The PSR has published its latest annual access and governance report. This most recent report describes data and developments in access to interbank payment systems across both 2019 and 2020 due to the 2019 report having been postponed. The report also refers to developments in 2021 where possible.
The report identifies the following trends during this period:
- 18 new PSPs were signed up by payment systems, with all available go-live slots for 2022 having already been booked;
- the number of indirect access providers has doubled from 4 to 8 since 2015; and
- payment system operators such as Pay.UK expanded their engagement programmes.
Despite increased engagement with users, the PSR emphasises its desire to see Pay.UK delivering against a broader role by actively improving the rules governing interbank payments. To achieve this, the PSR will ensure adequate funding for Pay.UK and support development to its governance and interbank rules.
Annex 3 to the report sets out a summary of revised General and Specific Directions and changes made. The key changes include:
- General Direction 1 now also applies to regulated persons under the PCIFRs and the PSRs 2017;
- General Directions 2, 4 and 5 no longer apply to CHAPS;
- General Direction 3 no longer requires publication of access requirements;
- Specific Direction 1 now applies to all sponsor banks (rather than only certain named banks) and will expire after 3 years unless extended.