UK Faster Payments Scheme Publishes Self-assessment Disclosure
Faster Payments, the UK’s immediate internet and phone banking payment scheme, has reaffirmed its commitment to stability and transparency following its first-ever publication of a self-assessment disclosure to meet new Committee on Payment and Settlement Systems and International Organisation of Securities Commissions (CPSS-IOSCO) international governance standards.
The new standards are designed to ensure that the infrastructure supporting global financial markets is sufficiently robust to withstand financial shocks. The self-assessment, published on the redesigned fasterpayments.org.uk website, gives a public account of the policies, controls and procedures used by Faster Payments to manage settlement, credit, liquidity and the other key risks the service faces.
Faster Payments is recognised by the Bank of England (BoE) as a systemically important financial market infrastructure (FMI) – since its launch in May 2008, the service has processed more than 3bn payments worth in excess of £1.8 trillion, the equivalent of almost £75,000 for every household in the country.
The scheme currently has 10 members: Barclays, Citi, Co-operative Bank, Clydesdale and Yorkshire Banks (National Australia Group), HSBC, Lloyds Banking Group, Nationwide Building Society, Northern Bank (Danske Bank), Royal Bank of Scotland Group (including NatWest and Ulster Bank) and Santander UK.
The publication of the self-assessment disclosure follows the appointment of Faster Payments’ first independent chair, Nick Caplan, and independent director, Duncan Ingram, to strengthen its management capability in terms of real-time high availability IT infrastructure and risk management.
Faster Payments’ CPSS IOSCO disclosure can be accessed