The Cheque and Credit Clearing Company (C&CCC) is pleased to confirm that, with regard to the proposal to merge the Image Clearing System, FPSL and Bacs to form a single, new, retail payment system operator as recommended by the Payments Strategy Forum (PSF), the Competition and Markets Authority has decided not to refer the merger to a Phase 2 investigation.

This is a vital milestone to have reached in the process of moving to a single, integrated, retail payment system operator, which will simplify access to payment systems and deliver the New Payments Architecture being developed with the PSF.