PSR seeks views on competition issues in the UK’s New Payments Architecture

Regulatory Updates | 28/01/20

The Payment Systems Regulator (PSR) has issued a call for input on competition issues that could arise in the UK’s New Payments Architecture (NPA), the payments industry’s proposed new clearing and settlement process for interbank payments that will replace Bacs and Faster Payments.

Interested parties are invited to provide feedback on a number of topics, including the likelihood of competition issues materialising in the NPA and how harmful or significant they could prove to be. The objective of the call for input is to provide greater clarity and more detail on the PSR’s expectations, concerns and regulatory approach. Responses to the call for input are invited by 24 March 2020 and the PSR expects to publish a final statement on its NPA regulatory policy before the end of the year.