UK Payment Systems Regulator Consults on Competition and Innovation Issues in the New Payments Architecture

The U.K. Payment Systems Regulator has published a Call for Input on competition and innovation in the U.K.'s New Payments Architecture. Feedback was originally requested by March 24, 2020, but in light of COVID-19 that deadline has been extended to May 1, 2020. The PSR confirms that it will consult further on this issue, including on a draft policy statement. All of the feedback will assist the PSR to develop the NPA regulatory policy, the final version of which will be published before the end of 2020. The NPA will reorganize the clearing and settlement of most of the U.K.'s domestic interbank payments, including payments that currently use the BACS and Faster Payments systems. The consultation paper sets out certain potential harms to competition and innovation and possible mitigating measures to address these.

View the call for input.

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