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UK Payments & the Payments Systems Regulator


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UK Payments & the

Payments Systems




December 2014


UK Payments is a game of two sectors

Code of Best Practice:

Misdirected Payments

Payments Systems



Payments Plan

Current Account

Switch Service (CASS)




Richer Data






UK Payments Council


Retry Service



Schemes &






Real Time


Gov.UK Verify

(Identity Assurance Program)




Payment float


Cheque imaging


So, Payments Systems Regulator vs the UK Payments Council

The PSR has three statutory objectives:


to promote effective competition in the

markets for payment systems and for

services provided by those systems,

including between Operators, PSPs and also

Infrastructure Providers, in the interests of



to promote the development of and

innovation in payment systems, in particular

the infrastructure used to operate payment

systems, in the interests of service-users


to ensure that payment systems are operated

and developed in a way that considers and

promotes the interests of service-users


to have a strategic vision for payments

and lead the future development of

co-operative payment services in the UK


to ensure payment systems are open,

accountable and transparent; and


to ensure the operational efficiency,

effectiveness and integrity of payment

services in the UK.


The Government has put the customer right at the centre of the PSR

Four main targeted outcomes:

1. UK payment networks that operate for the benefit of all users including consumers

2. a UK payments industry that promotes and develops new and existing payment


3. UK payment networks that facilitate competition by permitting open access to

participants or potential participants on reasonable commercial terms


The new Payments Systems Regulator formally gains its powers April 2015

The PSR has set out its stall and some surprises:


Industry strategy

Take control of the strategy development and setting process through setting up a new Payments Strategy

Forum with broad representation of industry and service-users.

PSR launching a market review into the ownership and competitiveness of infrastructure provision


Ownership, governance and control of payment systems

Open up governance and control of payment systems by involving additional players in more transparent

decision making and eliminating conflicts of interest at Board level


The Payments Systems Regulator has come out fighting


Direct access to payment systems

Operators must have objective, risk-based, and publicly disclosed Access Requirements, which permit fair

and open access


Indirect access to interbank systems

Sponsor Banks must publish information on the sponsor services they offer (including access criteria and


PSR launching a market review into Indirect Access and expects the Industry to develop a PSR-approved

Code of Conduct


Interchange Fees

Immediate compliance with the EU Directive…. or else…

The PSR is also introducing formal Principles on their expectations of industry behaviour., including that the

Industry work on a ‘no surprises’ basis, discussing significant developments with the PSR in advance


So what next?


UK Payments Council

Scheme Companies

Payments infrastructure operators


Thank you


© 2014 KPMG LLP, a UK limited liability partnership and a member

firm of the KPMG network of independent member firms affiliated

with KPMG International Cooperative (“KPMG International”), a

Swiss entity. All rights reserved.

The KPMG name, logo and “cutting through complexity” are

registered trademarks or trademarks of KPMG International.

The information contained herein is of a general nature and is not

intended to address the circumstances of any particular individual or

entity. Although we endeavour to provide accurate and timely

information, there can be no guarantee that such information is

accurate as of the date it is received or that it will continue to be

accurate in the future. No one should act on such information

without appropriate professional advice after a thorough

examination of the particular situation.


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