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The Bank of England has gone on record saying it will allow FinTech companies to store funds overnight in interest-bearing accounts at the central bank, allowing them to bank at... more
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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The Payment Systems Regulator (PSR) and Bank of England (BoE) have announced that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to deliver against the mandate that the regulators tasked it with. Following the appointment of Melanie Johnson as its first chair, work will continue at pace to deliver the New [...]
The Bank of England has extended direct access to Real Time Gross Settlement (RTGS) accounts to non-bank payment service providers as part of a wide-ranging effort to inject more competition and innovation into the UK’s payments systems. The widely-trailed move is expected to open up a competitive space which has long been the preserve of [...]
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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 [...]