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Main UK payment systems effectively privatised to one person
As of May 1st, there has been a new operator of the UK’s two most important retail payment schemes. New Payments Systems Operator Limited – or NPSO for short – has acquired Bacs Payments Systems Limited and Faster Payments Limited, whose schemes move more than £6.4 trillion every year, through the Bacs Direct Credit, Direct [...]
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NPSO takes over consolidation of Bacs and Faster Payments
The New Payment Systems Operator (NPSO) has announced that it has taken over responsibility for the operation of Bacs and Faster Payments. The completion of this transaction represents a significant milestone for the payments industry and is the latest step in a series of developments bringing wholesale change to UK payments. The PSR set up [...]
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Another record-breaking year for Bacs – 6.34 billion payments processed
Latest figures show that 2017 was another record-breaking year for Bacs Payment Schemes Limited (Bacs), with over 6.34 billion payments, worth a total in excess of £4.9 Trillion, processed by the company behind Direct Debit in the UK. At the end of June 2017, a huge 111.7 million Direct Debits and Bacs Direct Credits passed [...]
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UK payment systems represent systemic risk to financial stability – central bank consolidation underway
In a recent announcement, the UK’s Payment Systems Regulator and the Bank of England (BoE) agreed a framework for the consolidation of Bacs, the Cheque and Credit Clearing Company and the Faster Payments Scheme. The BoE has now gone one stage further and announced it will it will set out plans by the middle of [...]
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Bacs breaks more records in 2016 – £5 trillion in 2016
6.22 billion payments transactions worth a total of £4.8 trillion were processed by Bacs Payment Schemes (Bacs) in yet another record breaking year for the company behind Direct Debit in the UK. At the end of September 2016, a huge 109.3 million Direct Debits and Bacs Direct Credits passed through the system in a single [...]
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