NPSO takes over cheque clearing; acquires UK Payments Administration

NPSO takes over cheque clearing; acquires UK Payments Administration

The UK's New Payment System Operator has taken over the running of the Cheque and Credit Clearing Company Limited and acquired the assets of service provider UK Payments Administration.

The move means that the NPSO has now completed the consolidation of the UK’s retail payment systems having taken responsibility of Bacs Payment Schemes Limited (Bacs) and Faster Payments Scheme Limited (FPSL) on 1 May 2018.

As a result, it will now be charged with managing the roll out of the recently launched Image Clearing System (ICS), which enables digital images of cheques to be exchanged between banks and building societies for clearing and settlement, significantly speeding up the process.

Paul Horlock, NPSO chief executive, says: “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.”

The NPSO's pivotal role in shaping the future of nation's payments plumbing has also been expanded with the simultaneous acquisition of UK Payments Administration. Created in July 2009 as the successor to the Association for Payment Clearing Services (Apacs), UKPA provides people, facilities and expertise to the UK payments industry.

Says Horlock: “UKPA plays a pivotal, behind-the-scenes role in helping to ensure the smooth running of the UK’s payment systems and we are delighted to welcome on board its personnel, who bring with them a wealth of knowledge and experience.”

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