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Introduction

The replacement of the UK’s backbone payments systems has begun in earnest, with the restructuring of the operators responsible for running them and the emergence of concrete implementation plans.

Highlights

  • 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.

Key questions answered

  • 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?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises
  • Recommendations for vendors

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

RTGS overhaul will provide greater flexibility

  • The central role of RTGS will be expanded and enhanced
  • Working towards a 2020 implementation date

Appendix

  • Author

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