UK Banks And Campaign Groups Back Faster Payments Fraud Levy

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.

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