Who we regulate

Who we regulate

Eight payment systems have been designated by HM Treasury

Our goal is to promote competition and innovation and to ensure payments systems are operated and developed in the interests of the people and businesses that use them.

The measures we have set out recognise that payment systems must be resilient, competitive, dynamic and respond to the needs of the people and businesses using them.

Systems need to be transparent to gain trust and accessible to a wide range of businesses and service-users who in turn can deliver competitive services to consumers.

Designated payment systems

We can only use our regulatory powers in relation to payment systems designated by HM Treasury, which keeps this list under review.

Our concurrent competition powers apply more broadly to any payment system active in the UK.

The designated payment systems are:

Bacs is the interbank system that processes payments through two principal electronic payment schemes: Direct Debit, which is used by individuals to pay bills, and Bacs Direct Credits, which are used by businesses to pay employee salaries and wages. Pay.UK operates the Bacs payment system.