Retail payments authority Pay.UK is on the lookout for a new strategic partner as it looks to deliver the retail payments infrastructure of the future.
Formerly the New Payment System Operator (NPSO), Pay.UK has published its ‘Strategic Partner Procurement Prospectus’ online, which it says marks the start of a competitive process that will result in the delivery of a new payments structure for the UK.
Known as the ‘New Payments Architecture’ (NPA), the new and simplified model is expected to safely and securely process trillions of pounds worth of payments every year, replacing the processing of Bacs, Faster Payments, and potentially cheque payments.
Pay.UK’s newly-published prospectus details the qualities required of potential partners, as well as outlining the multiple stages and timescales involved in the procurement process.
The winning vendor – whether a single supplier or a prime-led consortium – will be tasked with the design and build of the clearing and settlement layer of the NPA , incorporating hardware provision, software, secure communications, as well as security standards and operating environments.
The infrastructure should also be capable of accommodating future volume changes that occur as a result of the Internet of Things, PSD2 and interoperability demands, the payments authority added.
“Pay.UK has been tasked by the Payments Strategy Forum to deliver the future of payments in the UK via the New Payments Architecture,” said Paul Horlock, chief executive at Pay.UK. “Production of this prospectus is the launch pad for the delivery of this unique undertaking, representing a massive opportunity for potential partners to be involved in delivering the core of a next generation retail payments ecosystem.
“Our key purpose is to enable a vibrant UK economy. This is the start of a hugely exciting journey to deliver this objective and we look forward to engaging widely to find the right partner to help us meet our aim.”
Pay.UK said it expects to appoint the successful strategic partner during Q2 2020.
