The Payment Systems Regulator (PSR) and Bank of England (BoE) have announced that UK will get the New Payment Systems Operator (NPSO) by the end of 2017, which will consolidate its existing payment systems.
The UK currently has three payment systems, namely Bacs Payment Schemes (BPSL), Cheque and Credit Clearing Company (C&CCC) and the Faster Payments Scheme (FPSL), which facilitates money transfer between bank accounts in the UK.
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At the same time, the regulators also announced that they will now shutter the Payment System Operator Delivery Group (PSODG), which was launched with an aim to plan for the consolidation.
PSODG was asked to offer recommendations on the detailed design of the new operator and a plan for the consolidation. The task of completing the integration will now be implemented by NPSO and the three existing PSOs.
PSR managing director Hannah Nixon said: “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. The delivery group has put in place a framework that will allow for the completion of the PSO consolidation by the end of the year, in line with our ambitious timetable.”
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By GlobalData
