News & Analysis as of

United Kingdom FinTech Payment Systems

A&O Shearman

BIS Innovation Hub Launches Project Keystone for ISO 20022 Payments

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The BIS Innovation Hub London Centre, in collaboration with the Bank of England, has announced the launch of Project Keystone, an initiative exploring how technology can enhance the analytical use of ISO 20022 data. 93% of...more

Proskauer Rose LLP

Safeguarding Reforms in the UK and EU – Preparing for Change

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The FCA has completed a major review of safeguarding for payment and e-money institutions. Its new rules are designed to reduce the risks seen in recent failures – where customers faced long delays and, on average, recovered...more

Walkers

The case for payment regulations in the Crown Dependencies

Walkers on

Payments was historically a hidden component of financial services only fully understood by specialists. In the last 20 years, however, it has become a strategic differentiator not just between banks but also between...more

A&O Shearman

FCA Publishes Changes to the Safeguarding Regime for Payments and E-money Firms

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The FCA published a policy statement (PS25/12) setting out changes to the safeguarding regime for payments and e-money firms. The FCA consulted on the proposals in CP24/20 in September 2024. The changes to the rules are in...more

Orrick, Herrington & Sutcliffe LLP

UK Financial Conduct Authority issues feedback on the new standard-setting body for open banking

On August 8, the Financial Conduct Authority (FCA) published feedback on the creation of the primary regulator for open banking, the “Future Entity.” The Future Entity will establish and oversee core standards, including API...more

Hogan Lovells

Bank of England consults on longer RTGS and CHAPS operating hours

Hogan Lovells on

The Bank of England (the “Bank”) published a consultation paper (“CP”) on 29 July 2025 on proposals to extend Real-Time Gross Settlement (“RTGS”) and CHAPS operating hours. The CP follows the Bank’s 2024 discussion paper on...more

A&O Shearman

HMT publishes latest NRA of money laundering and terrorist financing risks

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HM Treasury has published its latest 2025 National Risk Assessment (NRA) of Money Laundering and Terrorist Financing, offering a comprehensive review of the UK's exposure to financial crime. Building on the 2015, 2017, and...more

A&O Shearman

Mansion House: HMT and BoE announce plans for new UK retail payments model under NPV

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HM Treasury has published an update on the National Payments Vision (NPV), announcing plans to implement a new collaborative model for delivering the UK's next-generation retail payments infrastructure. The Payments Vision...more

A&O Shearman

Mansion House: HMT policy paper on wholesale financial markets digital strategy

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HM Treasury has published a policy paper on the wholesale financial markets digital strategy. The purpose of the strategy is to ensure the UK benefits from opportunities to improve its wholesale financial markets, by using...more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, July 2025

Hogan Lovells on

Key developments of interest over the last month include: the UK government's communications in connection with the Chancellor's annual Mansion House speech, and the launch of its Financial Services Growth and Competitiveness...more

A&O Shearman

BNPL UK statutory instrument partially in force

A&O Shearman on

The UK statutory instrument (The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025) implementing the necessary legislative changes for progressing buy-now, pay-later (BNPL) regulation...more

A&O Shearman

FCA findings on risk and wind-down planning in payment and e-money firms

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The UK Financial Conduct Authority (FCA) has published the findings of its multi-firm review into risk management and wind-down planning across e-money and payment firms. While the FCA had observed examples of good practice...more

Hogan Lovells

Bank of England: an update on the digitalisation of finance

Hogan Lovells on

On 2 July 2025, the Bank of England published a speech delivered by Sasha Mills (Executive Director, Financial Market Infrastructure) at City Week 2025. The speech signals the Bank's support for the digitalisation of...more

A&O Shearman

HMT updates BNPL policy for domestic premises suppliers

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HM Treasury has published a policy paper setting out an update to its final position to its 2024 consultation on regulating Buy-Now, Pay-Later (BNPL) products which led to the laying of the draft secondary legislation, The...more

A&O Shearman

PSR consolidated policy statement on APP scams reimbursement requirement

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The UK Payments Systems Regulator (PSR) has published a consolidated policy statement (PS25/5) concerning the authorised push payment (APP) fraud reimbursement requirement within the Faster Payments system, which came into...more

A&O Shearman

PSR update on impact of APP fraud reimbursement scheme

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The UK Payment Systems Regulator (PSR) has published an update on what it has seen since the implementation of its authorised push payment (APP) fraud reimbursement scheme in October 2024. The data covers UK payments made via...more

A&O Shearman

BoE speech on the digitalisation of money and assets: proposed stablecoin regulatory framework

A&O Shearman on

The Bank of England (BoE) has published a speech by Sarah Breeden, Deputy Governor for Financial Stability, at the Point Zero Forum. The subject of the speech was the digitalisation of money and assets, and in particular the...more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, April 2025

Hogan Lovells on

Key developments of interest over the last month include: the Central Bank of Somalia announcing the launch of the Somalia Instant Payment System (SIPS), the country’s first nationwide instant payments infrastructure; the...more

A&O Shearman

UK 2025 Regulatory Initiatives Grid published

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The Financial Services Regulatory Initiatives Forum (the Forum) has published the Regulatory Initiatives Forum Grid (the Grid), with the UK Financial Conduct Authority (FCA) also updating its webpage. The previous Grid was...more

A&O Shearman

BoE reports on digital pound developments and implementation

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The Bank of England (BoE) has published a series of documents regarding its work on implementing the digital pound. The Digital Pound Experiment Report on Offline Payments assesses the technical feasibility of implementing an...more

A&O Shearman

New FCA work programme for 2025/26

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The UK Financial Conduct Authority (FCA) has published its work programme for 2025/26, alongside a press release summarising its approach to supporting the testing of innovative products and new firms. The work programme sets...more

A&O Shearman

Bank of England discusses opportunities in innovating wholesale payments

A&O Shearman on

Victoria Cleland, Executive Director of Payments, Bank of England (BoE) has given a speech on innovating wholesale payments: building a resilient and innovative future. In the speech, Ms Cleland discusses the BoE's innovation...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Government Abolishes Payment Systems Regulator

On 11 March 2025, the UK government announced its decision to abolish the Payment Systems Regulator (PSR) as part of a broader initiative to reduce regulatory burdens and stimulate economic growth. This action is intended to...more

Hogan Lovells

Big Tech and digital wallets: Regulatory perimeter under review following feedback to UK FCA and PSR call for information

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Potential issues identified from stakeholder feedback to the FCA and PSR call for information include insufficient competition between digital wallets and between payment systems within digital wallets. The majority of...more

A&O Shearman

UK regulators publish feedback statement on big tech and digital wallets

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The UK Financial Conduct Authority (FCA) and the UK Payment Systems Regulator (PSR) have issued a joint feedback statement on the usage and impact of big tech and digital wallets (FS25/1). The feedback statement was...more

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