The New Payments System Operator (NPSO) will allow banks to access the UK’s payment systems through a single location and took over running Faster Payments and Bacs on May 1. The two systems transact £6.3 trillion a year, and account for the majority of payments made in the UK.
The decision to form the NPSO was made following a report from the Payment Systems Operator Delivery Group, a body set up by the Payment Systems Regulator and the Bank of England.
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