The PSR has published PS22/1 Confirmation of Payee: response to consultation CP21/11 ending dual running. The document assesses the implementation of Phase 1 thus far, and introduces Specific Direction 11 which will come into effect on 11 February 2022 to begin the transition into Phase 2. The direction requires:
- Pay.UK to terminate the terms and conditions for participating in Phase 1, withdraw each PSP’s CoP Phase 1 accreditation, and retire Phase 1 rules and standards on 31 May 2022, and to inform OBIE of this action;
- Phase 1 PSPs to only use the Phase 2 technical for the CoP service after 31 May 2022;
- relevant PSPs to regularly report to Pay.UK on progress in migrating CoP traffic to the Phase 2 Open Banking environment by 1 May 2022;
- PSPs to undergo enhanced reporting to both Pay.UK and the PSR if the PSR considers that they are at risk of failing to migrate by 1 May 2022.
The direction also revokes Specific Direction 10 on 31 May 2022.