On 2 July 2018, the Payment Systems Regulator (PSR) announced that the consolidation of UK retail payment systems is now complete. The PSR explains that the New Payment Systems Operator (NPSO) took over the running and managing of the cheque paper and cheque image clearing systems. The NPSO has also completed the consolidation of the UK’s retail interbank payment systems having taken responsibility of the systems run by Bacs Payment Schemes Limited (Bacs) and Faster Payments Scheme Limited (FPSL) on 1 May 2018.