PSR publishes responses to data in payments industry discussion paper

Regulatory Updates | 11/09/19

The Payments Systems Regulator (PSR) has published responses to its June 2018 discussion paper DP18/1, on ‘Data in the Payments Industry’, as well as its own response paper, RP19/1. The discussion paper aimed to examine how the increasing use and importance of payments data can affect the industry and consumers. In its response, the PSR highlights several areas in which the industry needs to manage the emerging issues in payments data, and says it will work with Pay.UK to examine how data might be used in the new payments architecture, including the potential use of synthetic data to develop new products without the data protection risks of using ‘real’ data.