The Payments Council today (15 October) published its latest dashboard for the new Current Account Switch Service, covering the first full 12-month period from the start of October 2013 to the end of September 2014.
UK bank-backed mobile payment service Paym has confirmed that 20 new institutions have signed up to use the service, with first direct the first into production with a live roll-out.
The UK government is planning to put supervision of MasterCard and Visa alongside the country's main interbank payment systems into the hands of a new Payment Systems Regulator (PSR), whose chief remit is to inject more competition into the country's payments industry.
Over one million people have used the UK's Current Account Switch Service to move banks since the scheme was introduced less than a year ago, heralding a new era for competition in the banking industry declares the Payments Council.
Chaps Co, the UK's same day high-value payment system, is pleased to announce today an update to its funding model. In 2015, Chaps will make participation in the scheme even more cost effective by charging low volume Participants 50% less.
The UK banking industry has introduced a 'retry' process that will give customers a second chance to avoid bounced payments and their associated charges.
The UK Payments Council has brought in Barclays veteran Maurice Cleaves as interim CEO to guide the body as it prepares for a change of direction ahead of the introduction of a new payments regulator.
More than one million people have registered with their bank or building society for Paym, the UK bank-backed mobile number payment service that was launched in late April.
The UK Payments Council's chief executive, Adrian Kamellard, is quitting the bank-run organisation as it prepares to "refocus" ahead of the introduction of a new payments regulator.
The British Bankers' Association (BBA) is investigating a merger with the Payments Council and the UK Card Association, according to Sky News.
© Finextra Research 2014