UK:
Payments UK Publishes Voluntary Code Of Conduct For Indirect Access Providers
16 September 2015
Shearman & Sterling LLP
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On September 1, 2015, Payments UK, the trade group representing
the payments industry in the UK, published a voluntary code of
conduct setting out standards of best practice aiming to improve
indirect access to UK payment systems for payment service providers
and setting out the responsibilities of indirect access providers
who subscribe to the code. The code was developed further to a
policy statement published by the UK Payment Systems Regulator in
March 2015 and in association with the PSR and the industry's
primary indirect access providers, which are Barclays Bank plc,
HSBC, Lloyds Banking Group and the Royal Bank of Scotland plc.
These four banks intend to subscribe to the code by September 30,
2015 and others may subscribe from September 1, 2015 via
self-certification. The code commitments include: (i) entitlement
to an agreement for the supply of indirect access; (ii)
communication of important information such as technical
specifications, security access requirements, operation,
availability and service performance levels; and (iii) management
and safeguarding of the supply of services, for example, when a
party decides to terminate the agreement or to migrate services to
become a direct participant in a UK payment system.
The Code of Conduct is available at:
http://www.accesstopaymentsystems.co.uk/sites/default/files/documents/Code%20of%20Conduct%20for%20Indirect%
20Access%20Providers%20%28Interim%29.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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