Emerging Payments Association says small non-bank payment providers should have access to the same systems as the big banks

 
Lauren Fedor
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Non-bank providers want access to the same payment systems as larger lenders (Source: Getty)

Payments companies are urging regulators to overhaul the way payments are delivered by enabling alternative payments providers to better compete with larger lenders.

In a new report out today, the Emerging Payments Association (EPA) said while it welcomed a review from the Bank of England looking at payments systems, smaller non-bank providers wanted access to the big banks’ payment infrastructure sooner.

Payment Systems Regulator (PSR) managing director Hannah Nixon said the PSR will “continue our work to ensure businesses who need access to payment systems to provide competitive, innovative and dynamic services to their customers, can get the access they need without unnecessary barriers or burdens”.

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