Inside the UK payments alphabet

Abstract Understanding the UK payments ecosystem is increasingly important for legal and financial professionals, particularly insofar as it interacts with the broader financial system, but the abundance of jargon and acronyms can make the sector difficult to navigate. While not intended to be an exhaustive glossary, this article provides an overview of this ecosystem and its legal and regulatory landscape, setting out the main categories of payment service providers, the payment services they provide, the technical infrastructure surrounding them, and the most commonly used acronyms and abbreviations. The legislative basis of regulation is outlined within the broader financial regulatory framework, along with the safeguards employed against financial crime.