The New Payment System Operator (NPSO) has rebranded to become Pay.UK.
The payments industry regulator stated that this new identity helps better promote its core purpose, transforming the UK’s payment infrastructure to enable a vibrant economy, as well as being a logical progression from consolidating the UK’s three retail payment schemes – Bacs, Faster Payments and the Cheque and Credit Clearing Company.
The new name also reflects the fact that Pay.UK is modern, enabled by technology and focused on UK end users, according to a statement.
Pay.UK’s remit includes working in the public interest to ensure that the systems the country relies on for its banking transactions are safe, open, innovative and resilient.
Paul Horlock, chief executive of Pay.UK, said that the organisation puts the needs of consumers and businesses at the heart of everything it does, making sure that payments sent and received are done so safely, securely and efficiently.
“Our new name perfectly reflects this purpose, as well as showing exactly where our focus lies as we work to provide the foundation that the payments future of the UK is built on.”
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