New payment system operator appoints Board

The UK’s new payment system operator, which has been established to develop the capability and capacity of the UK’s retail payment systems, has today appointed its first five Board members:

  • Anna Bradley – Chair, Rail Safety and Standards Board
  • Becky Clements – Head of Industry Engagement and Payment Change at Metro Bank
  • Russell Saunders – Managing Director Global Payments at Lloyds Banking Group
  • Robert Stansbury – previously, Independent Chair of the Payment System Operator Delivery Group
  • Peter Wyman – Chairman, Care Quality Commission

The Board will be chaired by Melanie Johnson, who took up the position of independent Chair of the new payment system operator on 1 September, with Paul Horlock taking up the post of Chief Executive on 16 October.

The appointment of these Board members follows the successful creation of the corporate entity for the new payment system operator. NPSO Limited was incorporated on 18 July 2017 as a company limited by guarantee. The first meeting of the new Board will take place on 11 October, with four further members to be appointed in the coming months.

The intention behind the creation of the new payment system operator is to achieve the consolidation of Bacs Payment Schemes Limited (Bacs), Faster Payments Scheme Limited (FPSL), and the Image Clearing System (ICS), which will replace the paper processing system for cheques currently managed by the Cheque and Credit Clearing Company (C&CCC). These retail payment systems, which process over £6.4 trillion pounds of payments every year between them, will be joined by UK Payments Administration, which provides the people, facilities and expertise to support the systems behind the payment system operators.

As a single entity, the new payment system operator will build on the achievements and successes of the existing payment schemes and progress their well-defined strategies for the benefit of the UK economy.  In addition, taking an over-arching view of the retail payments sector will enable the new payment system operator to deliver greater efficiency, more innovation and fair and equal access to payments and the infrastructure that facilitates them.

Melanie Johnson, independent Chair of the new payment system operator, said:  “The new board reflects the experience needed for the establishment of the new payment system operator, providing a strong foundation for the future. The new members of the board bring a wide range of expertise to guide and deliver change successfully while maintaining a focus on service delivery.”

 

Responsibility for leading the recruitment process for the new chair was conferred on the Payment System Operator Delivery Group by the Bank of England and Payment Systems Regulator as part of the updated terms of reference setting out the process for managing the transition to the NPSO.

The Payment System Operator Delivery Group report, which sets out the recommended delivery plan for the consolidation was published on 4 May 2017: https://www.psr.org.uk/psr-focus/payment-system-operator-delivery-group. The consolidation was approved by the CMA on 19 July: https://www.gov.uk/cma-cases/bacs-payment-schemes-faster-payments-scheme-cheque-credit-clearing-company-merger-inquiry

About Anna Bradley

Anna is an experienced Non-Executive Director and Chair. She has a background in regulation, policy and consumer advocacy across sectors.  She is currently a Board member of Age UK, a member of the Zurich Financial Independent Governance Committee, Chair of the Southern Water Customer Challenge Group, and Chair of the Rail Safety Standards Board.

About Becky Clements

Becky is Head of Industry Engagement and Payment Change at Metro Bank. She has close involvement with the Payment System Regulator and sits on the Advisory Panel and the Payment Strategy Forum and was part of the delivery group for the consolidation of the three retail payment schemes.

About Russell Saunders

Russell is a career banker with over 30 years’ experience, specialising in Retail and Commercial banking, Payments, Compliance and strategic transformation. He is currently Managing Director Global Payments for Lloyds Banking Group and holds non Executive roles with SWIFT and UK Payments Administration. Russell is a strong advocate of customer-led innovation and has been an active member of the PSF leading the Financial Crime working Group and a member of the Delivery Group.

About Robert Stansbury

Robert was the Independent Chair of the Payment System Operator Delivery Group. He has been a senior advisor at the Banking Standards Board since September 2015, and prior to that a senior advisor at the Prudential Regulation Authority (PRA) and Financial Services Authority (FSA)..He is currently Independent Chair of State Street Trustees Limited.

About Peter Wyman

Peter is an experienced Chairman and Non-Executive Director with a current portfolio of appointments in the private, public and third sectors which includes being Chairman of the Care Quality Commission and of Sir Richard Sutton Limited.  He was previously a senior partner in PwC and President of the Institute of Chartered Accountants in England and Wales.

About the new payment system operator

NPSO Limited is the holding name for the company that has been set up to consolidate Bacs Payment Schemes Limited (Bacs), Faster Payments Scheme Limited (FPSL), and the Image Clearing System (ICS), which will replace the paper processing system for cheques currently managed by the Cheque & Credit Clearing Company (C&CCC). These retail payment systems, which process over £6.4 trillion pounds of payments every year between them, will be joined by UK Payments Administration, which provides the people, facilities and expertise to support the systems behind the payment system operators.

Bringing all of these retail payment services together will reduce complexity and risk, providing a platform for innovation. The company will support a vibrant UK economy by enabling a globally competitive payments industry in the UK.

The consolidation is an important part of the strategy for payments in the UK and will allow greater independence, a more dynamic, competitive and innovative business environment and benefit all users of payments including consumers, businesses, the third sector, government, and payment service providers.

The proposal for the new payment system operator was created by the Payment System Operator Delivery Group, an independently chaired body set up by the Payment Systems Regulator (PSR) and the Bank of England. NPSO Limited was incorporated on 18 July 2017 as a company limited by guarantee.