Payments UK launches Standards Collaboration Framework

Payments UK launches Standards Collaboration Framework

Payments UK’s new service – Standards Collaboration Framework – offers institutions support in the implementation of industry standards.

The first taker has already been onboarded. This is Faster Payments Scheme Limited (FPSL). Payments UK says the customer “will use the central, well-maintained ‘library’ to simplify how its industry stakeholders access and receive notifications about updated Faster Payments documentation as well as mapping to future standards”.

Standards Collaboration Service “will ensure rigorous version control and make it possible for relevant industry stakeholders to obtain all the up-to-date standards documentation crucial to supporting the UK payments infrastructure”, states Payments UK.

It was developed in response to feedback from its members, it adds. Payments UK is the country’s trade association for the payments industry.

Mike Banyard, head of development, Faster Payments, comments that Standards Collaboration Framework will be of great help, particularly as “the demand for the real-time payments offered by Faster Payments has never been higher”.

Payments UK has also recently facilitated the launch of the ISO 20022 message guidelines.