United Kingdom

Topic: Payment Services

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EPC announces new entry-into-force time of the 2023 EPC SEPA instant credit transfer rulebook preceded by a SEPA-wide downtime period

On 27 October 2022, the European Payments Council (EPC) announced that they have published version 1.1 of the 2023 EPC SEPA Instant Credit Transfer rulebook and related document on the SCT Inst maximum amount. This version of the rulebook replaces, with immediate effect, version 1.0 of the 2023 SCT Inst rulebook, published in May 2022. … Continue Reading

PSR Policy Statement 22/3 ‘Extending confirmation of payee coverage’

On 11 October 2022, the Payment Systems Regulator (PSR) released Policy Statement 22/3 ‘Extending confirmation of payee coverage’ (PS22/3). In PS22/3 the PSR confirms its plans to direct about 400 payment service providers (PSPs) to implement a system to offer the Confirmation of Payee (CoP) name checking service to their customers (both as payers and … Continue Reading

FSB outlines next steps for enhancing cross-border payments

On 10 October 2022, the Financial Stability Board (FSB) published the priority themes for the next phase of work under the G20 Roadmap for Enhancing Cross-Border Payments. The FSB has also published a report on the progress made during the second year of the Roadmap. The two reports are being delivered to G20 Finance Ministers … Continue Reading

PSR Consultation Paper CP22/4 ‘Authorised push payment scams: Requiring reimbursement’

On 29 September 2022, the Payment Systems Regulator (PSR) published Consultation Paper 22/4 ‘Authorised push payment scams: Requiring reimbursement’ (CP22/4). Introduction Authorised Push Payment (APP) scams happen when fraudsters trick someone into sending a payment to a bank account controlled by a fraudster. Once a victim realises that they’ve been scammed it’s often too late … Continue Reading

Commission Delegated Regulation amending the RTS as regards the 90-day exemption for account access

On 16 August 2022, the European Commission published Commission Delegated Regulation (EU) of 3.8.2022 amending the regulatory technical standards (RTS) laid down in Delegated Regulation 2018/389 as regards the 90-day exemption for account access. The final draft RTS introduces into Commission Delegated Regulation 2018/389 a new mandatory exemption from the requirement to apply strong customer … Continue Reading

The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022

On 20 July 2022, there was published The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022. The instrument corrects drafting errors in the rules for the special administration procedure established in The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021. The instrument comes into force on 10 August … Continue Reading

HM Treasury consultation and call for evidence on payments regulation and the systemic perimeter

On 21 July 2022,  HM Treasury issued a consultation and call for evidence to explore reforms to the systemic payments perimeter under the supervision of the Bank of England (BoE). It sets out why now is the time to review the applicability of the BoE’s existing regulatory perimeter over payment systems, the Government’s principles in … Continue Reading

BIS report to G20 on interlinking payment systems and the role of application programming interfaces

On 8 July 2022, the Bank for International Settlements published a report to the G20 that aims to help payment system operators and authorities understand and evaluate the benefits, challenges and risks of interlinking arrangements. In doing so, it also provides an overview of important trends in interlinking arrangements and application programming interface (API) adoption … Continue Reading

FSB interim report on developing the implementation approach for the cross-border payments targets

On 7 July 2022, the Financial Stability Board (FSB) published an interim report on the approach for monitoring progress toward meeting the targets for the G20 Roadmap for Enhancing Cross-border Payments. The report provides preliminary recommendations about key performance indicators (KPIs) that could be used to monitor progress over time, and identifies existing and potential … Continue Reading

SRTP Scheme Rulebook version 2.1

On 30 June 2022, the European Payments Council published the SEPA Request-to-Pay Scheme Rulebook version 2.1. This latest version of the Rule book, which contains operating rules and technical elements that allows payees to request the initiation of a payment from a payer in a wide range of physical or online use cases, has no … Continue Reading

PSR sets out plans to help UK retailers get better deals for card-acquiring services

On 29 June 2022, the Payment Systems Regulator (PSR) published its Provisional Decision concerning remedies following its review into the card-acquiring market. In particular, the PSR has set out proposed remedies being: Summary boxes containing bespoke key price and non-price information to be sent individually to each merchant and shown prominently in their online account … Continue Reading

Joint Regulatory Oversight Committee – Terms of reference

On 24 June 2022, there was published the terms of reference of the Joint Regulatory Oversight Committee (Committee). The Committee comprises of the Competition and Markets Authority, Financial Conduct Authority, Payment Systems Regulator and HM Treasury. The Committee’s role is to oversee the planning and preparation for the future open banking entity and consider the … Continue Reading

EBA responds to Commission call for advice on the PSD2

On 23 June 2022, the European Banking Authority (EBA) responded to the European Commission’s call for advice on the review of the revised Payment Services Directive (PSD2). The EBA’s response takes the form of an opinion and a report and offers more than 200 proposals to help develop the EU retail payments market. The PSD2 … Continue Reading

FCA updates webpage on Payment Accounts Regulations: Linked Services List

On 18 May 2022, the FCA updated its webpage ‘Payment Accounts Regulations: Linked Services List’. The FCA has added to this webpage the following new sections: more information about who this applies to, next steps and stakeholder feedback. In terms of who this applies to, the FCA states that the webpage will be of interest … Continue Reading

CPMI paper – ‘Extending and aligning payment system operating hours for cross-border payments’

On 12 May 2022, the Committee on Payments and Market Infrastructures (CPMI) issued a final report on extending and aligning payment system operating hours for cross-border payments. The final report focuses on the operating hours of real-time gross settlement (RTGS) systems as key payment systems to enhance cross-border payments. Key points in the final report … Continue Reading

Commission launches targeted consultation on the review of the PSD2 and open finance

On 10 May 2022, the European Commission launched a public consultation to gather evidence for the revised Payment Services Directive (PSD2) review and to inform its work on open finance. The Commission is seeking to identify whether the PSD2 has achieved its objectives and whether amendments are needed to ensure that its rules remain relevant. … Continue Reading

EBA final report on the amendment of its technical standards on the exemption to SCA for account access

On 5 April 2022, the European Banking Authority (EBA) issued a final report on the amendment to the regulatory technical standards (RTS) on strong customer authentication (SCA) and secure communication under the revised Payment Services Directive (PSD2). The final report follows a consultation paper that the EBA published last March which set out proposed targeted … Continue Reading

PSR – Annual plan and budget

On 29 March 2022, the Payment Systems Regulator (PSR) published its annual plan for 2022/23. Key projects for the PSR in 2022/23 include: Account-to-account retail payments and card fees – the PSR will be working to make account-to-account payments become a realistic alternative to credit and debit cards. Authorised push payment (APP) scams – the … Continue Reading

UK payments regulation review

On 16 March 2022, UK Finance published the UK payments regulation review, making sense if where to go now. This report explores the impact of regulation and outlines how industry, lawmakers and regulators can work together to strengthen and enhance the UK’s payments infrastructure and regulatory and supervisory frameworks, following Brexit and in the light … Continue Reading

Updated FCA webpage on SCA

On 1 March 2022, the FCA updated its webpage on strong customer authentication (SCA) so that it includes commentary on the SCA reauthentication exemption. If an account servicing payment service provider (ASPSP) adopts the exemption it means customers will not need to reauthenticate when they access their account information through a third party provider (TPP). … Continue Reading
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