One of the key objectives of the five-year plan announced by the Payment Systems Regulator (PSR) earlier this year was to look at how account-to-account or interbank payments could provide a credible alternative to card payments.
The regulator has refined its priorities in this area to make it clear that good outcomes for all interbank payments should include those initiated through open-banking services.
According to PPRO, there is huge potential for market disruption, with bank transfers accounting for only 6% of all online payments in the UK, while cards account for 52% of the market.
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