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 the opportunities and challenges facing […]
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 – Innovation and future payment methods. […]
What role does the PSR play to ensure that competition is effective at all levels of the payments chain? Hear Chris Hemsley (PSR Managing Director) introduce the PSR’s second strategic review theme of competition: Theme 1 of the PSR Future Strategy was launched in July and now themes two and three have also been launched. The three themes of the […]
This weeks longer read from our newsletter takes us back 20 years to the Cruickshank Report; “Competition in UK Banking: A Report to the Chancellor of the Exchequer.” To put todays banking landscape into perspective it is worth reading the Executive Summary. The executive summary, published in 2000, opens with: Banks operate on a huge scale at the heart of the […]
The Financial Services Regulatory Initiatives Forum has issued the second edition of the Regulatory Initiatives Grid. Upcoming work in the latest iteration includes the LIBOR transition and ongoing work to prepare the financial services sector for the end of the EU exit transition period. Also included are Government reviews, including the payments landscape review and the future regulatory framework review. The […]
The UK’s Payment Systems Regulator has published an interim report on the supply of card acquiring services. It shows that merchants could make savings by shopping around and either switching or negotiating with their current provider – but many small and medium ones don’t. While many small and medium merchants may not be getting a good deal, the report found […]
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 who uses payment systems. By […]
What is an APP scam? An Authorised Push Payment (APP) scam is when a person or business is tricked into transferring money to a fraudster, thinking that they are sending money to a legitimate person or company. Source: Payments System Regulator Find out more: the PSR’s work to protect people from APP scams. Read Genevieve Marjoribanks’ piece on getting the right outcomes for […]
Today, 6 August 2020, the Payments System Regulator (PSR) published a thought piece: Getting the right outcomes for the victims of Authorised Push Payment (APP) scams. An authorised push payment (APP) scam happens when someone is tricked into sending money to a fraudster. These crimes can have a devastating effect on those who fall victim. At the PSR, we think […]
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 the payments industry, highlight how […]
The Payment Systems Regulator has announced the development of its future strategy. The PSR wants to hear from you now, before it formally consults, around the end of this year, to define clear outcomes for the payments sector – to set out priorities for the regulator, and what stakeholders can expect from the regulator in the future. Set up in […]
In light of rapid technology developments, HM Treasury is leading a Payments Landscape Review. HMT’s Call for Evidence is the first stage in the review. It sets out the government’s aims for payments networks in the UK, makes a high-level assessment of how well the present system is delivering against the government’s aims and asks questions about the opportunities, gaps […]
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 what alternatives they can provide […]
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 @ANNAMoneyUKWe are urgently recommending you […]
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 implementation and adoption of short- […]
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 is an excellent insight into […]
