A glitch in the infrastructure of the U.K.’s Faster Payments system has caused a backlog of transactions still waiting to clear hours later, according to BBC reports from Monday (July 9). The publication said the glitch occurred between 1:00 p.m. and 5:30 p.m. BST on...
The U.K. continues to consolidate its payments industry, with its New Payment System Operator (NPSO) announcing the latest step in the initiative. A press release on Monday (July 2) said the NPSO acquired the U.K. Payments Administration and has taken control of the nation’s check...
The Bank of England is streamlining the U.K.’s payments messaging operations through the planned adoption of the ISO 20022 messaging standard, the bank announced Wednesday (June 6). In collaboration with the recently-established New Payments System Operator (NPSO) and the Payment System Regulator (PSR), the Bank of...
Two U.K. payment systems have been merged into one by the Bank of England in an effort to boost competition in the financial services space, according to City A.M. reports on Tuesday (May 1). Bacs and Faster Payments are now consolidated under the New Payment...
September 24, 2018
The New Payment System Operator (NPSO) announced on Monday (Sept. 24) the initial details for a new procurement process for the clearing and settlement layer of the New Payments Architecture (NPA). In a press release, New Payment System Operator said the NPA, which is a conceptual model for payments in the U.K., will take over processing […]
September 14, 2017
The Payment Systems Regulator (PSR) and Bank of England (BoE) announced Wednesday (Sept. 13) that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to meet a...
