HM Treasury: Payments Landscape Review

The HMT payments landscape review has just been published and outlines the government’s vision is for a payments sector at the forefront of technology and innovation. Underpinning this vision are the government’s high-level aims for payments: UK payments networks that operate for the benefit of end users, including consumers. a UK payments industry that promotes and develops... Continue Reading →

PSR strategy for a changing world

The PSR has been consulting on a new proposed five year strategy - views were required to be submitted by the 10 September 2021 and the PSR propose to use the feedback received to finalise their strategic approach and ensure that they focus on the right outcomes and, ultimately, publish a strategy that is balanced... Continue Reading →

Unpacking the latest (payments) industry developments

The Payments:Unpacked newsletter from Mike Chambers at Northey Point explores a wide range of the UK’s payment news including: Open Banking, Request to Pay, Direct Debit, Confirmation of Payee, Bacs, CHAPS, Faster Payments, LINK, cash, cards and cheques and unpacks the eco-system that supports the operation of these systemically important payment systems. The premium newsletter option offers: Quarterly performance analysis of... Continue Reading →

How payments work affects the society we live in

The Payment Systems Regulator (PSR) have published their Annual Plan and Budget for 2021/22.  The PSR state that their focus for the coming twelve months will be on work that will improve outcomes by encouraging competition and innovation where it is needed most and putting the interests of everyone who uses payment systems first.  By doing this, the... Continue Reading →

The Bangers ‘n’ Mash of reviews

The Kalifa Review of UK FinTech - the Bangers ‘n’ Mash of reviews Fintech is one of the UK’s great success stories and will help us seize new opportunities around the world.Rishi Sunak, Chancellor of the Exchequer The big news of the last week is the Kalifa Review or as HMT introduce it: UK’s global fintech... Continue Reading →

Payment Systems Regulator: Consumer Research

The PSR commissioned BritainThinks, an independent research company, to conduct a two- stage programme of qualitative and quantitative research with consumers. Overall and in the context of Covid-19, the research looked to: Understand consumer awareness of payment systemsExplore consumer expectations and perceptions around paymentsExplore consumers’ needs in relation to paymentsUnderstand any challenges consumers face around... Continue Reading →

Government announces intention to regulate Buy-Now-Pay-Later

Interest-free buy-now-pay-later credit agreements will be regulated by the Financial Conduct Authority (FCA) in order to protect consumers under plans announced by the government Interest-free buy-now-pay-later agreements will be regulated by the Financial Conduct Authority Government acts swiftly to protect consumers after review finds potential for harm Lenders will be required to carry out affordability... Continue Reading →

Strong Customer Authentication in Europe

We’ve all been given the rule book, we have all been told that everyone is due on the field but none of us have played this before With just days to go before the 31 December 2020 deadline for Strong Customer Authentication (SCA) implementation in Europe, it’s worth taking a look at at the industry’s position... Continue Reading →

The future of UK payments: Calls for regulation to facilitate dynamism, innovation and progress

This article was written for Northey Point by Jonathan Gilmour (Partner at Travers Smith) along with Natalie Lewis (Senior Counsel) and Vanessa Kalijnikoff Battaglia (Senior Counsel) and originally featured in our Payments, Payments, Payments newsletter - read, subscribe and share. There is no doubt that innovation and technological development in the payments space is a hot topic. It is a topic... Continue Reading →

New Chair of Payment Systems Regulator (PSR) Panel

The Payment Systems Regulator (PSR) has today announced the appointment of Dr Ruth Wandhöfer as Chair of the PSR Panel from 1 December 2020. Ruth succeeds Stephen Locke, Independent Adviser.  The Panel performs an important role in our accountability framework ensuring that the views and needs of businesses which provide payments and the people and... Continue Reading →

The Payment Systems Regulator

This week's "Payments, Payments, Payments" newsletter's Longer Read explored the purpose, role and activities of the payments regulator - The Payment Systems Regulator The call for a regulator to oversee the payment systems industry began with a series of reviews, starting with the Cruikshank Report in 2000. This was followed by a number of subsequent... Continue Reading →

HMT Payments Landscape Review – a community response

The Emerging Payments Association (EPA) has published a paper containing the community’s responses to HM Treasury’s Payments Landscape Review: Call for Evidence. The paper details recommendations on how to ensure the UK’s payments industry becomes progressive, world-leading and secure, and effective at serving the needs of everyone who pays and gets paid. The paper describes some of... Continue Reading →

Payment imperatives

What role does the Payment Systems Regulator (PSR) play to ensure that competition is effective at all levels of the payments chain? The PSR have commenced a strategic review and are currently in a pre-consultation phase. More: PSR Future Strategy. PSR's Strategic Themes The three themes of the PSR's strategic review are: Theme 1 -... Continue Reading →

Payment Systems Regulator Annual Report 19/20

The UK's Payment System Regulator (PSR) has published its Annual Report and Accounts for the period 2019/20 - the fifth since its inception. Over the last year, the PSR report that they have advanced their work preventing Authorised Push Payment (APP) scams protecting access to cash and promoting innovation and competition in the interests of everyone... Continue Reading →

Avoiding a Payments Lockdown

The Emerging Payments Association (EPA), which celebrates collaboration and innovation across the emerging payments industry, has launched a review paper, ‘Avoiding a payments lockdown’, to present to the Financial Conduct Authority (FCA) and the Treasury following the shutdown of Wirecard Card Solutions Limited. The paper seeks to identify the current vulnerabilities of the business models that underpin... Continue Reading →

FCA: Maintaining access to cash for customers

The FCA has published draft guidance for firms setting out its expectations for banks, building societies and credit unions when they are considering closing branches or ATMs, or converting a free to use ATM to pay to use. The FCA wants to ensure that firms treat their customers fairly when closing a branch or ATM, including considering... Continue Reading →

What part of the solution can you be?

Mums unable to feed their children. Young people unable to pay rent. People unable to receive their benefits. Payments due for essential items like insurance and bills, all frozen From a post about “#FruityFrittataFreelancerFriday” to this Tweet in just over two hours, Friday was a tough day for ANNA Money and its customers: ANNA Money... Continue Reading →

Regulation Roundtable

While the industry is grappling with the challenges arising from Covid19, the Emerging Payments Association has established a new project - Project Recovery, and from the first project meeting they have created a ‘Project Recovery Round Table Series’. Project Recovery Project Recovery provides insights, resources and thought leadership to the EPA's 130 plus members on the... Continue Reading →

Next steps for digital payments in the UK

This morning, Genevieve Marjoribanks, Head of Policy at the Payment Systems Regulator delivered a speech titled ‘next steps for digital payments in the UK - innovation, inclusion, security and regulation’ at the Westminster Business eForum. A full transcript of the speech can be found at: https://www.psr.org.uk/psr-publications/speeches/Genevieve-Marjoribanks-Westminster-Business-eForum-Speech-May-2020 If you missed today’s Westminster Business Forum event Genevieve’s speech... Continue Reading →

Planning for regulatory change

In its 2020/21 Annual Plan the Payments Systems Regulator (PSR) stated that it would work alongside the FCA and Bank of England to actively feed into a Future Regulatory Framework review by providing resources, feedback and expertise. Along with the Prudential Regulation Authority (PRA), the FCA and the Bank of England, the PSR are supporting... Continue Reading →

Voices of the EPA – Education the secret sauce

Education: the secret ‘sauce’ for the successful implementation of payments regulation It’s 1997 and Tony Blair has just been elected prime minister, Katrina and the Waves have won the Eurovision song contest and Cool Britannia is starting to swing. The new prime minster quickly set out his priorities for office and ‘education, education, education’ is... Continue Reading →

Contactless Countdown

Strong Customer Authentication (SCA) arrived on the 14 September 2019 as part of the second Payment Services Directive (PSD2) and you may have seen it starting to impact your contactless payments. Unfortunately, not everyone was ready to comply with the requirements of the Article 11 exemption (Contactless Payments at Point of Sale) in the Regulatory... Continue Reading →

A country wide problem- really?

Although the roll out of Strong Customer Authentication (SCA) is going to be a long and slow process and may even be modified by the authorities it is clear that SCA is already impacting purchases made on the high street. The picture above was taken this morning at the tills of a major UK retailer.... Continue Reading →

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