20 July 2017
visit www.finastra.com

Delivery plan agreed for consolidation of UK payment schemes

04 May 2017  |  9631 views  |  1 Canary Wharf Clock

The UK's Payment Systems Regulator and the Bank of England have agreed a framework for the consolidation of Bacs, the Cheque and Credit Clearing Company and the Faster Payments Scheme.

The delivery plan, put forward by the independent Payment System Operator Delivery Group, aims to reduces the complexity and costs of having three separate retail payment system operators (PSOs). The unified entity would also become responsible for the next stage of the development of the New Payments Architecture (NPA), an industry-led initiative that aims to increase competition and resilience as well as enhance innovation across the payments and banking industry.

Robert Stansbury, independent chair of the Payment System Operator Delivery Group, says: “We have made significant headway towards redefining the way in which the three PSOs will operate in the future. But while good progress has been made, support from across the industry is vital and significant collaborative work still needs to be done if the plan is to be delivered successfully and the benefits of the consolidation unlocked.”

The merger of the three PSOs was mandated by the PSR following an investigation into ways in which to inject more competition into the running of the nation's payments plumbing and to pave the way for new entrants coming into the market.

The Delivery Group is now asking the boards of the three PSOs that are to be consolidated to review and endorse the plan and what needs to be delivered, before it can be implemented. The target remains for the consolidation to be substantially completed by the end of 2017.

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 05 May, 2017, 17:29

How three PSOs? I thought BACS and FPS were operated by a single PSO, namely, VocaLink.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

PSR predicts 2017 will be a record-breaking year for open access to payment systems

PSR predicts 2017 will be a record-breaking year for open access to payment systems

09 March 2017  |  6336 views  |  0 comments | 9 tweets | 16 linkedin
Payments regulator blows away bank monopolies on infrastructure projects

Payments regulator blows away bank monopolies on infrastructure projects

07 December 2016  |  9914 views  |  7 comments | 29 tweets | 24 linkedin
UK payments regulator calls for structural reform

UK payments regulator calls for structural reform

28 July 2016  |  8881 views  |  0 comments | 18 tweets | 37 linkedin
PSF calls for consolidation of UK payment schemes

PSF calls for consolidation of UK payment schemes

13 July 2016  |  6242 views  |  0 comments | 10 tweets | 9 linkedin
Payments competition body says banks should sell stakes in VocaLink

Payments competition body says banks should sell stakes in VocaLink

25 February 2016  |  9158 views  |  5 comments | 13 tweets | 16 linkedin
PSR calls for further improvements in access to UK payment systems

PSR calls for further improvements in access to UK payment systems

15 December 2015  |  6073 views  |  0 comments | 6 tweets | 5 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ncr.comvisit www.abe-eba.euvisit www.niceactimize.com

Top topics

Most viewed Most shared
German fintech factory FinLeap raises EUR39 millionGerman fintech factory FinLeap raises EUR3...
12291 views comments | 19 tweets | 15 linkedin
EPC gears up for pan-European instant paymentsEPC gears up for pan-European instant paym...
9613 views comments | 10 tweets | 28 linkedin
Man trapped in ATM slides 'help me' notes through receipt slotMan trapped in ATM slides 'help me' notes...
9510 views comments | 8 tweets | 20 linkedin
Festy unveils digital currency payments wristbandFesty unveils digital currency payments wr...
8985 views comments | 11 tweets | 7 linkedin
Mastercard to buy AI outfit BrighterionMastercard to buy AI outfit Brighterion
8412 views comments | 14 tweets | 20 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job