Our payments universe is evolving, and it’s important we communicate both the vision and role of
the NPSO in driving these important changes forward.
As I told a Westminster audience recently, we are now responsible for 8.3 billion retail payments
worth £6.7 trillion – that’s as a result of bringing Bacs, and Faster Payments together under a single
roof earlier this year, with Cheque and Credit Clearing having joined NPSO on 1 July.
Our objective: to deliver best in class in infrastructure and standards.
This involves a huge, transformational programme but our approach is straightforward. We will act
as a single gateway to these services.
We will make rules and messaging standards consistent across our full portfolio of payment products to simplify access and enable new data-enhanced services – and that will improve consumer experiences across the entire payments value chain.
Of course, one of the biggest and most important changes we need to make is to the infrastructure
behind the payment schemes.
We are already working on the procurement of the clearing and settlement layer of the New
Payments Architecture. These hi-tech rails on which our already world class payment services will
run, are scheduled for delivery in around four years. And that timeframe is important – getting it right
is more important than getting there quickly.
But our ambitions do not end with our responsibilities for infrastructure and messaging.
The NPSO will be a catalyst for change in the payments industry, a force behind payments-related
innovation and competition in the market.
In simple terms, as the single home for retail payments, we will champion progress to the benefit of
all. That means, in part, building on the highly efficient, secure, and popular payment methods that
now sit under the NPSO.
But we are also already developing specifications for new services that will meet the evolving needs
of end users, businesses, and the banking industry alike.
Confirmation of Payee and Request to Pay are just two of the areas being worked on right now, and I
look forward to sharing more news on those – and our other achievements - later this year.
As the NPSO, we are changing the face of payments in this country.
We will make what was already good, great. And what was already great, even better.