Faster Payments and Bacs are now part of the same body as Bank of England looks to boost payments competition

The Bank of England today announced the consolidation of a two important cogs in the UK’s payment system, with Bacs and Faster Payments now under the operation of the New Payment System Operator (NPSO).

Regulators hope the move to reduce the number of payments operators will make it easier and cheaper for firms to process payments.

The changes are part of a plan which regulators hope will lead to new features in the payments system such as allowing confirmation of payees before sending money and sending requests for payments. Multiple firms already offer these services on a proprietary basis, but as yet there is no industry-standard option.

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