PSR reports record payment services activity

The Payment Systems Regulator’s annual report says 2017 was a record-breaking year for new participants, and it expects many more PSPs to join in 2018. Its early projections suggest 11 PSPs could become direct participants in CHAPS, Faster Payments and Bacs during the year, as opposed to 4 new joiners in 2016. It also reports that costs have dropped around 50% from a few years ago, and the onboarding time more than halved.

The report also looks at the offerings of new indirect access providers, and heralds the ability of non-banks to apply for settlement accounts at BoE.