The Payment Systems Regulator (PSR) has released its response to its Data in the Payments Industry discussion paper published in June 2018. The response highlights a number of issues in payments data that need to be addressed by industry.
Data is generated every time a person makes an electronic payment, both online and in-store. Last year, the PSR welcomed industry feedback to ascertain whether there was a need for it to have a regulatory role.
PSR is exploring the possibility of opening up access to data in the UK’s new payments architecture (NPA), which could result in the development of new products and services, such as new anti-fraud and anti-money laundering tools. The importance of opening up data in ways that respects the confidentiality of individuals’ data, such as the use of ‘synthetic data’ was recognised.
The full response is available here.