Topic: Payments openbanking

On 18 December 2023, the Payment Systems Regulator (PSR) published a consultation paper, CP23/12, on expanding variable recurring payments (VRPs). In CP23/12, which has been published alongside a progress update from the Joint Regulatory Oversight Committee (JROC), the PSR is consulting on changes to Faster Payments to enable a phased expansion of VRPs.

On 19 December 2023, the Payment Systems Regulator (PSR) published a policy statement, PS23/4, on authorised push payment (APP) scams reimbursement. In this policy statement the PSR sets out the final detailed parameters of the new reimbursement requirement within Faster Payments and the legal instruments it is using to implement the policy. The PSR also confirms the policy start date of 7 October 2024.

On 18 December 2023, the Joint Regulatory Oversight Committee (JROC), which is co-chaired by the FCA and the Payment Systems Regulator (PSR), published an update on the progress it has made since it outlined its open banking vision in April 2023 and set out its plans to deliver a new generation of payment products and services.

On 13 December 2023, the Payment Systems Regulator (PSR) published an interim report (MR22/2.6) for its market review into UK-EEA consumer cross-border interchange fees. It is now seeking views on the provisional findings and proposed approach to remedies, which are set out in the report, to help inform its final report.

On 22 November 2023, HM Treasury (HMT) published a report on the Future of Payments Review. The report, published alongside the Chancellor’s Autumn Statement, considers how payments are likely to be made in the future and makes recommendations on the steps needed to successfully deliver world leading retail payments, further boosting UK fintech competitiveness.

On 14 November 2023, the European Payments Council published:

On 7 November 2023, the FCA published the findings from its multi-firm review on anti-fraud controls and complaint handling in firms, with a focus on authorised push payment (APP) fraud.

On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to supervise larger nonbank companies that offer services like digital wallets and payment apps. The issuance of this proposed rule should not come as a surprise, as the CFPB has provided several hints in recent months that it would be looking to use its authorities to conduct supervisory examinations of nonbanks operating consumer payment platforms, including through the issuance of a proposed rule to define larger participants operating in this market.

On 31 October 2023, the Payment Systems Regulator (PSR) published a report on authorised push payment (APP) fraud performance.

On 24 October 2023, the Wolfsberg Group published updated Payment Transparency Standards, which replace the 2017 standards to reflect changes in payment methods, infrastructure and landscape.