UK's new payment system operator appoints Board
04 October 2017 | 2322 views | 1
The UK’s new payment system operator, which has been established to develop the capability and capacity of the UK’s retail payment systems, has today appointed its first five Board members.
• Anna Bradley - Chair, Rail Safety and Standards Board
• Becky Clements - Head of Industry Engagement and Payment Change at Metro Bank
• Russell Saunders - Managing Director Global Payments at Lloyds Banking Group
• Robert Stansbury - previously, Independent Chair of the Payment System Operator Delivery Group
• Peter Wyman - Chairman, Care Quality Commission
The Board will be chaired by Melanie Johnson, who took up the position of independent Chair of the new payment system operator on 1 September, with Paul Horlock taking up the post of Chief Executive on 16 October.
The appointment of these Board members follows the successful creation of the corporate entity for the new payment system operator. NPSO Limited was incorporated on 18 July 2017 as a company limited by guarantee. The first meeting of the new Board will take place on 11 October, with four further members to be appointed in the coming months.
The intention behind the creation of the new payment system operator is to achieve the consolidation of Bacs Payment Schemes Limited (Bacs), Faster Payments Scheme Limited (FPSL), and the Image Clearing System (ICS), which will replace the paper processing system for cheques currently managed by the Cheque and Credit Clearing Company (C&CCC). These retail payment systems, which process over £6.4 trillion pounds of payments every year between them, will be joined by UK Payments Administration, which provides the people, facilities and expertise to support the systems behind the payment system operators.
As a single entity, the new payment system operator will build on the achievements and successes of the existing payment schemes and progress their well-defined strategies for the benefit of the UK economy. In addition, taking an over-arching view of the retail payments sector will enable the new payment system operator to deliver greater efficiency, more innovation and fair and equal access to payments and the infrastructure that facilitates them.
Melanie Johnson, independent Chair of the new payment system operator, said: “The new board reflects the experience needed for the establishment of the new payment system operator, providing a strong foundation for the future. The new members of the board bring a wide range of expertise to guide and deliver change successfully while maintaining a focus on service delivery.”