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Except VocaLink still own and operate FPS’s central infrastructure, that’s not going to change anytime soon. Even if there was the political will to change it,
by avianlyric 6y ago
Except VocaLink still own and operate FPS’s central infrastructure, that’s not going to change anytime soon. Even if there was the political will to change it, there isn’t really the technical capability. They also own the only real FPS payment gateway (although you don’t need to use them).
It’s true that Pay.UK sets the participants fees etc But it’s not hard to see them increasing them to help deal with fraud costs if Open Banking payment initiation takes off. I know this because I was involved in preventing the fees from being increased that last time this was proposed.
You can also bet money that MasterCard will use their ownership of VocaLink to find a way to increase their cut of FPS fees.