Faster Payments responds to the Payment System Operator Delivery Group’s report

Faster Payments Scheme Limited welcomes the publication today (Thursday 4 May 2017) of the Payment System Operator Delivery Group’s report ‘New Payment System Operator’. We believe a new consolidated Payment System Operator will help co-ordinate the priorities for change across the industry and leave us better placed to attract and retain the skills and experience needed to drive through the substantial changes envisioned by the wider strategy for payments in the UK.

Faster Payments has been fully engaged in this work for the last six months and is now working with Bacs and Cheque & Credit to prepare for the first steps in implementation, subject to the necessary agreement from the Competition and Markets Authority. The initial stages of implementation will be overseen by the three existing scheme chief executives who will continue to work with the Delivery Group.

For now, it’s business as usual for all Faster Payments staff and participants, delivering reliable and secure payment services for the UK economy, driving competition by opening access and preparing to deliver exciting new services for all users of our service.