Open Banking: Changing the Way Businesses Pay and Get Paid

The proposed regulatory, technological and operational changes will transform the UK payments landscape between now and 2023.

The principal milestones are Open Banking, the revised Payments Services Directive (PSD2) and the creation of the UK New Payments Architecture (NPA). These pivotal initiatives will drive the introduction of new payment processes and instruments, known as Overlay Services, such as Request to Pay, Enhanced Data and Confirmation of Payee.

A new Simplified Payments Platform (SPP) will be launched as a central infrastructure which will replace legacy systems, in particular, Bacs Direct Credits, Direct Debits, Faster Payments and cheque clearing.