The PSR published a report in December 2015, which examines the progress that has been made in terms of increasing direct access to payment systems and making governance arrangements more inclusive and transparent.

The report finds that improvements have been made in terms of increasing direct access to payment systems and that the sector is showing signs of becoming more competitive, although further improvement is still needed, for example, in relation to the streamlining of onboarding processes, which need to be quicker and easier for new members to join.

What this means for you

Promoting access to payment systems and making the governance of payment system operators more inclusive and transparent are key priorities for the PSR, with the PSR noting in the report that“access to payment systems is a vital driver of effective competition and innovation in payments”.

Read our full briefing: The PSR's Direct Access and Governance Report: Will industry rise to the challenge?