Regulatory Action Needed On De-Risking Despite Industry Efforts, Firms Say

UK payment providers have welcomed industry-led attempts to improve their access to bank account services, but called on government and regulators to give greater support to a sector still struggling with de-risking.

The Emerging Payments Association (EPA), which includes Visa, Mastercard, Paysafe and Amazon among its 140 members, issued a statement on Monday acknowledging guidelines published by banking industry group UK Finance last week.

The guidelines set out best practice for credit institutions when assessing applications for an account from a non-bank payment provider, and advised applicants on how to have the greatest chance of success.

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