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PSR hails progress on payment systems access

11th March 2016 Church News.

There has been good progress on improving access for payment services providers to the UK’s payment systems, according to an interim report from the Payment Systems Regulator (PSR). The regulator claims work during its first year in operation on improving access to the BACS, CHAPS, Faster Payments Scheme (FPS) and cheque and credit systems for banks, building societies and other payment service providers is having positive results. The PSR wants to make it easier for these institutions to move money between accounts, enabling them to develop more innovative services, and increasing competition in the market. The PSR believes nine more banks will secure direct access to systems during the next year.