Faster Payments Scheme is seeking expressions of interest for the renewal and management of its infrastructure - the services that enable the UK’s 24/7 real-time payment service to function consistently and securely. The competition is set to drive innovation and ensure that the Faster Payments Service continues to meet the needs of participants - both old and new - achieving the objectives set out by the Payment Systems Regulator Remedies Decision, following their market review into the ownership and competitiveness of central payment systems infrastructure provision.
The renewal is set to make it easier to join the Faster Payments Service and improve operational efficiency and further minimise the risk of cyber-attacks. It is an important step in readying the Faster Payments Service for the transition to the New Payments Architecture.
Bidders will be required to demonstrate the commitment to excellence in payments processing necessary in order to maintain over a billion secure, immediate payments a year (which are also growing by 10-15% year on year). Those qualifying following the expression of interest will be invited to participate in a request for information phase, and subsequently invited to submit a full proposal. The winning bidder is expected to be selected in Q3 2018.