Let the bodies hit the floor...

Let the bodies hit the floor…

The UK’s Payment Systems Regulator (PSR) has got approval from the Competition and Markets Authority (CMA) for its plan for the consolidation of the operators of three payment systems.

As first reported in May, the PSR aimed to get Bacs Payment Schemes (BPSL), Cheque and Credit Clearing Company (C&CCC) and the Faster Payments Scheme (FPSL) merged into one organisation. These payment systems support people and businesses in the UK moving money between bank accounts.

Today, (12 July), the CMA cleared the anticipated merger with the PSR welcoming the decision.

Hannah Nixon, managing director of the PSR, says: “The CMA’s timely decision is a key milestone to ensure delivery of the New Payments Systems Operator (NPSO) by the end of 2017.”

Back in May, Nixon said it would be an “important first step towards a generational change in UK payments” as it can help a “transition to, and management of, a New Payments Architecture (NPA), which we believe could deliver more dynamic competition and innovation in payments”.

The plan was created by the Payment System Operator Delivery Group, an independently chaired body set up by the PSR and the Bank of England.

This story was originally published on 4 May 2017 with the headline “PSR plans three UK payment bodies into one”. Details about the CMA decision were added.