The body in charge of the UK’s real-time interbank payment system is being pressured to introduce a fee on all transactions to fund reimbursement of fraud victims, with the current bank-funded pot due to run dry at the end of the year.
In a letter published today, consumer group Which? and banking trade association UK Finance called on Pay.UK, the industry body that oversees the operation of the Faster Payments Service (FPS), to approve the measure.
The levy would see a fixed fee of 2.9p imposed on every FPS transaction, and already has the backing of a consortium of banks.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial