The UK's existing backbone payments system is to be simplified to create two new schemes. A single operator for low-value payments (LVPs) will be created through the merger of BACS Payment Schemes, Faster Payments Service (FPS), and the Cheque and Credit Clearing Company, while the Bank of England plans to replace the existing Clearing House Automated Payment System (CHAPS) with a new real-time gross settlement (RTGS) system to handle high-value payments (HVPs).
The key phases of delivery are envisaged to begin in 2018, including replacing the central infrastructure in partnership with external suppliers, with most of the new functionality to be live by 2020.
Features and benefits:
- Clarifies the complex pathways set out by the Payment Systems Regulator and the Bank of England, explaining how they converge.
- Learn how the different responsibilities and objectives of the regulators and users are being aligned in the new infrastructures.
- How will access by non-banks to both infrastructures be structured in the different markets?
- What steps are being taken to ensure resilience of the new critical infrastructures?
- Publisher's view
- Key messages
- Recommendations for enterprises
- Recommendations for vendors
3. All roads lead to the Simplified Payments Platform
- Decisions about the new architectures will be made in 2017
- The PSF plans to "design the future" of payments with the SPP
4. RTGS overhaul will provide greater flexibility
-The central role of RTGS will be expanded and enhanced
- Working towards a 2020 implementation date