Enhanced data offers the capability to add additional information to payments. This could be added as standardised, structured data creating both a larger data capacity and wider data range capable of transmission.
In addition to including additional information, such as purpose of the payment, tax and benefit information, a personalised message and underlying business transaction details, Enhanced data could also provide a capability to link items to a payment.
To ensure that payment systems remain competitive and flexible enough to meet the changing expectations of users and their future needs, the PSF (Payment Strategy Forum) concluded in 2017 that New Payments Architecture (NPA) would be required.
Recognising the above, the Pay.UK initiated the New Payments Architecture (NPA) programme which has been split into a series of 9 discreet ‘workstreams’, each focusing on enhancing the end-user experience and addressing the detriments identified in the PSF Strategy and Blueprint documents.
One of the end-user overlay services, which has the potential to enrich the user experience, is the newly formed Enhanced data project (part of NPA Workstream C), which aims to address the following detriments as contained within the PSF Blueprint:
- Lack of sufficient remittance data with payments (leading to secondary detriments to the Payees, caused through costly ‘manual’ reconciliation)
- Lack of structure in the existing payments data (leading to lost automation benefits achievable through defined data structures)
- Lack of a common standard format (leading to secondary detriments associated with non-realisable ‘automation’ and interoperability benefits).
The project is now seeking to work with a small group of organisations to further explore the potential of this capability in an open and transparent way to the industry.
What standards will Enhanced data use?
The use of the ISO 20022 standard is an enabling factor in the delivery of Enhanced data in the NPA. Using ISO 20022 approved messages will inherently provide the capability to carry additional information on payment messages via ‘designated’ message fields for additional information e.g. Uniform Resource Locator (URL).
In addition, ISO 20022 messages also have the capability to refer to additional ISO messages with remittance data. Further, the use of a single data model across the NPA will allow for the reliable transfer of information end-to-end across the various overlay services defined as part of the NPA, allowing enhanced data contained in these services to be passed through unchanged through the NPA.