ECSH24500 - Payment Services Regulations 2017

听(PSR听2017)听require UK based payment service providers to be authorised or registered with the Financial Conduct Authority (FCA). Schedule 1 to the PSR 2017听lists the following as recognised 鈥減ayment services鈥� when carried out as a regular occupation or business activity鈥撎�听

  • Services enabling cash to be placed on a payment account and all of the operations required for operating a payment account听

  • Services enabling cash withdrawals from a payment account and all of the operations required for operating a payment account听

  • The execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider听

  • The execution of payment transactions where the funds are covered by a credit line for a payment service user听

  • Issuing payment instruments or acquiring payment transactions听

  • Money remittance听

  • Payment initiation services听

  • Account information services.听听

This brings Money Service Businesses (MSBs)听who are money transmitters听into scope of the PSR 2017.听 听

More information about PSR 2017听can be obtained at the FCA 听