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UK Finance on behalf merchant acquirers broadly supports the PSR's revised proposals as proportionate and relevant.
Acquirers would prefer to receive detailed information on fees that can easily be tracked back to the underlying scheme fee identifier. Acquirers were pleased to see that the PSR has dropped some of the less relevant and more onerous proposed remedies, such as the schemes establishing a merchant portal. Overall the package is workable and does what acquirers think is required - and will enable acquirers to more accurately calculate scheme fees to be reimbursed to them by their merchants. The PSR intends to consult further on requiring Visa and Mastercard to present UK based accounts. UK Finance is less keen on this remedy as it will not bring about any benefits to acquirers and is an impossible task to achieve objectively for global franchises.
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