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Business as usual following Bacs change

on Friday, 04 May 2018.

Business as usual following Bacs change

Operational responsibility for the Bacs and Faster Payments systems has transferred to the New Payment System Operator (NPSO).

Users of these systems, including employers, have been assured that all payments will be processed as usual and they will not have to do anything differently. The move to make Bacs and Faster Payments subsidiaries of NPSO will ensure the continuity of operations of the UK’s main payment systems, which process a combined £6.3 trillion worth of payments annually.

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 and the Bank of England. NPSO was established to develop the capability and capacity of the UK’s retail payment systems, and is the leading authority for payments, working in the public interest to ensure the payment systems the UK relies on for its banking are safe, open, innovative and resilient.

Paul Horlock, Chief Executive of the New Payment System Operator, said: “Bacs and Faster Payments have developed a huge amount of trust in payments through the certainty, integrity and security inherent in their systems. The NPSO will maintain that stability and security whilst ensuring the continued relevance and competitiveness of the services we provide.

“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,” added Horlock.
Bringing the retail payment systems together is a key step in establishing a single voice for retail payments in the NPSO. It is expected to reduce complexity and risk and provide a platform for future competition and innovation.

The Cheque & Credit Clearing Company Limited, which manages the paper processing system for cheques and incorporates the recently launched Image Clearing System, is also due to join the NPSO in the coming months along with UK Payments Administration Limited, the company which provides people, facilities and business services to the payment ecosystem.