European lawmakers reportedly asked the United Kingdom’s Payment Systems Regulator (PSR) to reconsider its plans to restore a cap on interchange fees that was lifted after Brexit. Members of the European Parliament wrote a letter to the PSR, asking the regulator to conduct a full...
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...
British banking providers have completed their Roadmap for Open Banking. That’s according to an announcement Monday (Sept. 9) from Open Banking Limited (OBL), which had gotten confirmation on the completed roadmap from the U.K.’s Competition and Markets Authority (CMA). This means that the nine banking providers mandated by the...
The payments industry in the United Kingdom is reportedly advocating for changes to fraud-reimbursement rules that are set to be enacted Oct. 7. Despite changes announced by the Payment Systems Regulator (PSR) Wednesday (Sept. 4), the industry is pushing for further amendments to these rules,...
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 13, 2024
The world’s cybercriminals all share one thing in common: they understand people can be exploited. After all, people make mistakes. They fall for scams, and frequently either ignore or fail...
December 13, 2023
Beyond the card networks, among those that may feel the squeeze should cross-border interchange fees see new caps in the United Kingdom are neobanks. As reported Wednesday (Dec. 13), the...
December 13, 2024
The United Kingdom’s Payment Systems Regulator (PSR) proposed a price cap on cross-border interchange fees and is seeking comment on the level at which the cap should be set. The PSR is doing so after publishing a final report on its market review in which it found that Mastercard and Visa raised their cross-border interchange […]
December 12, 2024
European lawmakers reportedly asked the United Kingdom’s Payment Systems Regulator (PSR) to reconsider its plans to restore a cap on interchange fees that was lifted after Brexit. Members of the...
October 06, 2024
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...
September 09, 2024
British banking providers have completed their Roadmap for Open Banking. That’s according to an announcement Monday (Sept. 9) from Open Banking Limited (OBL), which had gotten confirmation on the completed roadmap from...
