Pay.UK Releases Technical Info for Entities Aiming to Implement ISO 20022, and Transition to Improved Retail Payments
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New Payments Architecture (NPA) will aim to offer various benefits for businesses and personal clients residing in the United Kingdom, which may assist with improving the way they control their professional and personal transactions while creating more innovation opportunities.
The adoption of the ISO 20022 standard, not only in the UK but internationally, will have a significant impact on the data handling capability of payment providers, transforming the way we carry out payments and transfer financial details.
The updated standard enables enhanced data exchange; richer information via an improved quality and quantity of data – which can result in new benefits and opportunities for innovation in the payments space and other areas.