Payment Systems

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We operate the systems that power everyday payments. From Faster Payments to Bacs to cheques – we ensure that payments flow without interruption. Salaries, benefits, bills, mortgages and online banking payments are all sent safely and securely through our systems

Faster Payment System

Bacs Payment System

Image Clearing System

In line with the direction set out in the National Payments Vision, we are extending and enhancing our payment systems for the benefit of end users. Our modular and adaptive approach will drive forward improvements that future proof our systems by adopting global messaging standards, fostering innovation and making them safer, faster and more efficient.

Through close collaboration with government, regulators, and the wider industry we will deliver five initial enhancements as directed by the Payments Vision Delivery Committee. These initial enhancements will enable interoperability through the introduction of ISO20022 messaging standards, enhance resilience, such as through Certainty of fate and support important open banking developments.

We are currently working on five initial enhancements

Access to data to manage system risk

Visibility of additional transaction data and associated reference data which enables Pay.UK to undertake enhanced systemic risk monitoring and management information activities.

Bacs Contingency

Contingency to allow the redirection of critical Bacs Direct Credits to be processed via Faster Payment.

Two-factor authentication

Mandatory 'two-factor authentication' (2FA), a modern industry security standard, on PSW, phasing out the password-only option.

Implementation of ISO20022

Implementation of new FPS payment group (to apply the correct rules and keep everything segregated) which supports ISO20022 format.

Certainty of fate

Capability that gives a real-time guarantee that payment is going to the intended destination, giving both payer and payee confidence to proceed to transfer goods / services