PSR Focuses on Protecting Users and Advancing Payment Systems Amid Mid-Strategic Plan Review
Highlights:
- Mid-Strategic Plan Review: The PSR reviews its five-year strategic plan halfway through.
- Enhanced Protections: Focus on protections against APP fraud and advancing Open Banking.
- Collaboration with Bank of England: Working to upgrade the Faster Payments system and reform Pay.UK.
Summarized Story:
The UK’s Payment Systems Regulator (PSR) has published an updated strategy as part of its five-year plan review. The update emphasizes protecting users, promoting competition, and fostering innovation in payment systems.
Key initiatives include rolling out protections against APP fraud, advancing Open Banking, and collaborating with the Bank of England to upgrade the Faster Payments system and reform Pay.UK. The PSR aims to support economic growth and ensure payment systems remain competitive and innovative.
