The New Payment System Operator (NPSO) has appointed Baringa Partners to support the development of NPSO’s target operating model. In consultation with teams across the current Payments Systems Operators and other stakeholders, Baringa Partners will also define the core principles and intrinsic organisational capabilities required to ensure the NPSO is set up for success from the outset.
The NPSO has been established to develop the capability and capacity of the UK’s retail payment systems, which between them process over £6.4 trillion in value of payments every year. As a single entity, the NPSO will build on the achievements and successes of the existing payment schemes and progress their well-defined strategies for the benefit of the UK economy. In addition, taking an over-arching view of the retail payments sector will enable the NPSO to deliver greater efficiency, more innovation and fair and equal access to payments with an infrastructure that facilitates them.
Paul Horlock, CEO of the NPSO, said: “This is a key step in NPSO’s journey to fulfil its mandate to enable a vibrant UK economy and to support a globally competitive payments industry.
“We chose Baringa from a competitive field, for their depth of experience with payments transformation and Operating Models. They bring the expertise and pragmatism that we need for this work.”
Colin Preston, the lead partner for Banking at Baringa Partners, commented “We are excited and privileged to be working with NPSO at this stage in their journey. We are passionate about the opportunity to help NPSO lead changes in the payments industry that will benefit consumers, as well as fostering innovation and investment across this sector.”
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