The UK's payments industry trade association, Payments UK, has launched an online service to help the payments industry get access to and implement payment standards. The Standards Collaboration Framework is a resource that provides payment standards documentation for relevant industry stakeholders.
The first user to sign up to the service is Faster Payments, which provides infrastructure for mobile, internet, telephone and standing order payments. It will be able to use the central 'library' of payments documentation held on the Standards Collaboration Framework, so that its own stakeholders can access and receive notifications on updates, as well as information on future standards.
“We saw an opportunity to simplify standards management in payments and are pleased to make the Standards Collaboration Framework available for the industry. It will reduce the time and cost of managing the standards that are vital to the smooth working of payments,” said Payment UK's Maurice Cleaves.
This is the latest industry initiative to provide a coordinated, unified approach to understanding and implementing global payments standards, following on from SWIFT's MyStandards initiative, a collaborative web platform providing a repository of payment standard specifications. MyStandards is an important solution for solving the problem of understanding exactly what standards and formats each bank uses. Corporates can use MyStandards even if they're not connected to SWIFT.
Read more from CTMfile here on how SWIFT's MyStandards has been able to create some clarity on the issue of the differences in payment standards used by different banks.
SWIFT MyStandards technology helps speed up SWIFT and ISO 20022 on-boarding
New MyStandards Readiness Portal accelerates and simplifies connecting to banks on SWIFT
Deutsche Bank integrates SWIFT’s MyStandards into their Autobahn App Market
How to maximise the benefits of MyStandards when onboarding new banks, countries and payment systems
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