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The Payment Systems Regulator (PSR) and Bank of England (BoE) have revealed that the UK will be getting the New Payment Systems Operator (NPSO) by the end of 2017.

The duo says that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to deliver what was asked and so with the NPSO “now taking the lead”, the PSODG will be closed down.

The PSR and BoE established the PSODG with the specific aim of planning for the consolidation of the operators of three payment systems: Bacs Payment Schemes Ltd (BPSL), Cheque and Credit Clearing Company (C&CCC) and the Faster Payments Scheme Ltd (FPSL). These payment systems support people and businesses in the UK moving money between bank accounts.

Hannah Nixon, managing director of the PSR, says: “The creation of the NPSO is an important step in streamlining the UK’s payment systems and creating an environment that delivers competition and innovation for the benefit of everyone.”

Both the PSR and the BoE also tasked the PSODG with forming recommendations on the detailed design of the NPSO and producing a plan that would allow for the consolidation to be completed by the end of 2017.

Melanie Johnson is the first chair, the process of forming the initial board has commenced. Johnson has worked in the public and private sectors, including as City Minister in the Treasury. Responsibility for completing the consolidation lies with the NPSO and the three existing operators.

The PSR and BoE will continue to work with the NPSO to “ensure the plan is delivered in a timely and smooth fashion”.