The U.K.’s Payment Systems Regulator and the Bank of England have officially formed the New Payments Systems Operator (NPSO), a regulatory body that will soon replace three existing payment systems.

The NPSO aims to complete the task of combining the Bacs Payments Schemes Ltd., the Cheque and Credit Clearing Company and the Faster Payments Scheme into a single agency by the end of this year, the organizations said Wednesday.

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