The consultation forms part of the Bank of England’s longer-term vision to move towards near-continuous settlement, building on the previously announced extension of CHAPS opening hours from 06:00 to 01:30 on weekdays from September 2027.

Pay.UK welcomes the Payment Systems Regulator’s (PSR) proposal to remove the expiry date from Specific Direction (SD)17 and expand its scope to bring all payment service providers (PSPs) currently offering Confirmation of Payee within a regulatory framework.

We welcome the opportunity to respond to HM Treasury’s consultation on the Bank of England’s fee regime. As the operator and standards body for the UK’s retail interbank payment systems, we support the safe, resilient and efficient operation of the UK payments ecosystem.