The Standards Framework (the Framework) describes the governance, key principles, definitions and procedures for the development, modification and periodic review of standards within Pay.UK.
The Framework sets out a process that must be adhered to when standards are developed and changed. These processes are important as they demonstrate our commitment to ensuring that new and existing standards are administered and managed in a consistent manner. The Framework also ensure the processes remain aligned to our strategic objectives, design principles organisational risk appetite, and monitoring and ensuring compliance.
The Framework has been developed building on existing Pay.UK practices and reflecting on how other international organisations that have responsibility for standards operate.
A transparent, inclusive and credible process
Any stakeholder, customer or relevant party should be able to engage with Pay.UK, through the Standards Authority, to access information or to propose the development of a new standard (or changes to existing standards). To facilitate this, the development of standards should be open, inclusive and constituted in such a way as to balance interests across a broad range of stakeholders, whilst maintaining integrity through a robust and resilient process to mitigate risk.
The development process is built around the Pay.UK objectives of:
This enables the Standards Authority to clearly evidence that its process for development of a new standard is as simple and efficient as possible whilst being grounded in an approach that seeks to mitigate risk within the payments ecosystem. It should also ensure that all submitted proposals are treated in the same way to ensure integrity within the approach.
Consequently, the development of new standards will go through a structured, well defined series of formal governance stages from draft through to approval. During this, supplementary working arrangements may be put in place to help facilitate the engagement of stakeholders and to ensure the development process is formed by consensus. Bodies used in this development include, but not limited to, Pay.UK’s Industry Standards Coordination Committee, our End User and Participant Advisory Councils and the Standards Advisory Panel, a joint Bank of England and Pay.UK standards group.