All UK in scope-PSPs for the forthcoming APP reimbursement rules are first required to register with Pay.UK, the recognised standards body for the UK interbank payment systems which will be implementing the APP reimbursement requirement.
The reimbursement rule for fraudulent transactions made through FPS comes into force on 7th October 2024.
From 7th October, in-scope PSPs will be required to reimburse victims within five working days, and receiving PSPs will be required to share the cost of the fraud loss with the sending PSP.
Learn more about Plenitude’s Fraud Practice and how we are helping clients prepare for forthcoming regulatory changes while reducing fraud losses and operational costs.
https://www.plenitudeconsulting.com/services/fraud-practice
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