The payments world is evolving driven by changes brought by Open Banking and PSD II for banks, building societies and other payment services providers. This short regulatory summary provides an overview of the more recent developments and considers a key question: "What is a payment account?"
The UK payments landscape is currently being re-defined and the breadth and pace of change is unprecedented - driven by technological advancement, innovative new providers and ever evolving customer needs, supported by legal and regulatory intervention. Alongside the changes being brought about by PSD II, the evolution of Open Banking brings further pressures.
The future shape of the industry is now becoming clearer, with HMT having just published the final Payment Services Regulations (PSRs) 2017, ready to implement the requirements of PSD II in the UK. Further guidance and consultations have been issued and the final rules are imminent, with the first and most significant deadline – the implementation of PSD II and Open Banking – just around the corner on 13th January 2018.
Our latest regulatory update looks at the latest payment services news, as of July 2017, which include:
Read our full July 2017 Payment Services Regulatory Update. (500KB)
For more information, please contact Michelle Plevey, Senior Manager in KPMG's Regulatory Risk Consulting team.
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