On 1st July 2018 the Cheque and Credit Clearing Company Ltd (C&CCC) became a wholly owned subsidiary of the New Payment System Operator (NPSO).
What is changing?
From that date, the oversight, systemic risk management and strategic direction of the running and managing of the cheque paper and cheque image clearing systems has been handed over to the board of NPSO as the System Operator. The NPSO is the new home for UK retail payments.
The NPSO has now completed the consolidation of the UK’s retail payment systems having taken responsibility for Bacs Payment Schemes Limited and Faster Payments Scheme Limited on 1 May 2018.
What does this mean?
The NPSO will ensure the stability and resilience of the UK’s retail payment systems. Users of the payment systems, whether they are a bank, a business or a consumer, do not have to do anything differently, with all payments still being processed as usual.
As a wholly-owned subsidiary of the NPSO, the C&CCC will continue to support 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.
For further information please visit www.newpso.uk