Regulator tells banks to open up payment system to competition

By Huw Jones LONDON (Reuters) - Banks should cut their stakes in one of Britain's core payments systems as part of a fundamental change to increase competition, Britain's Payment Systems Regulator (PSR) proposed on Thursday. The UK payments network is a patchwork of infrastructure built over many years and the PSR was set up after lawmakers called on the government for changes after customers suffered a string of glitches. "The evidence published today indicates that the common ownership of this