pay.uk announced as the new name for the UK's retail payments authority
October 18, 2018
The leading retail payments authority in the UK – formerly known as the New Payment System Operator / NPSO – has a new name and brand: Pay.UK.
Moving to this new identity helps Pay.UK better promote its core purpose - transforming the UK’s payment infrastructure to enable a vibrant economy - as well as being a logical progression following the recent consolidation of the UK’s three retail payment schemes (Bacs, Faster Payments and the Cheque and Credit Clearing Company) into the NPSO.
This new name is elemental to payments. Pay.UK represents the platform on which payments are made by the people and organisations that will add colour and competition, creating a dynamic business landscape. The new name also reflects the fact that Pay.UK is modern, enabled by technology and focused on UK end users. The new logo is representative of this position and collaboration with stakeholders.
Pay.UK’s remit includes working in the public interest to ensure that the systems the country relies on for its banking transactions are safe, open, innovative and resilient. Every day, individuals and businesses use the services it provides to get their salaries, pay their bills and make online and mobile banking payments. In 2017 it processed more than 8 billion transactions worth £6.7 trillion, through Bacs Direct Credit, Direct Debit, Faster Payments, cheques and Paym.
Paul Horlock, Chief Executive of Pay.UK said: “Pay.UK puts the needs of consumers and businesses at the heart of everything it does, making sure that payments sent and received are done so safely, securely and efficiently.
“Our new name perfectly reflects this purpose, as well as showing exactly where our focus lies as we work to provide the foundation that the payments future of the UK is built on.