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New Payment System Operator responds to Payment Systems Regulator’s open letter

The New Payment System Operator (NPSO) has today (28 March 2018) published its response to the open letter sent to it by the Payment Systems Regulator (PSR) in January 2018. The response identifies the NPSO’s plan to enact a generational shift in UK payments, which will support a vibrant UK economy.

The PSR open letter set out its view of the initial priorities the NPSO should consider as it develops its target operating model and plans for the design and delivery of the New Payments Architecture (NPA). The response sets out the NPSO’s approach in six priority areas: stakeholder engagement; strategy setting and decision making; competitive procurement of the NPA’s central infrastructure; development and management of rules and standards; the NPSO’s market catalyst role; and risk management.

Although the NPSO has only been in existence for a few short months, I am extremely encouraged by the progress we have made. Our advisory councils mark a new, outward looking approach, whilst our progress on defining the way ahead for the New Payments Architecture will put our payment systems in a position to grow into the future, benefitting everyone and enabling a vibrant UK economy. I welcome the engagement we have had with Hannah and her team at the PSR so far. I believe it is vital that we continue to develop this constructive and collaborative way of working as it will help drive the best outcomes for users and the wider payments ecosystem.

Paul Horlock, Chief Executive Officer of the NPSO

Hannah Nixon, Managing Director of the PSR, said:

“We welcome the NPSO’s response to our open letter, which shows a credible plan is in place for taking forward the wide range of issues we identified, including the development of a New Payments Architecture. We also recognise the NPSO has done a great deal of work in recent months in preparing to become the operator of Bacs, Faster Payments, the paper-based cheque and credit clearing system and the Image Clearing System from May.

“We are pleased that the NPSO is putting the people and organisations that use payment systems at the heart of its decision-making process. We continue to believe that effective engagement and consideration of their interests will be crucial to the NPSO’s success. We will keep working to ensure that the NPSO delivers on the commitments it has made.”

Please click below to view the response published by the NPSO.

 


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