The Payment System Operator Delivery Group, an independently chaired body set up by the Payment Systems Regulator and the Bank of England, has published a recommended Delivery Plan for the consolidation of the operators of three payment system operators: Bacs Payment Schemes Ltd, Cheque and Credit Clearing Company and the Faster Payments Scheme Ltd. The proposed consolidation was one of the recommendations made in the Payments Strategy Forum's November 2016 report, which sets out a wide-ranging strategy for reforming the UK retail payments industry. The Delivery Plan includes a Strategic Framework (including company purpose and strategic objectives) for the new PSO, the proposed design of the PSO (including setting the company up as a company limited by guarantee), a funding model for setting up the consolidated PSO and for its ongoing operation and a target implementation timeline which also sets out a transitional scheme to ensure continuity of services.

The Delivery Plan now needs to be reviewed and agreed by the boards of the three operators as well as their members. If agreed, the aim is for the consolidation to be mostly completed by the end of 2017.

View the delivery plan.