A UK payment services provider (PSP) threatened with losing its access to the country’s payment systems has formally requested regulatory intervention, the first application of its kind.
The Payment Systems Regulator (PSR) said last week that it would launch a detailed review into the access agreement between that PSP, which it did not name, and its sponsor bank.
If it concludes that the bank is unfairly restricting payment system access, the regulator has the power to amend the terms of its agreement with the PSP — potentially meaning it can insist the access arrangement remains open.
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