Consolidation of UK retail payment systems now complete

Regulatory Updates | 03/07/18

The Payment Systems Regulator (PSR) has confirmed that the New Payment Systems Operator (NPSO) took over the running and managing of the cheque paper and cheque image clearing systems on 1 July 2018. The NPSO has now completed the consolidation of the UK’s retail interbank payment systems, having taken responsibility for the systems run by Bacs Payment Schemes Limited (Bacs) and Faster Payments Scheme Limited (FPS) on 1 May 2018.