Payment Consolidation

consolidation of payments

Concentration of UK providers of payment systems Today, the operator of the new payment system has assumed operational responsibilities for two of the UK's bulk payment schemes - Bacs and Fast Payments. NPSO anticipates that it will assume full ownership of the check and credit clearing company in the coming month. Successfully consolidating the three providers was a priority for both the Payment System Regulator (PSR) and the Bank of England.

It is an important stage in the first integration of three payment schemes and will improve the performance and capacities of payment system providers and reduce the complexities and cost of setting up three distinct Payment System Providers (PSOs). NPSO will also be in charge of implementing the New Payment Architecture (NPA) - an industry-led effort aimed at increasing competitiveness, robustness and fostering overall payment and bank sector innovations.

There are a number of important advantages for the consumer in the Forum's draft, such as the confirmation of the payment recipient (allowing the customer to check whether they are making the intended payment) and the payment order (a facility for a payment recipient to submit a payment order to a payer) - the NPSO's assisted supply service will be designed in a market place.

They will both give better consumer controls over payment from their bank account and better protect against cheating. PSR and the Bank of England are overseeing developments to make sure that the NPSO provides a system that benefits all and increases robustness in the UK payment industry. "Today marks the beginning of a new generation in the transformation of the British payment industry.

Bailey David, Director, Financial Market Infrastructures, Bank of England, said: "Today is an important landmark in the development of payment traffic in the UK with NPSO taking charge of the operation of the Bacs and Faster Payment system.

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