Overcoming the challenges of payment services compliance

Nov 2, 2022 4:58:20 PM

What has happened?

The way we all pay for goods and services has changed radically over the past few decades. The payment services industry that has emerged in recent years now offers users a range of alternatives to those on offer from traditional banking services. The emergence of this new tech-enabled sector has inevitably attracted attention from regulators around the world. As organisations like the FCA scramble to keep pace with the latest developments, payment services compliance has become an increasingly challenging and fast-moving target for firms operating in the sector.

Given the crucial role played by technology in payment services provision - and the ever growing threat posed by cyber crime - it’s hardly surprising that the FCA requires all firms seeking authorisation to act as payment services providers (PSPs) to evidence that they have carried out a rigorous risk assessment and have robust IT security policies and procedures in place. Other key challenges to achieving and maintaining payment services compliance include demonstrating that conditions and information provided to service users are clear, fair, and transparent, making sure the respective rights and obligations of users and providers are handled appropriately and ensuring the security of electronic payments.

Thistle’s specialist team are acknowledged experts in payment service compliance services. We work with a wide range of providers in the sector, including payment initiation service providers (PISPs) account information service providers (AISPs), e-money institutions, FX exchange companies, merchant acquirers, bill payment service providers, and electronic communication exclusion businesses. That broad range of interaction and experience gives us a unique insight into current issues and challenges in the field of payment services compliance.

Among the services we provide to PSPs are supported with FCA applications, small payments institutions registration and REP018 submissions, auditing PSPs policies and procedures, their training provision and - crucially - their safeguarding arrangements, and support with making the necessary regulatory returns.

How can we help you?

We can also help firms that are not necessarily FCA authorised but may still be required to submit certain information to the regulator. In short, if it relates to payment services compliance, we can help! If you would like to find out more, our expert team is here to help.

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