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Payments & FinTech Lawyer

Will it pay off? The UK’s new payments architecture

The UK’s Payments Strategy Forum (‘PSF’) published its Blueprint for the Future of UK Payments in July 2017 and its central pillar is a detailed outline for a new payments architecture (‘NPA’) to replace the existing retail payment systems - Bacs, Faster Payments and Cheque and Credit Clearing/the Image Clearing System (‘ICS’). The consultation assessment and refined Blueprint were released in December along with the NPA implementation plan, which sets out high level thoughts on timing and transitional arrangements now that the process has been handed over to the New Payment Systems Operator (‘NPSO’). Oli Irons and Roger Tym of Hogan Lovells International LLP look in this article at the key features of the NPA and the reaction from industry, together with an analysis of how this ambitious programme for change will be implemented and what it will mean for the UK payments landscape.

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