techUK attended a breakfast briefing from the New Payment System Operator’s (NPSO) on 7 December, to discuss stakeholder involvement in the governance of this new organization.
The NPSO is a the amalgamation of three exisitng UK payment Schemes: Bacs Payment Schemes Ltd, Cheque and Credit Clearing Company and the Faster Payments Scheme Ltd. Its formation stems from the work of the Payment Strategy Forum and its task is to implement the Blueprint for UK payments.
Melanie Johnson, NPSO Board Chair and Anna Bradley, NPSO Board Independent Director outlined the approach being adopted by the NPSO. There will be two Advisory Councils: the End-User Council and the Participants Council, aimed at different sections of the community. The two will work closely together and will have 10-12 independent members - i.e. individuals who can represent community interests independent of any organisations.
The NPSO is conducting an open recruitment process to appoint Council members, who will be remunerated. We encourage individuals from within techUK membership who have an interest to contact recruitment consultant Saxton Bampflyte for further details. (Contact firstname.lastname@example.org).
The proposed End User Council will comprise:
- 5 individuals who can speak to different aspects of the consumer interest, especially consumers with specific needs and those in circumstances that make them vulnerable;
- 5 individuals representing different institutions users, including: government, charities, NGOS, SMEs, corporates and local authorities;
- 2 from fin tech or other potential new entrants operating at the user interface with the payment system.
techUK and a number of attendees queried where technology companies and corporate end-users of payment systems sit within the proposed structures. It was suggested that there should be an equal number of places on the Councils for these companies as has been allocated to the consumer and institutional users.
The make-up of the Participants Council has not yet been finalised but is likely to involve direct and indirect players within the new payments architecture.
techUK will continue to press for full representation of the technology sector within the governance structures of payments and open banking.