Chris Hemsley, speaking at the Pay360 conference, looked at how far payments innovation has come this century, and spoke of some challenges for the future. He focused on:
- the important role of a Payment System Operator – he outlined the benefits this had brought to the Visa and Mastercard systems. He noted that the PSO can move quickly, unlike Pay.UK, which is constrained in its ability to change rules. He said the PSR favours a model of an independent PSO for interbank systems; and
- the creation of good, open markets. The PSR is looking to expand Open Banking to support this, but is aware that some market participants feel it has gone too far in some of its proposals, particularly those on requiring participation and price controls. The PSR has listened to the comments and asked industry to “get on with it” where there was clear industry agreement, and is considering what is best for other areas, in light of the comments