Faster Payments responds to merger announcement by the CMA

Faster Payments Scheme Limited (FPSL) is pleased to confirm that, with regard to the proposal to merge FPSL, Bacs and the Image Clearing System to form a single, new, retail payment system operator as recommended by the Payments Strategy Forum (PSF), the Competition and Markets Authority has decided not to refer the merger to a Phase 2 investigation.

This is a vital milestone to have reached in the process of moving to a single, integrated, retail payment system operator, which will simplify access to payment systems and deliver the New Payments Architecture being developed with the PSF.