We run the UK’s retail payments operations, which include the Bacs Payment System, the Faster Payment System and the Image Clearing System. We also deliver a variety of services relating to payments, such as the Current Account Switch Service, Confirmation of Payee and Request to Pay.
Our purpose is to power payments, champion innovation and give the UK choice in how it pays. We enable individuals and organisations in the UK to transfer money to others whenever they need to, quickly, safely and cheaply.
Through our infrastructure and services, we enable billions of pounds of payments, safely and securely, every single day. It means that we have a critical role supporting the UK economy. Our technology, rules and standards, plus associated controls and policies, combine to give us a powerful payments platform. We continually build on this platform, reinforcing our position of leadership in the payments market and beyond.
At the same time, we are creating common standards for the industry and working to modernise the UK’s national payments infrastructure through the New Payments Architecture programme.
Our vision is to be the smartest way to move money, now and in the future.
As the recognised operator and standards body for the UK’s interbank retail payment systems, we are supervised by the Bank of England’s Financial Market Infrastructure Directorate (FMID) and regulated by the Payment Systems Regulator (PSR).
We provide the payments networks used by Bacs, Faster Payments and the Image Clearing System (ICS) and also operate the Current Account Switch Service (CASS), enabling billions of pounds of payments to be made safely and securely, every single day.
We combine technology, rules and standards to enable a powerful payments platform thereby reinforcing our position of leadership in the payments market. In our critical role supporting the UK economy, we continue to create common standards and a new platform that will drive future payments and opportunities for the industry.
By continuing to operate a robust, resilient, and cost-effective payments platform, we can deliver greater value for all users of the services we provide, from individuals and businesses through to banks and building societies.
Our key purpose is to power payments, champion innovation and give the UK choice in how it pays.