PSR announcement ushers in new era for payments innovation

The Payments Systems Regulator (PSR) has this week announced that the UK payments infrastructure will undergo a reform, in order to increase innovation, competition, and ultimately seek to better serve consumers.

This announcement seeks to break down the current payments status quo which has remained stagnant in this country for too long. The best case scenario is that we now see a flood of innovative competitors coming to the fray, where the needs of consumers, and not the needs of the major payment players, will drive the sector forward.

Throwing good money after bad

Clearing house Bacs has said that it is working on a number of initiatives to boost the UK’s struggling Current Account Switch Service (CASS), following intervention by the Financial Conduct Authority (FCA).