Bacs and Faster Payments transferred to New Payment System Operator
New Payment System Operator (NPSO) has taken on responsibility for the Bacs and Faster Payments systems in the UK.
Together, the two schemes process £6.3 trillion worth of payments annually.
“The move ensures the continuity of operations of the UK’s main payment systems, which are relied on every day for thousands of salaries, benefits, bills, mortgage and other internet and mobile banking payments,” NPSO explains.
“Users of these payment systems will not have to do anything differently, all payments are being processed as usual.”
Bacs and Faster Payments schemes are now subsidiary companies of the NPSO.
“Bringing the retail payment systems together is a key step in establishing a single voice for retail payments in the NPSO and will enable a vibrant economy, reduce complexity and risk and provide a platform for future competition and innovation,” the new company says.
“This is our opportunity to create the future of retail payments in the UK, driving value for people and businesses and enabling a vibrant UK economy. We will be the leading payments authority that will create a best in class payment infrastructure and standards in the UK for the benefit of people everywhere,” states Paul Horlock, CEO of NPSO. So modest.
The NPSO was formed following the report from the Payment System Operator Delivery Group, an independently chaired body set up by the Payment Systems Regulator (PSR) and the Bank of England.
The Cheque & Credit Clearing Company Limited (C&CCC), which manages the paper processing system for cheques and incorporates the recently launched Image Clearing System (ICS), is also due to join the NPSO in the coming months along with UK Payments Administration Limited (UKPA), the company which provides people, facilities and business services to the payment ecosystem.