PSR consults on timing of ‘confirmation of payee’ system to cut payment fraud

By Neasa MacErlean

ThePayment Systems Regulator is proposing to have the new ‘confirmation of payee’ system in place by 1 July in order to reduce the scope for ‘authorised push payment scams’. It is now consulting on its timetable, which envisages a two-step introduction as a way of delivering the system “in a safe, stable fashion”.