The Payment Systems Regulator (PSR) has published the interim findings of its market review into the ownership and competitiveness of infrastructure that supports the UK’s payment systems Bacs, Faster Payments System (FPS), and LINK.
The interim report outlined the initial evidence gathered and the remedies which could address the issues identified. In particular these include:
- competitive procurement processes for the provision of infrastructure services, which are clearly defined, transparent and independently audited;
- potential divestment by banks of their interest in VocaLink;
- measures that ensure the separation of LINK from VocaLink; and
- a common international messaging standard adopted for BACS, FPS and LINK.
The PSR intends to publish its final report in summer 2016.
The deadline for comments is 21 April 2016.