The UK government is keen to establish a new payments regulation body, Payments Systems Regulator (PSR), in 2015.
Currently, the payments industry is working to outline plans for cooperation between PSR and Payments Council that has been chalking out its own payments roadmap, according to Finextra.
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PSR acting managing director Mary Starks told the news agency at a Payments Council event that the new regulator is still working on its role in supporting innovation but that regulation is distinct from the engineering.
Starks, however, noted that the watchdogs usually give a framework and then encourage competition to drive innovation.
"I think there’s a question in payments of whether that [setting a framework] is enough or whether the regulator will need to go further and be a bit more directive," added Starks.
Since regulators do not provide strategies for the industry, the council and its roadmap facilitates the strategy for steps such as moving to international standards and making further inroads on real-time payments.
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By GlobalDataPayments Council CEO Adrian Kamellard told Finextra said, "Then the regulator can look at both the questions and the way that they are being answered and say, either that’s fine, in which case they’ll focus on other areas. And if it’s not fine they’ll make it clear that it’s not fine and we’ll then address any concerns they may have."
