Building trust in Open Banking payments has been a “central theme” discussed among the Joint Regulatory Oversight Committee (JROC) working groups, ahead of a “full set of Open Banking payments” being offered by 2025, according to Kate Fitzgerald, head of policy at the Payment Systems Regulator (PSR).
In her keynote, ‘An update from the Payment Systems Regulator’ on Day Two of Open Banking Expo UK and Europe, she said that the PSR sees a “real opportunity to develop Open Banking payments” beyond the CMA Order and to enhance competition between payment systems.
She cited the East Lothian Housing Association as an example of an organisation that is “harnessing the power of Open Banking payments to give tenants more control over their rent payments”.
She was introduced to the stage by Julian Wells, director at Whitecap Consulting, who chaired the Main Stage on the second day.
Speaking to delegates, Fitzgerald said that cards “shouldn’t be the only alternative to cash options”, and that there are other “viable alternatives” but that they’re “just not perfect – yet”.
She spoke about the need to “unlock quick wins this year” through the JROC working groups and how, by 2025, the PSR wants “to see a full set of Open Banking payments” made available.
Fitzgerald is chair of the Variable Recurring Payments Working Group (VRPWG), which she acknowledged has required “intensive industry collaboration”, with discussions around how VRPs should be scaled, with a focus on “lower-risk” use cases and “building trust”.
The VRPWG held a meeting on the first day of Open Banking Expo at the Business Design Centre in London.
During her keynote, Fitzgerald also addressed the need to create an “environment where new entrants can compete with incumbents – and even win”.
She took audience questions on digital identity architectures, central bank digital currencies, and APP fraud in faster payments.