An updated, voluntary Code of Conduct for Indirect Access Providers (IAPs) has been published today (5 April 2018) following a consultation with stakeholders.
The principal aim of the Code is to improve the experience of Indirect Payment Service Providers (IPSPs) by clearly setting out the responsibilities of IAPs that subscribe to the Code.
The New Payment System Operator (NPSO), in its role as Code Administrator, along with IAPs and the Payment Systems Regulator (PSR), has reviewed the Code in light of the recently introduced Payment Services Directive 2 (PSD2) regulation. The enhanced version of the Code reflects on the PSD2 powers relating to indirect access to designated payment systems. Since the Code’s launch in 2015, subscribing IAPs continue to take positive steps to demonstrate alignment with the Code commitments and heighten awareness across IPSPs.
ClearBank, has recently subscribed to the Code, making it the fifth subscriber alongside Barclays, HSBC, Lloyds and RBS. The addition of ClearBank further increases the market competition for indirect access to payment systems in the UK.
The Code Administrator will continue to monitor the Code’s effectiveness through regular compliance monitoring and engagement with stakeholders and the PSR. This monitoring will include seeking feedback from interested stakeholders via the Code Consultative Group. More information on this Group is available on the Access to Payment Systems website.
Tim Yudin, Director of Design and Delivery at the NPSO, said:
“We are pleased to welcome ClearBank as a new subscriber to the Code of Conduct. The Code is important in supporting the increasing number of payment service providers that rely on indirect access to the UK’s main payment systems. We are confident that Code subscribers will continue to deliver services to the standards of best practice stated in the Code and the NPSO, as Code Administrator, will continue to monitor its effectiveness.”
Nick Ogden, Founder and Chairman of ClearBank® said:
“As the UK’s fifth clearing bank we are focussed on delivering market neutrality, transparency and improved access to the UK payment schemes. As a signatory to the Code we will maintain and deliver the Code standards and best practices which support and complement our own core business objectives.”