The Payments Systems Regulator (PSR) has set out its plans to keep the UK’s payments systems delivering for all users during the COVID-19 pandemic.

The independent body, which acts as the economic regulator for the £75 trillion UK payments systems industry, today published its annual plan and budget, setting out its key aims and activities in 2020-21, alongside the expected costs of these measures.

The annual plan was drafted before the Coronavirus uncertainty set in, with the PSR saying that much of the projects outlined in the plan will continue in different ways and to a revised timetable in order to help the UK’s payment systems industries to access the services they need to help consumers in “unprecedented times”.

The PSR said it was essential to allow organisations to focus their efforts on supporting their customers, adding that it had carefully assessed its requirements on the organisations it regulates and where appropriate, has acted to extend certain deadlines - especially where its regulatory requirements may distract firms from the immediate priority of dealing with the impacts of COVID-19.

The PSR said payments systems would remain essential to the lives of consumers in the coming months, with salary and benefits and shopping transactions dependent on them working properly.

The regulator set out plans to see progress on Pay.UK’s development of the New Payments Architecture (NPA) – a fundamental overhaul of the way UK interbank payments will operate. In the coming year, the PSR will also be making sure that Pay.UK meets its requirements for the NPA so that payments in the future benefit from more competition and innovation.

Other ongoing projects include the debate around access to cash, and how to help consumers and merchants transition to an economy dominated by digital payments.

The PSR said it would continue to work with LINK (the main ATM network operator) to maintain the footprint of its ATM network, and with the Financial Conduct Authority (FCA) and other authorities to look at what solutions might work for people in five or ten years and beyond.

The regulator added that it would “continue its work on opening up access to payment systems, promoting effective competition in the markets for payment systems and their services, and promoting good outcomes for all users”.

Chris Hemsley, managing director of the PSR, said: “With people and businesses having to adapt their ways of working in light of the COVID-19 pandemic, it will be even more important that we keep pace with the significant developments and challenges we are all facing.

“This means our work plan will adapt as the year progresses and we’ve already made some key decisions to make sure organisations are able to focus on delivering key services to their customers effectively and securely."

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