As part of the NPA (“New Payments Architecture”), Pay.UK has an ambitious plan to update all of the UK’s payment rails, from CHAPS to BACS to Faster Payments, to the ISO 20022 standard. This is much more than a message format update: the extended data in ISO 20022 will enable vastly improved data-centric straight-through payments processing experiences for both consumers and corporate payers and receivers.
However, to achieve this goal, UK financial institutions must undertake a ‘smart modernisation’ of their payments infrastructure. This webinar outlines the essential components of a smart modernisation strategy:
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