This requires the operator of the FPS payment system to procure any future contracts for central infrastructure services in a competitive manner. Additionally, the first central infrastructure contract competitively procured in accordance with this specific direction should be capable of receiving and sending all relevant messages (used in the payment system) in the ISO 20022 messaging standard.

Notes

Following our consultation launched in February 2021, we plan to review SDs 2 and 3. As a result, we may vary, revoke or replace the Directions – for example by imposing new deadlines for the current obligations or making more substantive changes.

Pending the outcome of our consultation and the review of SDs 2 and 3, we’ve told Pay.UK that we consider it should continue its pause of the existing competitive procurement. In view of this we also told Pay.UK that, for the time being, it does not need to take the actions necessary to meet the 2023 deadlines under SDs 2 and 3 to have a competitively procured central infrastructure contract in place for Bacs and Faster Payments.[1]

We will continue to engage with Pay.UK during this period, including on issues raised in our consultation paper.

[1] While the original deadlines were 2 December 2020 and 1 July 2020 respectively, following applications under section 4 of each Direction, the deadlines were extended to 2 December 2023 and 30 June 2023.

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