News

New operator takes over Bacs, Faster Payments systems in the UK

May 3, 2018

The U.K.'s New Payment System Operator has assumed the operational responsibility for the Bacs and Faster Payments systems, which process a combined 6.3 trillion pounds ($8.5 billion) worth of payments annually, according to a press release.

The move ensures continuity of operations for the main payment systems, and consumers will not notice any changes, according to a press release from NPSO.

"Bacs and Faster Payments have developed a huge amount of trust in payments through the certainty, integrity and security inherent in their systems," NPSO CEO Paul Horlock said in the release. "The New Payment System Operator will maintain that stability and security while ensuring the continued relevance and competitiveness of the services we provide."

The New Payment System Operator was formed following the report from the Payment System Operator Delivery Group, an independently chaired body set up by the Payment Systems Regulator and the Bank of England.