26 February 2016
Payment Systems Regulator: Market Review
The Payment Systems Regulator (PSR) has published the provisional findings of its market review into the ownership and competitiveness of the infrastructure that supports the payments systems; Bacs, Faster Payments System (FPS) and LINK. The PSR is now seeking feedback on the report.
“We note the PSR's interim report released today. We look forward to working with the PSR to ensure that the proposals are pragmatic and effective for all participants.
VocaLink is fully committed to supporting a competitive and innovative payments industry. We are improving access to payments through our PayPort suite of products; our current account switching service helped over 1 million customers in 2015, creating greater competition in retail banking; and our faster payments network enabled the creation of exciting new services such as Paym, a mobile payment solution.
Our operations are not limited to the UK, we have won competitive bids on the global landscape, in Sweden, Singapore and most recently in the US, the world’s largest payment market. We are a great British success story in FinTech overseas.
We acknowledge the PSR’s comments with regards to a potential divestment by shareholder PSPs of their interest in VocaLink. We have been independently reviewing VocaLink’s ownership and governance and look forward to continuing to discuss our future ownership with the PSR.”