The U.K.'s New Payment System Operator has assumed the operational responsibility for the Bacs and Faster Payments systems, which process a combined £6.3 trillion (US$ 8.5 billion) worth of payments annually, according to a press release.

The organization said the move ensures the continuity of operations of the U.K.'s main payment systems. Consumers will not notice any changes, according to the release.

"Bacs and Faster Payments have developed a huge amount of trust in payments through the certainty, integrity and security inherent in their systems," Paul Horlock, CEO of the New Payment System Operator, said in the release. "The New Payment System Operator will maintain that stability and security while ensuring the continued relevance and competitiveness of the services we provide."

The New Payment System Operator was formed following the report from the Payment System Operator Delivery Group, an independently chaired body set up by the Payment Systems Regulator and the Bank of England.