§ 26 — Powers of Authority to ensure interoperability between payment systems

26.—(1) The Authority may, by written notice, direct a payment service provider (being a major payment institution, an exempt payment service provider or a person exempt under section 100) that operates a payment system to adopt any common standard, on such terms and conditions as the Authority may consider appropriate, in order to ensure interoperability between different payment systems operated by different payment service providers.(2) In considering whether to issue a written notice under subsection (1), the Authority must have regard to the following matters:(a)

whether ensuring interoperability between different payment systems would be in the interests of the public;

(b)

the interests of every payment service provider that will be directed to adopt the common standard;

(c)

the interests of persons who, in the future, may be required, or may desire, to adopt the common standard;

(d)

such other matters as the Authority may consider to be relevant.

(3) In this section, “common standard” means any technical standard or set of technical standards, containing characteristics or specifications for accepting a payment order or processing a payment transaction on a payment system, that the Authority may specify by written notice.

—(1) The Authority may, by written notice, direct a payment service provider (being a major payment institution, an exempt payment service provider or a person exempt under section 100) that operates a payment system to adopt any common standard, on such terms and conditions as the Authority may consider appropriate, in order to ensure interoperability between different payment systems operated by different payment service providers.

(2) In considering whether to issue a written notice under subsection (1), the Authority must have regard to the following matters:(a)

whether ensuring interoperability between different payment systems would be in the interests of the public;

(b)

the interests of every payment service provider that will be directed to adopt the common standard;

(c)

the interests of persons who, in the future, may be required, or may desire, to adopt the common standard;

(d)

such other matters as the Authority may consider to be relevant.

(3) In this section, “common standard” means any technical standard or set of technical standards, containing characteristics or specifications for accepting a payment order or processing a payment transaction on a payment system, that the Authority may specify by written notice.