A New Payments Architecture for the UK
Posted on May 27, 2019 by Toby Sheldon, Director of Communications, Pay.UK
Pay.UK runs the UK’s non-card
retail payments operations – owning and operating Bacs, Faster Payments and the
Cheque and Credit Clearing Company. As the single operator for these systems we act
as the guardian of an infrastructure and services that enable consumers and
businesses in the UK to transfer billions of pounds of transactions every
At Pay.UK we are responsible for:
the infrastructure that processes hundreds of millions of payments a month
worth more than £7 trillion a year.
A centre of excellence on national and international messaging
standards, and their development and deployment, on behalf of
the payments industry and other relevant stakeholders.
New Payments Architecture and universal standards to help
accelerate innovation and competition, enabling better choice in payment
services for everyone in the UK.
host of additional, supporting services including the
Current Account Switch Service (a simple, reliable and stress-free
service for customers wishing to move their bank account to a different ...
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NOTE: While the information contained in this article was current and correct at the date of publication on 27 May 2019, any changes after the time of publication may impact on the accuracy of the information.
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