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Payment System Operator Delivery Group’s report

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​PSODG publishes New Payment System Operator report

“Today sees the publication of the Payment System Operator Delivery Group’s report “New Payment System Operator”, a blueprint for the future of the UK’s payment industry and a marker in the evolution of this important sector.

“We look forward to working collaboratively with others in the industry, as well as our stakeholders, to deliver the best outcome for all concerned. With the overwhelming majority of automated payments in the UK processed through Bacs, we will continue to take very seriously our responsibility of facilitating the efficient functioning of the country’s day-to-day finances before, during, and after any change to industry structure.

“Our chairman, David Rigney, is part of the Payment System Operator Delivery Group responsible for planning the consolidation of the three payment scheme companies. Now, as we move into the next phase, our chief executive Michael Chambers will join the chief executives of both Faster Payments Scheme Limited and Cheque and Credit Clearing Company on the Implementation Group, which will deliver the changes.

“While that work is underway, the team at Bacs will continue to securely and efficiently meet the needs of all of our stakeholders, whether that’s in paying salaries or benefits, collecting bill payments, moving cash ISAs, or transferring bank accounts between providers.”

Download a copy of the report “New Payment System Operator”.