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Bank Of England’s Monetary Policy COO Joins New Payment System Operator

The Bank of England’s chief operating officer for monetary policy is joining the U.K.’s New Payment System Operator (NPSO).

The NPSO announced news on Wednesday (Feb. 28) that Matthew Hunt is coming onto the team as COO. Further, the U.K. Payments Administration’s current Deputy CEO, Jenny Crawford, is joining the NPSO as its chief people officer.

The Payment System Operator Delivery Group is closing to hand down operation of the nation’s payment systems to the New Payment System Operator in an effort to streamline the payment ecosystem.

“Matthew and Jenny will be invaluable as we work to ensure that this country’s payments infrastructure remains world-class whilst also having the capability to develop and advance the NPSO for the benefit of the U.K. as a whole,” said NPSO CEO Paul Horlock in a statement.

The NPSO will consolidate the nation’s various payment schemes and lead the rollout of the New Payments Architecture, an initiative outlined by the Payment Systems Regulator’s Payments Strategy Forum. The U.K.’s Bacs Payment Schemes Limited (Bacs), Faster Payment Scheme Limited and the Cheque & Credit Clearing Company Limited will be consolidated under NPSO and linked to the U.K. Payments Administration (UKPA) to provide support to payment system operators.

“The payment schemes perform a vital function for everyone in the U.K. and, from my roles within the bank, I have followed closely the changes happening in the industry,” Hunt said in a statement. “I am looking forward to working with colleagues, participants, users and regulators to maximize improvements whilst staying focused on the strong operational performance that the schemes have demonstrated to date.”

“The U.K.’s payment schemes lead the world because of the talented people that work within them who continually demonstrate an unparalleled dedication to delivering the services that enable a vibrant U.K. economy,” added Crawford. “Colleagues from the payment schemes and UKPA will be vital for the NPSO to deliver collaborative and globally competitive retail payment services that benefit all users, now and in the future.”

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