Our vision

Our vision is to be the smartest way to move money, now and in the future. It drives everything we do, and builds on our mandate as a payment system operator.

By continuing to run a robust, resilient, and cost-effective payments platform, we can deliver greater value for end users and customers. This will include: identifying and mitigating systemic risk to us, to our customers and ultimately to end users; setting rules and standards in line with our organisational risk appetite; and monitoring and ensuring compliance.

Our strategy provides us with the framework we need to deliver what our end users (individuals and businesses), current and future customers (payment service providers such as banks and building societies), and our regulators want: a fast, efficient and well-managed payments platform today, and a next-generation payments platform for the future – the New Payments Architecture (NPA).

How we will deliver greater benefits

Building on our obligations as a payment system operator, our key focus is on delivering value for end users and customers, today and in the future.  We invest in developing our technology so that it can handle greater volumes of payments at lower cost. We work to widen access to our platform, increase choice in the market, foster innovation and address concerns, including end user protections and fraud.

We look to add value for payments today, and tomorrow:

We are investing in a full programme of upgrades, focusing on areas where we can provide benefits quickly and efficiently.  We are driving value for end users, the economy, and current and future customers by:

  • Upgrading our platform to improve processing capacity
  • Developing further options to combat authorised push payment (APP) fraud
  • Identifying the appropriate role for us in consumer protection
  • Enabling better data sharing, such as working with Her Majesty’s Revenue and Customs (HMRC) to pilot a data and payments overlay service
  • Enhancing our mobile payments functionality (Paym) to increase reach
  • Reviewing, with a view to improving, the efficiency of the Image Clearing System
  • Enhancing a number of processes that support Direct Debits and Direct Credits – for the benefit of end users
  • Managing systemic risk as well as operational risk across our ecosystem to ensure that our platform is robust and resilient, and that payments remain safe and secure at all times.

Our next generation payments platform will carry real-time payments that include more data and connect seamlessly to other payment systems.

We will ensure the platform delivers long-term value aligned to our focus and vision as a key enabler of our strategy. We have worked with the wider payments industry to set its scope collaboratively and agree the strategic principles for the programme.

Robust, resilient and scalable
New technology will enhance the resilience we already deliver. The evolution of payments – especially rising volumes and frequency of smaller value payments – will enable us to focus on solutions that offer greater and more cost-effective scalability for end users.

Adoption of the ISO 20022 messaging standard
Moving to a globally-recognised messaging standard for payments will bring major benefits, enabling us to develop new services for the benefit of end users, and providing valuable additional data functionality to our customers.

Real-time capability, enabling flexibility and choice
We will enable real-time point-of-sale payments to deliver greater choice of payment method for end users. Reducing the proportion of transactions made by card will benefit the UK economy by removing associated costs.

Lower barriers to entry
Working closely with the Bank of England, we will ensure that the next generation payments platform will deliver more connectivity options for our customers and an automated, on-demand testing environment. We will also provide simplified access to the data on our platform to enable customers to create new propositions for end users.

Safe and secure environment
We will replace our current identity management solution to improve cost efficiency and provide enhanced connectivity options. We will also ensure the new platform is equipped to combat fraud and financial crime, providing a safe and secure environment for end users and customers.

Data benefits for end users and customers
We will make data available to the market in a secure, compliant way, to facilitate the development of innovative, competitive services such as overlays.