Payment Systems Regulator
- Company typePublic
- Founded2015
- HeadquartersLondon, United Kingdom
- Headcount101–250
- GTM typeB2B
- OfferingServices
Payment Systems Regulator firmographics
Firmographics- Name
- Payment Systems Regulator
- Legal name
- Payment Systems Regulator
- Website
- https://psr.org.uk
- Company type
- Public
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Ownership category
- akta.pro rank
Payment Systems Regulator industry classification
Industry- Product category
- Financial services regulation
- NAICS
- Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615), Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (926150), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- akta.pro primary industry
- Financial Services Regulators (Banking, Securities, Insurance) (BPAIAOAK)
- akta.pro secondary industry
- Consumer Protection & Product Safety Regulators (BPAIAOAE)
Keywords
Where Payment Systems Regulator is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Payment Systems Regulator business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Regulatory fees from regulated entities: The PSR is funded through fees charged to payment service providers and operators of payment systems that it regulates. The regulator collects fees to fund its operations and oversight functions.
Distribution channels1 record
Marketing channels5 records
Payment Systems Regulator product offering
Product offeringCore offering
The Payment Systems Regulator is the UK's dedicated economic regulator for payment systems, overseeing 8 designated payment systems handling £102 trillion in annual payment value. It sets regulatory requirements, conducts market reviews, enforces compliance, and imposes penalties on payment service providers including banks, building societies, payment institutions and e-money institutions. PSR also delivers consumer protection measures such as the mandatory Authorised Push Payment (APP) fraud reimbursement framework and the Confirmation of Payee (CoP) name-checking service.
Product overview
The Payment Systems Regulator (PSR) is a UK regulatory body overseeing the £102 trillion UK payment systems industry, regulating over 48 billion payments annually across 8 designated payment systems. PSR's regulatory portfolio includes the APP Scams Reimbursement Requirement (mandatory framework for reimbursing fraud victims), Confirmation of Payee (fraud prevention name-checking service), Card-Acquiring Market Remedies, Cross-Border Interchange Fees Review, and Commercial Variable Recurring Payments initiatives. PSR sets regulatory requirements, conducts market reviews, issues Specific and General Directions, and enforces compliance among payment service providers including banks, building societies, and fintech firms.
Differentiator
Problem solved
Functional benefit
Products and services
- APP Scams Reimbursement Requirement A mandatory regulatory framework requiring payment service providers to reimburse victims of authorised push payment (APP) fraud. The sending PSP reimburses customers, with the receiving PSP covering 50% of costs. The reimbursement limit was reduced from £415,000 to £85,000 effective October 2024.
- Confirmation of Payee (CoP) A regulatory name-checking service framework that requires payment service providers to verify whether the account name and details match when a customer makes a payment. Designed to protect customers from authorised push payment scams and misdirected payments, expanded to hundreds of additional firms.
- Card-Acquiring Market Remedies Market review and remedies into the supply of card-acquiring services and card scheme/processing fees, implementing remedies to help businesses save money on card services and ensure fair competition.
- Cross-Border Interchange Fees Review Regulatory review of cross-border interchange fees, identifying a £200 million annual increase since Brexit and proposing price caps on fees charged when European consumers purchase from UK businesses. Recent High Court ruling upheld PSR's authority to impose these caps.
- Commercial Variable Recurring Payments (cVRP) A commercial variable recurring payments scheme launched under the UK Payments Initiative (UKPI) with 31 founding firms, providing an account-to-account alternative to cards for recurring and subscription-based commerce. PSR and FCA provided regulatory clearance on the centralised access fee pricing model.
- PSR Regulatory Framework and Guidance Comprehensive regulatory oversight programme covering 8 designated payment systems, £102 trillion in regulated payments and over 48 billion payments annually. Includes Specific Directions, General Directions, and compliance monitoring for payment system operators, banks, building societies, payment institutions and e-money institutions.
Quantifiable outcome
- £102 trillion in payments regulated annually
- +2 more outcomes
Companies that use Payment Systems Regulator
Customer profileSegments2 records
Ideal customer profiles2 records
Payment Systems Regulator technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Payment Systems Regulator partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered minor and core.
- Centre for Finance, Innovation and Technology (CFIT)minorThe UK government allocated an additional £1 million in funding for CFIT to facilitate fintech collaboration. CFIT supports innovation in the finance and technology sector.
- Financial Conduct Authority (FCA)coreThe PSR is being consolidated into the FCA as part of the UK government's regulatory reform. The two regulators are working closely together to deliver a smooth transition of responsibilities. Staff based at the FCA are increasingly working in support of PSR functions. The FCA will assume supervisory powers and PSR's functions, objectives, powers and oversight framework will be transferred under FSMA.
- HM TreasurycoreHM Treasury leads on policy direction for payment systems regulation. The government confirmed core design decisions for the new streamlined regulatory framework for payment systems, with PSR functions transferring to FCA under FSMA 2023.
- Competition and Markets Authority (CMA)minorPSR works with the CMA on competition matters in payment systems, including market reviews and remedies. The CMA provides guidance on business cooperation under competition law.
- Prudential Regulation Authority (PRA)minorPSR coordinates with PRA on joint regulatory initiatives and memorandum of understanding for financial services regulation.
- Bank of EnglandcoreThe Bank of England will jointly regulate stablecoins with the FCA. PSR coordinates with the Bank on critical payments infrastructure, payment system operator delivery groups, and oversight of the UK's interbank payment systems including Faster Payments and CHAPS.
Scale indicators6 records
Recent moves9 records
Expansion highlights5 records
Payment Systems Regulator competitors and assessment
Company assessmentDirect peers
- Financial Conduct Authority (FCA): UK financial services regulator that oversees markets, firms, and financial infrastructure. The PSR is being consolidated into the FCA, making it the most direct peer as the receiving organization for PSR's functions and powers.
- Bank of England: UK central bank that jointly regulates payment systems infrastructure with the FCA, including oversight of Faster Payments and CHAPS. Coordinates with PSR on critical payments infrastructure and stablecoin regulation.
Broad incumbents
- Competition and Markets Authority (CMA): UK competition regulator that works with PSR on competition matters in payment systems, including market reviews and remedies. Provides guidance on business cooperation under competition law.
- Prudential Regulation Authority (PRA): UK prudential regulator that coordinates with PSR on joint regulatory initiatives through memoranda of understanding for financial services regulation oversight.
- Ofgem: UK energy sector regulator and previous employer of PSR Managing Director Hannah Nixon. Represents a comparable UK sector regulator model with similar statutory powers and industry funding mechanisms.
- Ofcom: UK communications regulator overseeing telecommunications and broadcasting. Comparable as another UK statutory economic regulator with industry fee funding and enforcement powers.
- European Central Bank (ECB): EU central bank that oversees payment systems across the Eurozone through its retail payment systems oversight framework. Comparable as a payment systems oversight authority with broader regional jurisdiction.
- HM Treasury: UK government finance ministry that sets policy direction for payment systems regulation and oversees the PSR's statutory framework. Parent organization in the regulatory hierarchy.
Emerging players
- Consumer Financial Protection Bureau (CFPB): US federal agency focused on consumer financial protection, including payment systems oversight. Comparable regulatory mandate around consumer protection in financial services including fraud prevention.
Others
- Financial Stability Board (FSB): International body that monitors and makes recommendations about the global financial system, including payment systems resilience. Comparable as a coordinating body for payment systems oversight standards.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights6 records
Customer concentration
Payment Systems Regulator social profiles
Digital presencePayment Systems Regulator financial estimates
Financial estimateRevenue estimate
Valuation estimate
Payment Systems Regulator leadership team
Management profileNumber of profiles
Profiles9 records
Payment Systems Regulator funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Payment Systems Regulator M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Payment Systems Regulator
What does Payment Systems Regulator do?
The Payment Systems Regulator is the UK's dedicated economic regulator for payment systems, overseeing 8 designated payment systems handling £102 trillion in annual payment value. It sets regulatory requirements, conducts market reviews, enforces compliance, and imposes penalties on payment service providers including banks, building societies, payment institutions and e-money institutions. PSR also delivers consumer protection measures such as the mandatory Authorised Push Payment (APP) fraud reimbursement framework and the Confirmation of Payee (CoP) name-checking service.
Is Payment Systems Regulator a public or private company?
Payment Systems Regulator is a public company. It is classified as state government owned and is currently operating.
When was Payment Systems Regulator founded?
Payment Systems Regulator was founded in 2015. It employs 101 to 250 people.
Where is Payment Systems Regulator based?
Payment Systems Regulator is headquartered in London, United Kingdom, in the Europe region.
How does Payment Systems Regulator make money?
One revenue line is on record: regulatory fees from regulated entities.
Who are Payment Systems Regulator's main competitors?
Direct peers on record are Financial Conduct Authority (FCA) and Bank of England. Broad incumbents are Competition and Markets Authority (CMA), Prudential Regulation Authority (PRA), Ofgem, Ofcom, European Central Bank (ECB) and HM Treasury. Consumer Financial Protection Bureau (CFPB) is listed as an emerging player. Financial Stability Board (FSB) is listed as an others.
Does Payment Systems Regulator have an API?
No public API is recorded for Payment Systems Regulator.
What industry is Payment Systems Regulator in?
Payment Systems Regulator's product category is Financial services regulation. Its primary akta.pro industry code is BPAIAOAK, Financial Services Regulators (Banking, Securities, Insurance), with a secondary code of BPAIAOAE, Consumer Protection & Product Safety Regulators. Its NAICS code is 92615.