The PSR has published its fourth report on access to payment systems and governance of system operators. Key developments since the last update are:
- 12 new participants joining FPS, Bacs and CHAPs in 2018 (with the same number, possibly slightly more, estimated for 2019);
- the first non-bank PSPs joined;
- more indirect access providers are actively onboarding PSPs; and
- consumers are getting better quality and range of services as the number of PSPs with access to interbank payment services increases.
The report also covers the role and work of Pay.UK, including work on the New Payments Architecture and current concerns of the regulator, including the difficulties some, particularly non-bank, PSPs find in getting the indirect access arrangements they want, and how some credit institutions are dealing with requests for payment account services under the PSRs 2017.