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BBA ponders Payments Council merger - Sky News

22 July 2014  |  5700 views  |  0 London Gherkin building

The British Bankers' Association (BBA) is investigating a merger with the Payments Council and the UK Card Association, according to Sky News.

Preliminary discussions on possible combinations were held at a BBA board meeting last week, says Sky News, citing a source, but it is unclear whether the idea will go any further.

The BBA and Payments Council have not commented on the report, while the UK Cards Association says that it has had no merger discussions.

Any tie-up could help shore up the BBA's finances, which have been under pressure since the organisation was forced to give up administering the Libor benchmark rates in 2012, costing it around 20% of its revenues.

The Payments Council's role is in flux as it prepares to lose its role as the industry's self-regulatory body thanks to the introduction, next April, of a new utilities-style payments watchdog.

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