BoE official considers possible new frameworks for retail payments
“Multi-vendor” more resilient but “single vendor” easier to regulate, David Bailey says
The UK’s retail payments sector will have to choose between the single- and multi-vendor approaches, said David Bailey, executive director of financial market infrastructure at the BoE at a conference in London on June 28.
The UK’s payments sector has embarked on what it calls the New Payments Architecture (NPA), an industry-led initiative that aims to increase competition, resilience and innovation in the sector. The recently-created New Payment System Operator (NPSO) will lead the transition
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