EPA publishes payment providers guidance in a call for transparency

Ten account providers from the UK have contributed in their own words to the report, entitled, ‘Guide to Payment Account Providers’, including e-money institutions (EMIs), digital banks and other Account Servicing Payment Service Providers (Payment institutions/PIs). The guide examines what kind of accounts they offer, their risk appetite and schemes they support, as well as providing clear and practical guidance for those opening accounts with them. 

Historically, the payments industry is often subject to criticism for closing its doors to businesses, due to an increased level of de-risking by UK banks, however, this report provides an objective summary and extended invitation to all UK providers for contribution.

The EPA previously launched a survey on banking access to its members, with 48% of respondent companies having been refused a banking service. However, the EPA’s guide illustrates how far the industry has progressed in recent years, and supports the ability of EMIs, PIs, digital banks to open and keep open bank accounts for safeguarding funds and everyday trading, and to secure a widely accepted understanding of the scale and nature of de-risking and its impact on financial services and businesses.

The guide will act as a live document, with more payment providers lined up to contribute to the next edition in six months’ time. The guide recognises the work of UK Finance and it’s Access to Payment Account Services, a Good Practice Guide, which provides an excellent summary of the regulatory and legal requirements for providers. The EPA will continue to work with UK Finance and other trade bodies to champion increased open access to accounts and payments within the UK.

The Emerging Payments Association (EPA), established in 2008, connects the payments ecosystem, encourages innovation and drives business growth for payments companies. 

The members come from across the payments value chain; including payments schemes, banks and issuers, merchant acquirers, PSPs, retailers and more. These companies have come together, from across the UK and internationally, to join our association, collaborate and speak with a unified voice.

This response was delivered as an output from the EPA’s Project Banking Access. Project Banking Access helps the payments industry support EMIs, PIs, digital banks, and merchants to open and keep open bank accounts for safeguarding funds and everyday trading, and to secure widely accepted understanding of the scale and nature of de-risking and its impact on financial services and businesses. Project Banking Access is supported by its Benefactor, Galileo Processing.