The Payment Systems Regulator (PSR) has published the outcome of its consultation on consumer protections in interbank payments in PS21/2 – “Consumer protection in interbank payments – response to CP21/4“.
The PSR expects:
- the industry to prioritise improved coordination between Faster Payment participants to reduce the immediate risk of payment fraud;
- the industry continue to tell customers about the protections they have;
- all Faster Payments participants to identify and share payment risk levels with other participants and to act responsibly to minimise customer harm.
The PSR will continue to support the Open Banking Implementation Entity (OBIE), Pay.UK and Faster Payments participants in improving prevention and compensation measures.
In addition, the PSR emphasised that it has not ruled out intervening in the market to introduce additional purchase protection in the future.