ACI and the New Payments Systems Operator (NPSO)
ACI and the New Payments Systems Operator
ACI is a highly focused software enterprise that enables real-time, any-to-any payment transactions to occur regardless of time, location or type, supporting payments with the notion that the purchaser directs the payment to his/her provider of choice to satisfy the transaction in an efficient and secure environment. As such, ACI shares all the ideals of the NPSO and is ready and willing to aid in any future payment developments that the organization may wish to undertake.
What is the NPSO?
The Bank of England and the Payments Systems Regulator (PSR) established the New Payments Systems Operator to formulate a design and provide recommendations to consolidate the three existing UK schemes; Bacs, Cheque & Credit Clearing Company (C&CCC) and the Faster Payments Service (FPS). By the end of 2018, NPSO will consolidate these existing payment System Operators under one roof, becoming the home of payments strategy and innovation in the UK as well as a critical part of the UK’s economic infrastructure. The new operator will be responsible for:
- Hundreds of millions of payments a month worth more than seven trillion pounds a year
- A host of additional and supporting services including the Current Account Switching Service and the Paym mobile payment service
- Introducing the New Payments Architecture and universal standards to accelerate innovation and competition, delivering better choice in payment services for everyone.