Blueprint for the Future of UK Payments

Blueprint for the Future of UK Payments

August 21, 2017, Covington Alert

The Payment Strategy Forum (“PSF”) has published a public Consultation Paper (the “Consultation”) entitled “Blueprint for the Future of UK Payments.” The PSF observes that whilst payment systems in UK are some of the best in the world, they are no longer fit for purpose, given their age and complexity. The PSF has therefore developed a New Payments Architecture, which will consolidate and replace and current tripartite system of Bacs, Cheque and Credit Clearing and the Faster Payments Service.