Frequently asked questions
We'll keep this section updated with common questions and answers
Access to bank accounts
Q: Can the PSR help payment service providers gain access to a bank account?
A: Insofar as payment service providers need access to a bank account in order to access payment systems we will examine this issue as part of our work on access, particularly indirect access.
Anti-money laundering and ‘Know Your Customer’ requirements
Q: What is the PSR’s position on the anti-money laundering and ‘Know Your Customer’ requirements for payment service providers?
A: These are primarily issues for HM Revenue & Customs and the Financial Conduct Authority. If the requirements are causing barriers to accessing the payment systems then we will consider them as part of our work on access, including indirect access.
New payment service providers seeking authorisation
Q: Does the PSR authorise payment service providers, such as money remittance service providers?
A: No, the PSR does not issue authorisations. You will need to apply to the FCA for authorisation as a payment service institution. Further details on how to apply can be found here.
The Interchange Fee Regulation
Q: Will acquirers pass on interchange reductions to merchants?
A: We have been contacted by a number of merchants who said they had not seen a reduction in their merchant service charge (MSC) – despite the new caps on interchange fees. (What are interchange fees?)
It’s important to note that interchange fees are just one part of an MSC and there are other factors that need to be considered when attempting to understand why charges have not been reduced across the board.
Nonetheless, we recognise that many merchants want to get a better rate. We recommend merchants contact their acquirer to discuss their MSC and consider shopping around to see what other rates are on offer.