PSR Shares New Plans To Improve Payments In The UK
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The Payment Systems Regulator (PSR) has shared its new goals for the next two years. The agency said this is part of its review of the five-year plan to improve payment systems in the UK. It also said payments are very important for the UK economy.
The PSR said its new plan includes steps to improve payments. The regulator plans to create a system where payments are safe and simple and provide good value to people and businesses. It also said it wants to help support new ideas in how people pay.
The Regulator Works To Protect People From Fraud And Supports Open Banking
For years, the Payment Systems Regulator has been introducing useful changes. The regulator focused on stopping fraud, helped Open Banking grow, and reviewed card payment fees. The PSR noted that despite many positive changes, payments are always changing with new ideas and technology.
In its review, the PSR talked to many people who work with payments and looked at how affairs are progressing in the UK and other locations. The PSR also thought about the UK Government’s plans to grow and the National Payments Vision (NPV), the PSR said.
David Geale, the Managing Director of PSR, said that the team has seen a lot of progress. He shared that protecting people from fraud is a huge success. However, he also said there is more work left to do.
The PSR’s main goals for the next part of the plan are clear. First, the regulator said it will continue working to protect consumers and encourage competition. This means ensuring people get their money back if they fall victim to fraud.
The Payment Systems Regulator Aims To Improve Open Banking Payments
According to the update, the Payment Systems Regulator will also focus on the results of reviewing card payment fees. The regulator said it will also work with the Financial Conduct Authority (FCA) to help with Open Banking payments, which let people control their payments better.
The last goal is to focus on encouraging new ideas in payments. The PSR said it wants to help businesses and people find new ways to enhance payment systems for fun and ease. By doing this, they hope to help the economy grow.
The PSR knows that working with other groups is very important. The regulator said it will continue to work closely with the FCA, Bank of England, and others to improve payments. It also wants to talk to people and businesses to find out what works best for them.
