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User:Artemgy/New Payment System Operator

< User:Artemgy
New Payment System Operator
AbbreviationNPSO
FormationJuly 18, 2017; 7 years ago (2017-07-18)[1]
TypeLimited company
Registration no.10872449
Headquarters2 Thomas More Square,
London, E1W 1YN
Location
Coordinates51°30′30″N 0°04′06″W / 51.5082152°N 0.0682232°W / 51.5082152; -0.0682232
Region served
United Kingdom
ServicesPayment system, Clearing (finance)
FieldsFinance
Websitewww.newpso.uk

New Payment System Operator (NPSO) is the common name of NPSO Limited, the company responsible for clearing the most common types of interbank payments in the United Kingdom. It was formed in 2017 by and during Summer 2018 the companies, service and responsibilities for the following were merged into it: BACS, Faster Payments and Cheque and Credit. It processes over £6.3 trillion-worth of payments every year. [2]

History and Mergers

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The UK's Payment System Regulator's Payment System Operator Delivery Group produced a report that recommended consolidating three separate payment systems operators into one.[3]. The following sections offer some historical details of the subsidiary companies acquired by NPSO.

BACS

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Bacs Payment Schemes Ltd (BPSL), commonly know as BACS, was formed in as the Bankers ...

Until NPSO acquired and took over responsibility for the operation of the payment systems on 1st May 2018 https://www.bacs.co.uk/NewsCentre/PressReleases/Pages/NewPaymentSystemOperatorForBacsFasterPaymentsSystems.aspx

Faster Payments

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Faster Payments Scheme Ltd (FPSL).

The NPSO acquired and took over responsibility for the operation of these retail payment systems on 1st May 2018 https://www.bankofengland.co.uk/news/2018/may/consolidation-of-three-uk-payment-system-operators

Cheque and Credit Clearing Company

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The Cheque and Credit Clearing Company (C&CCC) managed the cheque clearing system in England and Wales from 1985 and in Scotland from 1996. It was acquired by NPSO on 1st July 2018 https://www.chequeandcredit.co.uk/press-release/new-payment-system-operator-takes-regulatory-responsibility-cheque-and-credit

UK Payments / APACS

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The Association for Payment Clearing Services (APACS) was formed in 1985[1] to oversee the majority of UK payment clearing systems and keep their operational efficiency and integrity in order. UK Payments Administration Limited, known as UK Payments, UKPA or UK Payments Administration, succeeded APACS on 6 July 2009, in supporting the systems operated by Bacs, CHAPS and the Cheque and Credit Clearing Company.

UKPA was acquired by NPSO subsidiary [when?] [4]. It delivered payment services including Faster Payments (real-time payments in the UK), Chip and PIN (quick and secure card payments), Paym (mobile payments service, and the Current Account Switch Service (to encourage industry competition). [5]

References

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  1. ^ "NPSO Limited Company Overview". Companies House. Retrieved 8 October 2018.
  2. ^ https://www.latham.london/2018/05/new-kid-on-the-block-new-uk-payment-system-operator-takes-over/
  3. ^ https://www.psr.org.uk/psr-publications/news-announcements/PSODG-report-new-payment-system-operator
  4. ^ https://www.chequeandcredit.co.uk/press-release/new-payment-system-operator-takes-regulatory-responsibility-cheque-and-credit
  5. ^ https://www.ukpayments.org.uk/our-story/
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Category:Organizations established in 2017 Category:Financial services companies of the United Kingdom

 

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