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July 3, 2018

NPSO completes consolidation of UK retail payment systems

The UK’s New Payment System Operator (NPSO) has taken over the responsibility to manage the Cheque and Credit Clearing Company (C&CCC).

At the same time, NPSO also acquired UK Payments Administration (UKPA), which offers business services, people and facilities to the payment ecosystem.

C&CCC has now become a subsidiary of NPSO. The latest move brings all the retail payment system operators in the UK under a single roof.

In May this year, NPSO assumed operational responsibility of the UK’s Bacs and Faster Payments systems.

NPSO will now manage the roll out of the Image Clearing System (ICS), which enables exchange of digital images of cheques between banks and building societies for swift clearing.

NPSO CEO Paul Horlock said: “The Cheque and Credit Clearing Company has developed a tremendous amount of trust in payments through the robust and secure exchange of cheques and credits for over 30 years and is now revolutionising the way cheques are cleared through the ICS.

“This is our opportunity to create the future of retail payments in the UK, driving value for people and businesses and enabling a vibrant UK economy. We will be the leading payments authority that will create a best in class payment infrastructure and standards in the UK for the benefit of people everywhere.”

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