Central Banking

UK takes next steps in payments shake-up

mobile-payment-flickr

The UK’s New Payment System Operator (NPSO) has taken over responsibility for two of the country’s three main retail payment systems, achieving one of its major milestones.

On May 1, the Faster Payments System and Bacs were successfully consolidated under the purview of the NPSO. Together, the systems process £6.3 trillion ($8.6 trillion) worth of payments annually.

“Today sees the start of a generational change in transforming the UK’s payments infrastructure,” said the managing director of

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