Payments Regulation Initiatives
The Payment Systems Regulator (PSR)’s Managing Director, Chris Hemsley, delivered a speech at the Payments Regulation and Innovation Summit of 25 January 2024, covering upcoming initiatives around authorised push payment (APP) fraud.
The PSR is introducing mandatory reimbursement for APP fraud, which will apply from 7 October 2024. As Mr Hemsley states, “with our powers, we have included all firms using [Faster Payments Service]. We’ve also worked with the Bank of England to include CHAPS. Nobody can opt out. And for the first time, there will be clear financial incentives…” The process sees minimum levels of protection to customers of all payment firms, while splitting the cost between sending and receiving firms.
The PSR is also introducing enhanced data sharing to enable the detection and prevention of APP fraud. The intent is, by broadening annual fraud reporting to record and publish where scams have originated, more focus can be brought on social media platforms, telcos and similar organisations, encouraging them to act.
Mr Hemsley’s speech also delves into the PSR’s innovations around open banking. This year it will look to deliver the next phase of open banking, a key part of which will be scaling up the use of variable recurring payments.
For a full transcript of the speech, click here.[hyperlink to this: https://www.psr.org.uk/news-and-updates/speeches/speeches/chris-hemsley-speech-at-the-payments-regulation-and-innovation-summit-2024/]