The Payments Association welcomes the opportunity to contribute to the PSR Consultation Paper “Faster Payments APP scams: changing the maximum level of reimbursement”. The community’s response contained in this paper
Join us as we propose changes responding to the PSR new consultation on the maximum reimbursement level for APP scams, effective from 7 October 2024. The new proposed cap is
This horizon-scanning workshop is an opportunity for members of TPA to discuss with the PSR what we consider to be priorities in the short to medium term, and what we
PSPs are working hard to be ready to comply with the PSR’s new regulations aiming to prevent APP fraud by October 7th 2024. But the devil is in the detail: often
The Payment Systems Regulator (PSR) is developing their compliance monitoring framework and wants your input The PSR established its Supervision and Compliance Monitoring Division in 2023. Prior to publishing their
Join the Payment Systems Regulator’s roundtables at PAY360 to discuss where future innovation in payments is coming from in the UK. Conversation topics will include the impact of technological change
In the first half of 2023, UK Finance reported authorised push payment (APP) fraud losses amounting to £293.3 million, with the total number of APP cases increasing by 22%. The nature of authorised push payment (APP) fraud was harrowing – victims were willingly initiating and authorising payments into controlled accounts, often driven by criminal manipulation or misinformation.
On 30 October 2023, HM Treasury (HMT) issued its long-awaited policy document on the regulation of fiat-backed stablecoins in the UK. Framed as “Phase 1” of the UK’s approach to cryptoasset regulation, HMT’s paper was quickly followed by discussion papers from the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England (BOE) on the future regulatory approach to such stablecoins.
Although there are a number of steps to go before the stablecoin regime comes into effect (with implementation anticipated in 2025), the 2023 papers give helpful insights into the direction of the new regime.
Authorised push payment (APP) fraud has been steadily climbing the charts of global payment frauds with nearly £240m lost to UK consumers and businesses in the first six months of 2023.
As retail open banking continues to grow, mechanisms should be put in place to balance innovative products for consumers while ensuring adequate fraud protection.
The Payment Systems Regulator (PSR) has published its report detailing the latest data on the pressing issue of APP fraud scams.
On Thursday last week, The Payments Association presented the launch of its latest report ‘Navigating the rising cost of living: Payments innovation as a game-changer’ at Parliament to a range of representatives from the House of Commons, House of Lords, and industry bodies including…the HMT, the FCA, BoE and the PSR.
The introduction of a digital pound is an opportunity to reform the financial system and make finance more accessible and inclusive.
The current economic climate is making first-party fraud – also known as friendly fraud – more appealing to those struggling financially. Sarah Jordan and Stephanie Kattah examine the challenges facing
Answer Pay’s Peter Cornforth examines the significance of Request to Pay alongside CoP, highlighting their combined role in meeting regulatory demands and fortifying payment security.
The Payments Association welcomes the opportunity to contribute to the PSR Consultation Paper “A new reimbursement requirement Faster Payments APP scam reimbursement rules and operator monitoring”. The community’s response contained
Chris Hemsley, managing director of the Payment Services Regulator (PSR), says the watchdog’s plan will be published by the end of June 2023.
The Payments Association’s head of policy and government relations Ricardo Tordera takes a look back at the trade body’s key achievements in 2022.
Santander is calling for more to be done to combat fraud because the PSR’s mandatory reimbursement plans for APP scam victims will be an unsustainable cost for banks and schemes.
APP Scams continue to grow, and we appreciate the PSR is committed to doing more to protect consumers. Nonetheless, we do not believe that measures such as requiring mandatory reimbursement
Payment firms should be prepared for a higher cost of compliance when the Financial Services and Market Bill enters into force in 2023.
The PSR is seeking views on proposals to increase the protections against APP scams, create quicker and mandatory reimbursements and put greater pressure on banks and building societies to tackle APP fraud. The Payments Association will be responding.
The Payments Association asked Kate Fitzgerald, head of policy at the Payment Systems Regulator, about her work and what she will be discussing at the Financial Crime 360 conference.
Representatives from companies such as Starling Bank, American Express, Nationwide, Visa, Mastercard, Bottomline, Clearscore, Vyne, Pennies, Tink, Eversheds Sunderland, Baker Botts and many more came together to discuss the future open banking model.
Rather than building a single global rulebook for payments, regional rulebooks are the better approach in the medium term, according to industry participants.
Fintech regulation in Europe shows no signs of slowing. So what are the main challenges and frameworks fintechs should be aware of to ensure their future success.
The Payments Association welcomes the opportunity to contribute to the PSR “Market Review of UK-EEA consumer cross-border interchange fees”. The community’s response contained in this paper reflects views expressed by
The Payments Association welcomes the opportunity to contribute to the PSR “Market Review of card scheme and processing fees”. The community’s response contained in this paper reflects views expressed by
The Payments Association welcomes the opportunity to contribute to the PSR “Market review into card-acquiring services”. The community’s response contained in this paper reflects views expressed by our members and
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