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Faster Payments responds to the Payment Systems Regulator’s final report into the ownership and competitiveness of infrastructure provision
Nick Caplan, Independent Chair of Faster Payments Scheme Limited said:
“Faster Payments welcomes the publication of the PSR’s Final Report: Market review into the ownership and competitiveness of infrastructure provision. The objectives of the review align with our own - the Faster Payments Scheme is a company which exists to develop, operate and enhance our world class 24/7 real-time payment services and ensure they meet the long-term needs and aspirations of every type of customer, including payment service providers (PSPs) whether they are challengers or incumbents.
“The Faster Payments Scheme has been at the leading edge of collaborative work to develop international industry standards, as can be seen in our contribution to the Payment Strategy Forum’s ‘Simplifying Access to Markets Working Group’, and we have also set out how ISO8583 can be mapped against ISO20022 to support future enhancements to the service. Early planning and preparation is already underway to ensure the forthcoming competitive procurement tender for our infrastructure will align with the current thinking on international standards.
“In addition to our shared interest in driving competition, a vital part of our role is to ensure the continued integrity of the system, managing systemic risks and contributing to the financial stability of the UK by working with regulators and our key suppliers to ensure smooth day to day operation of our world-leading payment system. As part of this risk management process, we are pleased that VocaLink consulted with us throughout their negotiations regarding their change of ownership. We are confident that following the divestment of VocaLink shares from their current ownership users of Faster Payments will continue to enjoy uninterrupted access to the high quality service they have today."
“More generally, open access to real-time payments in the UK is moving from concept to reality with a fifth aggregator Fintech being awarded the ‘trust mark’ certificate required to provide direct technical access to Faster Payments and four new Payment Service Providers (PSPs) scheduled to join the scheme before the end of the year. Furthermore, with the recent policy announcement on access to settlement accounts from the Bank of England, an even greater number of new PSPs will potentially be able to directly access Faster Payments and build better propositions for their customers in the future.”
Notes to editors
The Payment Systems Regulator published ‘PSR MR15/1.3 - Final report: market review into the supply of indirect access to payment systems’ on 28 July 2016. It is available to download here: https://www.psr.org.uk/psr-publications/market-reviews/infrastructure-draft-terms-reference.
A more detailed description of the New Access Model is available in the Faster Payments: A Vision for a New Access Model, whitepaper, published in December 2014.
The Economics of the New Access Model is available to download from the Faster Payments website.