Maurice Cleaves, Chief Executive of Payments UK said:

“Payments UK welcomes today's announcement (4 May 2017) by the Payment System Operator Delivery Group to simplify the nation’s retail payments schemes. While the three schemes continue to serve us all well, today’s announcement will enable the industry to deliver further new innovations that benefit customers, while supporting competition by simplifying access to payments systems for new entrants.

“The recommendation made today is a good example of regulators responding to clear evidence put forward by the industry and its experts. It aligns entirely with Payments UK’s proposal set out in our World Class Payments report published back in August 2015, which was the result of an evidence-based approach to understand what the industry, customers and its many stakeholders need and want from payments.

“Later this summer Payments UK is joining forces with five other financial trade associations to form UK Finance. As a result of this change, and the plans to create the New PSO, Payments UK’s Board has resolved to transfer the Design and Delivery (D&D) and Standards expertise from Payments UK into the New PSO. Both of these teams are supporting a number of industry initiatives as well as providing dedicated expertise to the existing schemes. Payments UK’s Board is currently considering the most appropriate governance model to support the D&D and Standards teams until the New PSO is established.“