How Zenitech and ClearBank can make you NPA ready
A wholesale revolution in real-time payment presents a tremendous opportunity for utilities providers, but also a threat to those which don’t modernise their systems.
While Bacs has led the way since the late 1960s, this and the international messaging standard ISO 8583 are, let’s face it, antiquated in terms of modern technology standards.
Pay.uk, Britain’s leading retail payments authority, has made this plain and clear with its proposals for a New Payments Architecture (NPA), which has been called the biggest change to UK transaction processing in 60 years.
Plans are afoot for the core clearing and settlement layer to take over the processing of £7.4tn of Bacs and Faster Payments, alongside wider implementation of the more efficient and data-rich ISO 20022.
Over 70 countries have already adopted ISO 20022 and, within two years, it is expected to support 87% of the world’s financial transactions. Real-time payment, not hindered by business hours and delays in clearing, will bring tremendous benefits for companies reliant upon these transactions.
The changes will help overcome challenges associated with fraud, efficiency, and regulatory alignment. In creating better harmony with other payment system operators globally, there will also be greater transparency about the payment, who is involved in it and its status.
The reforms will also bring real-time-payment to Request To Pay, a framework launched this year that offers customers a new way to manage and settle bills. It gives both more controlto the customer being asked to pay, but it also gives the issuer all the information they will need to reconcile the payment when it arrives.
Whether or not the NPA reforms are implemented in time for the ambitious 2023 target, the time for our utility and energy companies to act is now.
How we can help transform your utility and energy business
Meeting this challenge is Zenitech and ClearBank in a partnership that offers a complete package to firms transitioning their systems for NPA.
ClearBank is the UK’s first new clearing bank in over 250 years and a pioneer in real-time payment and clearing services; it is the only cloud native bank in the world and is already primed for the new infrastructure.
Zenitech, a partner of choice to organisations that seek digital transformation and business reinvention, offers unparalleled expertise in front and back-end application programming interface (API) functionality.
With ClearBank at the core of clearing transactions, Zenitech can build the wrap-around of state-of-the-art systems and dashboards that lead your customers through the payments journey.
The pressure to streamline operations by offering real-time payments and innovative banking services have pushed the industry towards a new digital landscape, and here is where Zenitech and ClearBank can really help.
Staying ahead in today’s demanding markets, this partnership offers cutting-edge digital solutions that will successfully position customers into the fintech ecosystem.
Together, we can transform your payments infrastructure, bringing greater efficiency, and ultimately profitability, to your business. These are structural changes that can massively alter the fortunes of businesses that embrace transformation – make sure you are one of them.