Established in 2007, the Payments Council was a UK-based, non-profit organisation comprised of members from the financial industry. Its primary mission was to lead the strategic direction of UK payment services, including Bacs, CHAPS, and the Cheque and Credit Clearing Company. The Council was responsible for ensuring the operational efficiency, integrity, and security of these systems, as well as promoting innovation. One of its most notable achievements was the launch of the Current Account Switch Service (CASS). Following criticism that its industry-led model was not sufficiently effective or competitive, its functions were superseded by a new statutory body, the Payment Systems Regulator (PSR), which was established in April 2015.

Founded in

United Kingdom