Are non-bank payment service providers doing enough to protect customers’ funds?

A recent review by the Financial Conduct Authority (FCA) found that some non-bank payment service providers (PSPs) are not doing enough to protect customers’ funds and are urging them to take action. However, rather than acting rashly, payment service providers need to make sure they fully understand the security requirements before doing so.

Make sure that the documentation is accurate, detailed, and clearly justified.

Specifically, non-bank payment service providers have received a letter from …

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