Global payment gateway, Clearsettle, joins the The Payments Association’s Project Regulator to support in shaping a level regulatory landscape for non-bank PSPs and EMIs in the UK.
London, United Kingdom – The The Payments Association gained a new Benefactor, Clearsettle, for Project Regulator, one of its eight projects to drive change, connect the payments eco-system and encourage innovation.
Project Regulator is focused on ensuring and shaping a level regulatory landscape for non-bank PSPs and EMIs in the UK. The project delivers this by engaging with regulatory bodies to promote and champion the regulatory concerns of Payments Association members and drive industry-critical change. A recent success from Project Regulator has been in engaging with the Financial Conduct Authority (FCA) to allow the use of ‘banking services’ for non-bank PSPs – as long as its usage is not misleading.
Payments Association Director General, Tony Craddock said, “Regulations are what make payments such an exciting industry. But we need to ensure they are fit for purpose, well understood and correctly adopted. With Clearsettle’s backing as Benefactor behind our Payments Association Project Regulator, we can use our collective voice to make sure this happens.”
“As an emerging payments company, we are eager to help shape the regulatory landscape in which we and our peers operate,” said Iana Dimitrova, General Counsel of Clearsettle. “By becoming a Benefactor of Project Regulator, we can contribute to the Payments Association’s mission of promoting a level playing field for payments companies—ultimately creating greater value for consumers.”
Project Regulator lead and Head of Advisory of fscom, Alison Donnelly also commented, “It is great to see that Clearsettle has come on board as the Benefactor of the The Payments Association’s Project Regulator and shares our keen focus on developing a fairer regulatory landscape for all. Over the next year, Project Regulator will focus on defining banking terminology, how payment systems will be governed and controlled, and putting passporting on the Brexit negotiation agenda. There’s a lot to achieve, but given the credentials and enthusiasm of those involved, we are confident we will make an important contribution to making the UK the best environment for the emerging payments market”.
For further details on Project Regulator, follow this link: https://emergingpayments.org/portfolio/project-regulator/
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About the The Payments Association
The The Payments Association connects the payments ecosystem, encourages innovation and drives profitable business growth. Our goals are to strengthen and expand the payments industry to benefit all stakeholders.
We achieve this by shaping a comprehensive programme of activities for our members with help from an independent board, which addresses key issues impacting the industry.
These include:
The Payments Association is over 120 members strong and growing. Our members come from across the payments value chain; including payments schemes, banks and issuers, merchant acquirers, PSPs, retailers, and more. These companies have come together, from across the UK and internationally, to join our association, collaborate, and speak with a unified voice.
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About Clearsettle
Clearsettle’s global payment gateway connects payment service providers to hundreds of payment methods used worldwide. The platform connects to numerous regional acquirers, 100+ alternative payment methods, local bank settlement networks, PayPal, vouchers and cash loading points. Underlying the Clearsettle payment gateway is a multi-currency platform that provides dynamic currency conversion, real-time transaction and fraud monitoring, and automated KYC/KYB checks.
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