Payment Accounts Comparison (PACS) tool - Datafeed provision

Under the Financial Conduct Authority's Payment Accounts Directive (PAD), the Money and Pensions Service (MaPS) has a statutory duty to provide a web-based Payment Accounts Comparison (PACS) tool. The aim of PAD is to improve access to payment accounts, increasing competition and making fees and charges more transparent and comparable. As such, MaPS had to create an operationally independent tool to compare a specific and limited list of fees and charges known as the Linked Services List.

The PACS tool has been operated by MaPS since 2018. Though the tool is developed and maintained by MaPS directly, an external provider is required to supply a data feed of the Payment Service Providers' (PSP) Payment account products, and to compare a specific and limited list of fees and charges known as the Linked Services list. The current contract for this service expires in April 2023.

Therefore MaPS is issuing this Early Engagement notice to ascertain interest from the market prior to any potential tender process for this data provision service. MaPS would request that any providers who would be interested in bidding for this opportunity to please indicate this by replying to the contact email address (commercial@maps.org.uk) by 28th October 2022.

Overview of Requirements:

• MaPS need provision of data on products that account for a significant share of the market for payment accounts in order to power a comparison tool;
• Each payment account product should have data on the fees and charges associated with each of the linked services;
• This data must be provided in a format that the MaPS development team can utilize in the tool, and must be maintained and kept up to date - and must be queryable no less than on a daily basis;
• Where possible, further data about the accounts' features and requirements should be made available, to facilitate a good user journey.

Statutory Data Requirements:

• Accurate and up-to-date data on fees, charges and availability of each of the Linked Services;
• Significant part of market provision of this data for Payment Accounts available in the UK;
• Basic product information including product name, supplier name & product type.

Further details are included in the Additional Text and Links sections of this notice.

Additional information: Final Linked Services list (further details on links):

1. Maintaining the account
2. Arranged overdraft
3. Unarranged overdraft
4. Refusing a payment due to lack of funds
5. Allowing a payment despite lack of funds
6. Direct debt
7. Standing order
8. Sending money within the UK
9. Sending money outside the UK
10. Receiving money from outside the UK
11. Cash withdrawal in pounds in the UK
12. Cash withdrawal in foreign currency outside the UK
13. Debit card payment in pounds
14. Debit card payment in a foreign currency
15. Cancelling a cheque

The data MaPS currently uses

Beyond the fees identified in the linked services list above, we also display other fees:

• Example scenarios for arranged overdrafts (£500 for 7 days, 30 days, and 60 days)
• Maximum Monthly Charge for unarranged overdrafts
• Debit card issue and replacement fees
• Cash withdrawal limits (if applicable)
• BACS, Faster Payments, and CHAPS charges

It is also worth noting that alongside the fee, we also require explanatory text for any specific conditions or context about the fee. For example, the cost to maintain an account might be £0 but only if a customer deposits at least £1000 per month and has two active direct debits, otherwise the fee is £2. This explanatory text is very important as it helps users really understand the fee and how much they could be charged.

We also use account attributes to allow users to filter their results:

• Account type (e.g., current account, premier account, e-money account, etc.)
• Account features, including overdraft availability, 7-day switching, and if account is open to new customers
• Account access options (branch, telephone, online, mobile app, Post Office)

Future plans:

Looking ahead, we want to expand the tool and show changes in the industry such as:

• Cash deposit fees
• Additional account features (savings pots, savings sweeps, round up savings, text message alerts, Paym transfers, mobile app security, contactless limits, payment limits)
• Geographic restrictions (e.g. accounts only available in Northern Ireland or Cumbria)

We would require a provider that can work with us to ensure we are able to meet these changes in industry