The Payment Systems Regulator (PSR) has welcomed the decision by the Competition and Markets Authority (CMA) to approve the consolidation of the operators Bacs, the Cheque and Credit Clearing Company and Faster Payments Scheme. Hannah Nixon, Managing Director of the PSR notes:
“The CMA’s timely decision is a key milestone to ensure delivery of the New Payments Systems Operator by the end of 2017. The consolidation should support one of the PSR’s key requirements to support increased choice of access and to develop common participation models and rules. This should make it easier for banks, fintechs, and other payment service providers to enter the market and compete effectively.
“The consolidation is also an important first step towards a generational change in UK payments. It can help facilitate the safe and secure transition to, and management of, a New Payments Architecture, which we believe could deliver more dynamic competition and innovation in payments. Consumers will also benefit from new entrants coming into the market and offering users of payment services new, innovative products.”
