We anticipate that the first Faster Payments volumes will begin to migrate across to the NPA in 2025. This is subject to revision depending on vendor and customer timelines. As defined with existing customers, a phased approach will take place. Ensuring a robust and resilient system is a key priority and migrations will not take place until all parties are certain that payments will not be compromised.
The PSR’s Specific Direction 3a states that “For the reasons set out in its infrastructure market review final report and remedies decision, the Payment Systems Regulator has concluded that any future contract for central infrastructure services must be competitively procured. The Payment Systems Regulator also concluded that such a procurement should take place at least every ten years.”
We continue to work towards the SD3a date, retiring FPS by June 2026. As this is mandated by the PSR, we continue to work closely with them and will keep them informed if the date comes to be at risk.
Day one scope will be the products that enable closing faster payments. They are the 3 NPA products that support the end user use cases that SIP (Single Immediate Payments), SOP (Standing Order Payments) and FDP (Forward Dated Payments) do today in FPS
We will build capabilities in our core platform to support a full set of payment products for our customers and end users. From payment types that replace current day functionality and facilitate the decommissioning of the FPS, through to a variety of new payment products supporting innovation and the varied needs of the market.
We also see considerable further scope for innovation via development of additional payment products, alongside a proliferation of third-party overlays throughout the 10-year run phase and beyond.