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Schedule for UK BACS consolidations, Fast Payments Service and Cheque and Credit Clearing heralded.
In a new publication today, a proposed schedule for the elimination of bottlenecks between the providers of three payments schemes is presented: The Bacs Payments Schemes Ltd (BPSL), Cheque and Credit Clearing Company (C&CCC) et das Fast Payments Scheme Ltd (FPSL). Those payments help UK citizens and companies to transfer funds between banks.
It is aimed at developing operators' capabilities and capacities by integrating them into a unified organization and reducing complexities and cost for three distinct bulk payments system (PSO) providers. Today's scheme was drawn up by the Payments System Operator Delivery Group, an independent entity established by the Payments Systems Regulator (PSR) and the Bank of England.
It is now up to the board of the three companies to review and approve the plans. Mr. Robert Stansbury, Independent Chairman of the Payments System Operator Delivery Group, said: "We have made significant progress in re-defining the way the three PINs will work in the near-term. Having a consolidated PSO would facilitate easy entry into and management of payments schemes and help promote innovative and competitive activities throughout UK industries.
PSR and the Bank of England have examined the report of the Delivery Group prior to publishing it from the point of view of their particular aims and obligations. PSR CEO Hannah Nixon said, "It was the work of the Payments Strategy Forum that recognized the opportunities arising from the consolidation of these payments systems.
The Delivery Group has delivered a high level qualitative delivery within a short timeframe, providing a convincing way of implementing the new PSO to underpin the Forum's visions. Bailey, Director, Financial Market Infrastructures, at the Bank of England, said: "The Delivery Group reports contain a clear blueprint on some of the most important questions related to the ongoing process of consolidating the three payments system providers.
Subsequent to the delivery group's schedule the Bank of England and PSR updated the group's mandate to take into account the work necessary in the next phase of the ongoing consolidations work. Delivery Group now asks the board members of the three consolidated PRSOs to examine and confirm the Group's plans and confirm what needs to be supplied before it can be put into effect.
However, the goal is still to largely complete full implementation by the end of 2017.