The New Payment System Operator (NPSO) has assumed responsibility for the Bacs and Faster Payments systems, which process a combined £6.3 trillion worth of payments annually.

The move ensures the continuity of operations of the UK’s main payment systems, which are relied on every day for thousands of salaries, benefits, bills, mortgage and other internet and mobile banking payments. Users of these payment systems will not have to do anything differently, with all payments being processed as usual.

The transfer of the operational responsibility and control for the Bacs and Faster Payments products and managed services occurs simultaneously with Bacs and Faster Payments schemes becoming subsidiary companies of the NPSO.

The NPSO wanted to bring the retail payment systems together under one roof to establish a single voice for retail payments, reducing the complexity and risk while providing a platform for future competition and innovation.

“Bacs and Faster Payments have developed a huge amount of trust in payments through the certainty, integrity and security inherent in their systems,” said Paul Horlock, chief executive of the NPSO. “The NPSO will maintain that stability and security whilst ensuring the continued relevance and competitiveness of the services we provide.”

The Cheque & Credit Clearing Company, which manages the paper processing system for cheques and incorporates the recently launched Image Clearing System, is also due to join the NPSO in the coming months, along with UK Payments Administration Limited, the company which provides people, facilities and business services to the payment ecosystem.

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