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Next generation standard for UK retail payments - consultation update

Pay.UK has today published a progress update regarding its consultation on the ‘Next generation standard for UK retail payments’, which closed earlier this year. Our full conclusions on the consultation will be published by the end of 2020.

In total 40 responses were received from a range of financial institution participants, service providers, end user representatives and other interested parties. Respondents are thanked for taking the time to complete the consultation, particularly at this time of uncertainty and wider health considerations.

The update includes:

  • Details of our recommended direction for the adoption of ISO 20022
  • Information regarding the delivery plan for the next generation standard.

The progress update can be found in the right hand panel of your screen or below.