The restructuring will involve separating the Link ATM scheme, which governs the UK cash machine network, from the Link infrastructure company, a commercial organization that provides switching and network services that connect members of the ATM scheme.
The new structure follows a unanimous decision by Link’s members and owners, including all the UK’s major retail banks and building societies, to reform Link’s corporate structure to enhance innovation and facilitate competition in the UK payments industry.
The separation of the Link ATM scheme from the infrastructure company will allow the scheme to prioritize member and self-regulatory issues, while the infrastructure company focuses on commercial operations and technological innovation.
Link’s plans were endorsed in an OFT-chaired working group earlier this year and the reforms deliver on recommendations made by the OFT Payment Systems Task Force (PST).