All payments will continue to be processed as usual through the paper clearing system for cheques and the recently launched Image Clearing System (ICS), which enables digital images of cheques to be exchanged between banks and building societies for clearing and settlement, significantly speeding up the process.
The NPSO has now completed the consolidation of the UK’s retail payment systems having taken responsibility of Bacs Payment Schemes Limited (Bacs) and Faster Payments Scheme Limited (FPSL) earlier in the year.
Paul Horlock, Chief Executive of the New Payment System Operator, said: “The Cheque and Credit Clearing Company has developed a tremendous amount of trust in payments through the robust and secure exchange of cheques and credits for over 30 years and is now revolutionising the way cheques are cleared through the ICS. “This is our opportunity to create the future of retail payments in the UK, driving value for people and businesses and enabling a vibrant UK economy. We will be the leading payments authority that will create a best in class payment infrastructure and standards in the UK for the benefit of people everywhere.”
The NPSO has also acquired UK Payments Administration Limited (UKPA), the service company responsible for providing people, facilities and business services to the payment ecosystem.
Paul Horlock continued “UKPA plays a pivotal, behind-the-scenes role in helping to ensure the smooth running of the UK’s payment systems and we are delighted to welcome on board its personnel, who bring with them a wealth of knowledge and experience.”
The NPSO maintains the payment systems and develops the standards which are the lifeblood of the UK economy. It is the leading authority for payments, working in the public interest to ensure the payment systems that the UK relies on for its banking are safe, open, innovative and resilient.