Pay.UK Calls for Input from Financial Firms on “Enhanced Data”
Payments authority Pay.UK (formerly the New Payment Services Operator) has invited financial industry bodies to provide input on plans for enriched data delivery along payments as part of the reboot of the UK’s financial infrastructure.
Examples of the types of additional information made possible by what Pay.UK refers to as 'Enhanced Data' can include the purpose of the payment, tax and benefit information, a personalised message, or underlying business transaction details.
Interested participants can complete a questionnaire on the Pay.UK website which will help to identify stakeholders, sectors, segments, use cases for and examples of Enhanced Data, helping to map an information matrix informing the project’s scope and field of engagement.
The survey is part of a revamp of the UK’s payments infrastructure, known as the New Payments Architecture (NPA), proposed after the merger of three UK payment systems operators in May this year. The NPA will replace the current Faster Payments and BACS systems and paving the way for the introduction of more versatile ISO20022 message standards.