What has been achieved so far? Introduction of the Payment Systems Regulator Introduction of the Payment Systems a pricing model that recognises the work of the Regulator founding fathers of the infrastructure – the banks. Such a solution will take time to implement. We The Payment Systems Regulator (PSR), launched in need the backing of the PSR to continue pushing April 2015, is the biggest groundswell of thinking, for the long-term aim of gaining direct access, but a momentum, regulation and political pressure to short term compromise is required in the meantime, have been generated within the payments space to support FinTech players immediately. for generations. A core objective of the PSR is to work towards establishing access to traditional No one has taken on the PSR mandate better than infrastructure such as (but not limited to) BACS the Faster Payments service itself. This is thanks to and Faster Payments for non-banks. While this is the fact that the service is relatively new. Operating still a work in progress, the mere existence of the for just eight years, compared to BACS, which is body has created positive movement among the the grandfather of the payments industry, Faster payment schemes and technology providers that Payments is open to non-banks gaining better the PSR now regulates, to not just review, but to access to these schemes. act on initiatives that will drive viable updates to the access model. One concern is that, in its bid to drive much- The biggest groundswell of thinking, needed change, the PSR’s objective may in momentum, regulation and political pressure fact be too ambitious in its timeline. The PSR is demanding access to Faster Payments for non- to have been generated within the payments banks but without detailing how banks would be space for generations compensated. As explained earlier, if we are to reach a point where PSPs and other non-bank payment institutions have direct access to these systems, we will need to negotiate a solution and Payment infrastructure: a call for fair and equal access for FinTech | 9