Revolut and Visa reportedly filed legal challenges against the U.K.’s Payment Systems Regulator (PSR), seeking to overturn the regulator’s proposed cap on interchange fees on cross-border online payments. The two companies argue that the regulator overstepped its powers with the plan it proposed in 2023,...
Two U.K. regulators said Thursday (Jan. 23) that an independent company, Open Banking Limited, will play a key role in advancing the effort to launch open banking-powered variable recurring payments. The company will help establish an independent central operator to coordinate how those payments are...
Four financial authorities in the United Kingdom said they are working to improve their cooperation and will revise their agreement as the government pursues its National Payments Vision. The Bank of England, the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payment...
This week marks a major change in how U.K. banks and payment firms address fraud. Beginning Monday (Oct. 7), these organizations will be required to reimburse the victims of authorized push payments (APP) up to £85,000 ($111,000). Great Britain’s Payment Systems Regulator (PSR) had called...
May 21, 2024
Higher fees from the payments networks across the pond have not translated into better service, according to a new report. The U.K.’s Payment Systems Regulator (PSR) issued a 158-page report Tuesday (May 21) that charged increases in the fees levied on acquirers and issuers through the past five years by U.S. firms Visa and Mastercard […]
March 12, 2025
The head of the United Kingdom’s Payment Systems Regulator (PSR) reportedly said Wednesday (March 12) that he had been aware since January that the regulator could be abolished, as Prime Minister Keir Starmer said Tuesday (March 11) that it will be. PSR Interim Managing Director David Geale told a panel of lawmakers Wednesday that the PSR was a “reasonably […]
March 07, 2025
Revolut and Visa reportedly filed legal challenges against the U.K.’s Payment Systems Regulator (PSR), seeking to overturn the regulator’s proposed cap on interchange fees on cross-border online payments. The two...
January 23, 2025
Two U.K. regulators said Thursday (Jan. 23) that an independent company, Open Banking Limited, will play a key role in advancing the effort to launch open banking-powered variable recurring payments....
December 23, 2024
Four financial authorities in the United Kingdom said they are working to improve their cooperation and will revise their agreement as the government pursues its National Payments Vision. The Bank...