The U.K.’s new payment system operator, which involves the consolidation of three payment schemes, announced news on Wednesday (Sept. 27) that it has named Paul Horlock as its first chief executive officer. A press release detailed that Horlock has worked in the banking sector for more than 15 years and will take up his new role starting Oct. 1.
“I am thrilled to be asked to take up the role of CEO for the new payments system operator. Taking up the role of chief executive of a company that is a vital part of this country’s financial infrastructure is a huge privilege, and I look forward to helping to shape its future, whilst ensuring that all parts of society benefit from having a robust and dynamic payments platform in place. This is one of those ‘once in a lifetime’ opportunities; the combination of acceleration in consumer expectation, with the chance to pull together experts in their field and the mandate to project from a resilient, world-leading capability to deliver the future of the U.K.’s payments industry,” said Horlock in the press release.
Horlock currently serves as head of payments and banking operations at Nationwide Building Society, where he oversees all payment and banking processes. He is also the accountable executive for key payment projects across Nationwide covering PSD 2012, integration with the group’s new operating systems and the development and delivery of the future strategic payments infrastructure.
Prior to joining Nationwide Building Society in 2010, Horlock spent nine years with Barclays, where he served as head of global processing for operations in the U.K., U.S. and India. Before that, he worked for the Prudential Assurance Company in the Lloyds of London insurance environment. He also serves as a director of VocaLink Limited.
The payment system in the U.K. processes more than £6.4 trillion B2B, B2C and P2P payments every year. As a single entity, the new payment system operator will build on the existing payment schemes for the benefit of the U.K. economy. The new network will also enable the payment system operator to deliver greater efficiency, more innovation and fair and equal access to B2B, B2C and P2P payments and the infrastructure that facilitates them.
“I am particularly looking forward to working hand-in-hand with the gamut of payment system users, big and small, in order to deliver a payment system for the U.K. that enables competition to thrive whilst providing the foundation for innovation to flourish,” Horlock said. “I can’t wait to work with the team and collaborate with the wider stakeholders in the market to pursue the mission of a globally competitive payments industry.”