ACI and the UK Payments Systems Regulator (PSR)
ACI solutions have been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008. By understanding the deliberations taking place at the PSR, ACI is better able to collaborate with multiple UK industry groups to shape policy and influence payment developments. As a leading software provider to UK financial institutions, ACI shares a common mission to improve trust in payments, simplify access to promote competition; and build a new architecture for payments.
What is the PSR?
The Payment Systems Regulator (PSR) is a subsidiary of the Financial Conduct Authority and the economic regulator for the payment systems industry in the UK. The mandate of the PSR is to bring change to the payments industry, injecting competition and innovation where it is needed and ensuring that the interests of the people and businesses that use payment systems.
The PSR talks to payment system operators, payment service providers (including banks), building societies, infrastructure providers and businesses that rely on these systems. The PSR also consults with industry bodies and consumer groups when there is evidence that shows the payment systems industry is failing to deliver greater competition, more innovation and or benefits for businesses or consumers.
The PSR has a range of strong regulatory and competition powers to give direction or to take action and set standards by imposing requirements and system rule changes on operators. The PSR can (and has) required operators to provide direct access to payment systems, required PSPs to provide indirect access to smaller PSP and amended agreements relating to payment systems, including fees and charges.