Welcome to issue 198 of Payments:Unpacked, this premium subscriber edition provides a fortnightly round-up of payment related developments at Pay.UK, the Payment Systems Regulator, the Bank of England, HM Treasury, the FCA and the Open Banking Implementation Entity.
Period covered: 16 October to 4 November 2021.
“Let’s build the new together”
Pay.UK have published the transcript of Kate Frankish’s Sibos Spotlight Session Digital Acceleration: Navigating the 'never normal’.
Payment Systems Regulator
Consumer protection in interbank payments
The PSR have published the outcome of their review of consumer protections in interbank payments, which explains their assessment of the protections available and where they will focus their attention.
The PSR’s position at a glance is:
We expect industry to prioritise improved coordination between Faster Payment participants, to reduce the immediate risk of payment fraud.
We want to see industry continue to tell customers about the protections they have.
We expect all Faster Payments participants to identify and share payment risk levels with other participants and to act responsibly to minimise customer harm.
We will continue to support the Open Banking Implementation Entity (OBIE), Pay.UK and Faster Payments participants in improving prevention and compensation measures.
Although we don’t suggest intervening in the market today to introduce additional purchase protection, we don’t rule out the possibility of having to do so in the future
Draft Specific Direction on maintaining free-to-use ATMs
The PSR are proposing to issue a new Specific Direction to continue to support the operator of LINK in ensuring that it can meet the objective of continuing to maintain a broad geographic coverage of the Free-to-Use (FTU) ATM Network in the UK and meet service user needs.
The PSR want LINK to continue to have in place and maintain appropriate and effective policies, measures and reporting obligations.
The new Direction will replace Specific Direction 8 (SD8) which expires on 2 January 2022.