UK Payment Systems Regulator (PSR) proposes expansion of APP reimbursement scheme to CHAPS with the aim to prevent fraudsters from switching their operations to alternative payment systems

The new rules are proposed to go live on 7 Oct 2024, aligning with the Faster Payments reimbursement rules. The key points of the proposal include: the requirement for compensation expands to situations where the recipient is not the intended payee, or the payment was not made for its intended purpose, the proposed rules aim to encompass indirect participants of CHAPS, thereby widening the range of protection…