James Whittle, Director of Industry Policy, comments:

“We welcome today’s publication by the PSR of its consultation into proposed remedies on competitive procurement and messaging standards for payment systems in the UK.

“Payments UK supports the adoption of a common, international messaging standard as it will simplify and open up the market - providing the very best services and products for customers. To that end, this year we launched the Standards Collaboration Framework - an authoritative standards library that enables the diverse industry players to access up-to-date standards in a consistent format. We are pleased to see that the PSR aligns with industry thinking in defining ISO 20022 as the appropriate international standard to work towards, and we will be responding to the consultation in due course. 

“As the PSR and the industry now develop and then implement this remedy, the priority will be to put in place an appropriate governance framework that will ensure implementation happens in the best way for customers and UK plc.”