Harry WellsThe PSR has published its Annual Plan and Budget for 2024/25, highlighting the year as a key period for consolidating the delivery of its work to improve payment services for businesses and consumers in the UK.
One priority will be facilitating greater use of open banking to give people more flexibility and control over their finances. The PSR says it is committed to delivering the roadmap for the future of open banking, and will also be addressing competition through a market review of card fees.
The report’s key initiatives include:
- The PSR strategy – at the halfway point of its 5-year strategy, reviewing its priorities and progress
- Market review of cross-border interchange fees
- Market review of scheme and processing fees
- ATMs and digital payments
- the PSR wants to help broaden use of a wider range of payment methods and understand the barriers people face in using digital payments.
- Authorised push payment scams
- the PSRs APP scams reimbursement requirements take effect from 7 October 2024, seeking to incentivise payment firms to address fraud before it causes harm to customers
- Other measures around transparency, enhanced fraud data sharing and expanding coverage of Confirmation of Payee are to take effect.
- Unlocking account-to-account payments – using open banking to promote greater competition within payments
- Supervision and compliance monitoring