Response to the Payment Systems Regulator’s interim market review into the ownership and competitiveness of infrastructure provision

Faster Payments has responded to the Payment Systems Regulator’s (PSR) publication of their provisional findings of their market review into the ownership and competitiveness of the infrastructure that supports the payments systems: 

Nick Caplan, Independent Chair of Faster Payments, said:
“Faster Payments welcomes the publication of the PSR’s Interim Report: Market review into the ownership and competitiveness of infrastructure provision and we look forward to the opportunity to provide further evidence and perspective to support the PSR in reaching their final conclusions.
“As the newest of the UK’s payment systems we run our service on a not-for-profit basis, only recovering the costs of offering a world-leading service with secure, real-time payments 24 hours a day, seven days a week to those payment providers that wish to make use of the service. 
“Consumer access to Faster Payments is near universal in the UK, and to further promote competition in the evolving sector we have a major programme in place to ensure a fair and level playing field is offered to all those that need or want it. This fully aligns with the PSR’s call for broader access. 
“We are pleased that the PSR has acknowledged our progress in this area - Faster Payments’ New Access Model could create a £200m business opportunity for FinTech vendors, simultaneously lowering entry barriers to real-time payments and enabling effective competition for the benefit of all service users. Our work to create a new way for challengers to access Faster Payments is set to deliver tangible, fundamental change very soon - three challenger banks have committed to join in 2016, with further Payment Service Providers in advanced discussions to join through the New Access Model in due course.”  
A more detailed description of the New Access Model is available in the Faster Payments: A Vision for a New Access Model, whitepaper