The Payment Systems Regulator (PSR) has told the financial sector to ready itself for applications from non-banks planning to open settlement accounts with the Bank of England.
In its annual review on payment system access and governance, the regulator also threatened to take action against sponsor banks that do not improve how indirect access is provided and maintained to payments providers.
At the same time, it praised the progress made by operators in reducing the cost and difficulty of gaining direct access to the likes of Faster Payments, Bacs and CHAPS.
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