The Payment Systems Regulator (PSR) has published a report on direct access to payment systems and the governance of payment system operators in the UK.
The report summarises some of the progress payment system operators have made to create more open and flexible direct access to payment systems, and inclusive and more transparent governance. Among other things, the report shows some significant improvements, including:
- clearer and fairer information being provided to new applicants;
- faster times for securing access;
- greater transparency on how boards of payment system operators make decisions; and
- better representation of the payment systems users’ views during decision making.
Despite the improvements, the PSR notes the following areas that operators must continue to focus on:
- making onboarding faster and simpler still;
- doing more to help smaller banks and payment service providers (PSPs) that are not banks; and
- never losing sight of the PSPs, businesses and people that rely on payment systems.
View Access and governance report, 15 December 2015