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In March 2015 the Payment Systems Regulator (PSR), the regulator charged with promoting competition and innovation in payment systems, established the Payments Strategy Forum (PSF) to develop a strategy for payment systems in the UK. One of the recommendations of the PSF was to consolidate the UK’s three retail payment systems – Bacs, Faster Payments and Cheque & Credit Clearing, into a single entity in order to streamline the UK’s payment systems and create an environment that fosters competition and innovation. This heralded the birth of Pay.UK.
Not only did this bring together the long and rich history of the products and services offered by those three payment systems under one umbrella, but it also paved the way for a single organisation through which the New Payments Architecture (NPA), a single retail payment clearing and settlement infrastructure, and a variety of other payments related services could be delivered, such as Request to Pay and Confirmation of Payee.
We are currently developing a timeline that will illustrate our joint heritage but until then use the following hyperlinks to view the history of the three retail payment systems that are now operated by Pay.UK: