website.