Industry standards are necessary to achieve high levels of efficiency and operational certainty across the entire financial supply chain. Forming the foundation for thousands of payments made each day, standards are an essential component of banking operations.
In short, a standard is a published specification that contains precise criteria and is designed to be used consistently, as a rule, a guideline, or a definition. In payments, standards mean different systems and products can be designed to work together. They are necessary to make sure payments work efficiently and so that we have confidence they will work across the entire financial supply chain.
Standards are developed by interested parties, e.g. users and manufacturers, and are agreed upon usually by consensus. Conformance to standards is voluntary unless a national or regional directive states their use is compulsory or an industry agreement is reached.
To learn more about standards and the Payments Council’s role,
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- Cash overtaken by ‘non-cash’ payments in 2014 (21 May 2015)
- Latest Current Account Switch Service figures published (23 Apr 2015)