Emerging Payments Association and Clearsettle join forces on 'Project Regulator'

Source: Emerging Payments Association

The Emerging Payments Association (EPA) gained a new Benefactor, Clearsettle, for Project Regulator, one of its eight projects to drive change, connect the payments eco-system and encourage innovation.

Project Regulator is focused on ensuring and shaping a level regulatory landscape for non-bank PSPs and EMIs in the UK. The project delivers this by engaging with regulatory bodies to promote and champion the regulatory concerns of EPA members and drive industry-critical change. A recent success from Project Regulator has been in engaging with the Financial Conduct Authority (FCA) to allow the use of ‘banking services’ for non-bank PSPs - as long as its usage is not misleading.

EPA Director General, Tony Craddock said, “Regulations are what make payments such an exciting industry. But we need to ensure they are fit for purpose, well understood and correctly adopted. With Clearsettle’s backing as Benefactor behind our EPA Project Regulator, we can use our collective voice to make sure this happens.”

"As an emerging payments company, we are eager to help shape the regulatory landscape in which we and our peers operate," said Iana Dimitrova, General Counsel of Clearsettle. "By becoming a Benefactor of Project Regulator, we can contribute to the EPA’s mission of promoting a level playing field for payments companies—ultimately creating greater value for consumers."

Project Regulator lead and Head of Advisory of fscom, Alison Donnelly also commented, “It is great to see that Clearsettle has come on board as the Benefactor of the Emerging Payments Association’s Project Regulator and shares our keen focus on developing a fairer regulatory landscape for all. Over the next year, Project Regulator will focus on defining banking terminology, how payment systems will be governed and controlled, and putting passporting on the Brexit negotiation agenda. There’s a lot to achieve, but given the credentials and enthusiasm of those involved, we are confident we will make an important contribution to making the UK the best environment for the emerging payments market”. 

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