Faster Payments and Bacs are now part of the same body, as the Bank of England announced the New Payment System Operator.
Do we celebrate this news or nod sagely? In other words does this make any difference?
Oh and happy cake day
They are owned by the same company (Vocalink) if that helps?
Info only. Nothing to get excited over. Though there is a claim it will lay the grounds for increased competition
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
Never use the Urban Dictionary, it is also known as Perve-Wiki due to the number of sick and twisted contributions
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.