The Payment Systems Regulator (PSR) has issued an important update regarding the implementation of the Reimbursement Claims Management System (RCMS). Originally planned for May 2025, the regulatory requirements for RCMS will no longer be introduced on this timeline, as the PSR has determined that this is no longer feasible. Instead, a consultation on the system’s implementation will take place in April 2025.
Background on the RCMS
The RCMS is a centralised system designed to streamline the management of Authorised Push Payment (APP) scam claims. The system aims to provide a consistent and secure approach for all Payment Service Providers (PSPs) to handle claims, ensuring efficient processing and reporting.
In April 2024, the PSR initially consulted on requiring PSPs to use Pay.UK’s RCMS, outlining its potential benefits in enhancing transparency, standardisation, and compliance monitoring. Following this, a policy statement published in July 2024 confirmed that while the regulator still sees the value in an industry-wide system, no immediate regulatory obligations were imposed at that time.
The current situation
Since 7 October 2024, new APP scam reimbursement rules have been in effect, requiring firms to protect victims and process claims in line with these rules. While existing claims management systems are in use, the PSR wants a more uniform approach. However, given the complexities and industry efforts required to implement the broader APP scam reimbursement framework, the PSR has decided that imposing regulatory requirements for RCMS in May 2025 is not practical.
What happens next?
The PSR will launch a new consultation in April 2025 to seek industry views on whether regulatory requirements should be placed on Pay.UK to implement RCMS for claims management and data reporting. This consultation will run for at least eight weeks and will include discussions on a potential implementation timeline.
While no definitive date has been set, the earliest possible introduction of regulatory requirements is expected to be late 2025. However, this will be determined based on industry feedback and further assessment by the PSR.
Industry engagement
Given the significant operational impacts of APP scam claims processing, industry participants are encouraged to engage with the consultation to ensure a practical and effective outcome. The PSR has also invited stakeholders to provide their input ahead of the consultation process.
If you wish to share your views or require further information, you can contact the PSR directly at appscams@psr.org.uk.
What this means for businesses
For firms operating in the payments space, this update provides additional time to prepare for any potential regulatory requirements related to the RCMS. While current claims management processes remain in place, businesses should continue monitoring regulatory developments and consider how a centralised system may impact their operations in the future.
How Neopay can help
At Neopay, we stay ahead of regulatory changes to ensure our clients remain compliant. Neopay can help with ensuring your systems and controls adhere to the regulatory requirements, as well as assisting with practical aspects of managing customer claims efficiently and compliantly. If you need support in understanding the evolving APP scam reimbursement requirements and their implications for your business, get in touch with our team today.
