The United Kingdom’s Department for Work and Pensions (DWP) is looking at Blockchain and Distributed Ledger Technologies (DLT) to transform its payment services that is expected to benefit its 20 million claimants and customers.
The new system is expected to reduce time, cost and failure rate associated with making transactions whilst data is stored on a secure immutable ledger. The DWP manages U.K.’s welfare and pension payments and policies.
In a blog post, Richard Laycock, the deputy director of digital payments and banking systems at DWP, wrote that the New Payments Architecture will transform its payments infrastructure by introducing Digital Payment Services to replace its current Central Payment System.
Additionally, the DWP is also looking to introduce open banking with the aim of creating more competition in the payments industry by opening up and standardizing banking data.
Laycock further stated that the DWP is keenly looking at how the payment innovations can influence the New Payment Architecture to help shape future of payments across government.
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