New Payment System Operator Assumes Regulatory Responsibility for Cheque and Credit Clearings, Acquires UK Payments Administration

The oversight for running and managing the cheque paper and cheque image clearing systems was handed over to the board of the New Payment System Operator (NPSO) as the System Operator on 1 July 2018. This occurred simultaneously with the Cheque and Credit Clearing Company Limited (C&CCC) becoming a subsidiary of the NPSO.

All payments will continue to be processed as usual through the paper clearing system for cheques and the recently launched Image Clearing System (ICS), which enables digital images of cheques to be exchanged between banks and building societies for clearing and settlement, significantly speeding up the process.

The NPSO also, on 1 July 2018, acquired UK Payments Administration (UKPA), the service company responsible for providing people, facilities and business services to the payment ecosystem. 

 

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