Faster Payments and Bacs are now part of the same body, as the Bank of England announced the New Payment System Operator.
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Do we celebrate this news or nod sagely? In other words does this make any difference?
Oh and happy cake day
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They are owned by the same company (Vocalink) if that helps?
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Info only. Nothing to get excited over. Though there is a claim it will lay the grounds for increased competition
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NPSO will also take responsibility for the Cheque and Credit Clearing Company over the next few months, the Bank of England said.
Cheque clearing as well (edit: you posted while I was typing)
I choose sagely
Oh and don’t look up npso and choose the urban dictionary definition 
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Never use the Urban Dictionary, it is also known as Perve-Wiki due to the number of sick and twisted contributions
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The NPSO website
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increased competition
The whole concept of Faster Payments is that it’s just a message queue for banks to talk with each other, there’s no real value that can be added by a new member. Honestly the “message queue” service should just be provided by the government at no cost for any financial institution that wishes to connect, no need for competition here.
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