👀 Open Banking in the UK🇬🇧: More good and diverse regulators❗️

👀 Open Banking in the UK🇬🇧: More good and diverse regulators❗️
The Financial Conduct Authority (FCA) and the Payments Systems Regulator (PSR) believe a third regulator is needed.

▶️ They are proposing the creation of a new independent body to oversee the new variable recurring payments (VRP) service. This includes payments related to utilities, taxes, and installment payments.

▶️ The new regulator could be made up of Open Banking Limited, which will become the key organization for the sector's growth.

▶️ For merchants, this type of differentiated supervision should help increase competitiveness, reduce processing fees, and improve payment completion rates through a better user experience.

▶️ For everything to run smoothly, broader commercial agreements will be essential. However, this shouldn't pose a challenge, as Open Banking in the UK is experiencing rapid growth, with over 11.7 million active users currently processing 22.1 million payments per month.

#news #Europe

🏦 Payouter.com — looking for traders for processing in 🇮🇳 India: P2P, P2C, Intent. We are waiting for you