The Bank of England has announced that the New Payment System Operator Limited (NPSO) has taken over responsibility for the Bacs and Faster Payment retail payment systems. This consolidation is the result of work by both the Bank of England and the Payment Systems Regulator.
The objective is to develop the capability and capacity of the operators, and reduce the complexity and costs of having three separate retail payment system operators. It is intended that the Cheque & Credit Clearing Company Limited and UK Payments Administration Limited will join NPSO later in 2018.
The Bacs, Faster Payments and Cheque Clearing Company payment schemes together process more than £6.4 trillion of payments every year.