Central Banking

UK payments regulator unveils competition reforms

The PSR hopes its measures will pave the way for new innovations, including mobile payments

The UK’s Payment Systems Regulator (PSR) has unveiled a set of final decisions on reforms designed to tackle the lack of “effective competition” among infrastructure providers.

Earlier work by the regulator found the infrastructure behind three of the UK’s main payment systems – the Bacs retail payment system, the real-time Faster Payments, and the Link ATM network – suffers from a lack of competition.

As such, the PSR will now force the industry to conduct a competitive procurement process

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