UK payment providers are fighting for survival as high street banks continue to block their access to the financial system, with incoming regulatory reforms offering scant comfort in the short term.
Non-bank financial firms are dependent on major banks to provide them with a bank account, which in turn enables them to gain indirect access to the country’s payment systems.
However, swathes of account closures across the banking sector has left those businesses in a precarious position: some have lost access completely, while others routinely find themselves having to fight to keep their accounts open and active.
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