Kate Fitzgerald has spoken on the next evolution planned for UK payment systems. She focussed on open banking, which currently has over 7 million active users in the UK, and the next steps outlined by the JROC. She noted the protections for account-to-account payments that open banking can unlock – not least through CoP and the CRM Code, and the requirement on large PSPs to publish their scam data. She looked at competition, and how best to address card fees, and then moved on to discuss access and choice and the digital payments initiative. Finally, she looked at more efficient and commercially sustainable payment systems noting that, among other things, the PayM initiative which eventually closed had not had any regulatory backdrop.
