UK regulator wants banks to sell their stake in payments infrastructure
PSR says the ownership of infrastructure by a handful of banks damages competition and innovation; unveils a raft of proposals, including forcing banks to sell their interest in VocaLink
The UK's Payment Systems Regulator (PSR) believes banks should sell their stake in the country's payments infrastructure, as part of a set of proposals designed to boost competition unveiled on February 25.
The core infrastructure for retail payments in the UK is operated by VocaLink, a private for-profit company owned by a handful of the country's largest banks.
"The evidence published today indicates that the common ownership of this infrastructure provider by this small number of banks is
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