Six things you need to know about the Payment Systems Regulator’s focus for 2022
If you missed the Payment System Regulator’s (PSR) 2022/23 annual plan event held on the 30 June here are six things you need to know about the Payment Systems Regulator’s focus for 2022.
1: Confirmation of Payee (CoP) and Contingent Reimbursement Model (CRM)
The industry has made great strides in seeking to combat payment fraud and protect victims of fraud but the industry needs to take more steps to protect banks accounts and make Confirmation of Payee ubiquitous.
2: New Payments Architecture (NPA)
The NPA is moving to a different phase and the PSR will focus on the regulatory arrangements to protect competition.Our focus is to get NPA delivered. Aileen Walsh, Interim Chair, PSR
3: Access to cash
The PSR will continue to have a regulatory focus on LINK as it seeks to protect access to cash for those that want it but with the proposed access to cash legislation being progressed by HM Treasury the PSR’s focus will increasingly turn to enabling access to digital payments for all in society.
4: Unlocking Open Banking
The PSR will actively support the work of the Joint Regulatory Oversight Committee (JROC) to ensure Open Banking moves from a regulatory driven industry response to ensuring that Open Banking increasingly reflects Open Finance and is an active part of the UK’s payment eco-system.
5: Competition in payments
The PSR will continue to focus on improving effective competition in payments especially via Account to Account (A2A) payments – seeking a greater set of payment experiences and increasing pressure on the existing card schemes.
6: Pay.UK as a scheme operator
The PSR are seeking to ensure that Pay.UK become a more active manager of the scheme rule book and are more proactive in solving gaps in the scheme offerings. This should include thinking about the commercial models that the schemes and Pay.UK operate in. Pay.UK need to consider where they need to deliver centrally to add value or where they enable the market to deliver solutions. All with a greater focus on co-ordination and unlocking services that are not currently being delivered end to end.On Demand VideoIf you missed the event here’s an on demand video: