The Payment System Operator Delivery Group (PSODG) is an independent chaired body established by the Payment Systems Regulator (PSR) and the Bank of England (BoE) in October 2016. It was set up to consider key issues relating to the potential consolidation of the governance of three payment system operators: (i) Bacs Payment Schemes Ltd; (ii) Cheque and Credit Clearing Company Limited; and (iii) the Faster Payments Scheme Limited.
The PSODG has issued a report ‘New Payment System Operator’. The report sets out a recommended delivery plan for the consolidation of the operators of the three payment systems. The consolidation aims to further develop the capability and capacity of the operators by bringing them within a single organisation and reduces the complexity and costs of having three separate retail payment system operators. The new single entity would become responsible for taking forward the next stage of the development of a new payments architecture, an industry-led initiative that aims to increase competition and resilience as well as enhance innovation across the payments and banking industry.
The report now needs to be reviewed and agreed by the boards of the three payment systems operators.