Welcome to the NPSO Website
An Introduction to the NPSO
This is the interim website for the New Payment System Operator which has been set up to develop the capability and capacity of the UK's retail payment systems.
Incorporated on 18th July 2017, NPSO Limited is the holding name for the new payment system operator created to consolidate Bacs Payment Schemes Limited (Bacs), Faster Payments Scheme Limited (FPSL), and the Image Clearing System (ICS), which will replace the paper processing system for cheques currently managed by the Cheque & Credit Clearing Company (C&CCC). These retail payment systems, which process over £6.4 trillion pounds of payments every year between them, will be joined by UK Payments Administration, which provides the people, facilities and expertise to support the systems behind the payment system operators.
The work to create the new payment system operator is the result of recommendations made by the Payment System Operator Delivery Group (PSODG) in their 'New Payment System Operator' report, published on 4 May 2017. The PSODG was set up by the Payment Systems Regulator (PSR) and the Bank of England to consider the key issues related to consolidating the governance of the payment system operators.
The New Payment System Operator Programme is the co-ordinating body that is now working on implementing the recommendations. It is made up of six workstreams: Change Management, Communications, Corporate Governance, Finance, People and Risk Frameworks. Each workstream has a clear purpose and Terms of Reference which clearly define its remit. The co-ordination of the work to implement the recommendation is driven and overseen by the Programme Director, John Stenhouse.
This website acts as a hub for all news and information relating to the consolidation of these schemes and services. If you would like to know more about NPSO, or have a press or media related query, please follow the link in the menu above to contact us.
About the NPSO: Factsheet
This factsheet provides an introduction to the NPSO's role and responsibilities, and sets out its planned approach to working with stakeholders to improve the UK's payment services. Click here to preview it.