Trade association Payments UK has published an initial code of conduct covering ‘indirect access’ to the UK’s payment systems.
The principal aim of the code is to improve the experience of indirect payment service
providers by clearly setting out the responsibilities of indirect access providers that have subscribed to the voluntary standard.
The code has been developed by Payments UK on behalf of the industry, and in association with the sector’s primary indirect access providers – Barclays, HSBC, Lloyds Banking Group and RBS – as well as in discussion with the Payment Systems Regulator (PSR). Payments UK also undertook an initial consultation with potential subscribers and beneficiaries of the code.
The Code of Conduct for Indirect Access Providers is first being launched on an interim basis, and Payments UK will conduct a formal consultation on the code across the wider payments industry in late 2015. Feedback from the consultation, along with any relevant information arising from the PSR’s market review into indirect access, will be considered when a subsequent version of the code is developed for publication next year.
Maurice Cleaves, chief executive of Payments UK, said: “Payments UK has acted as a facilitator to develop the first cross-industry code of conduct for indirect access. The payments world has changed massively over the past few decades and this is an important development to support the growing number of payment service providers which access payment systems indirectly.”