CHAPS Clearing Company Limited, the UK payments system that processes and settles both systemically important and time-dependent payments, today (Friday 20th December), announced that it has received Letters of Intent from five major international banks to become Direct Participants.
The Payments Council is forecasting a bumper Christmas for retailers as it estimates that spending on cards, cash and cheques will reach £82.7bn in December, an increase of 1.2% from 2012 (£81.7bn).
As it approaches its 30th anniversary in February 2014, Chaps Clearing Company Ltd (also known as Chaps Co), the UK's same day high value payment system, is pleased to announce that Handelsbanken (Svenska Handelsbanken AB (Publ)) has become a shareholder and Direct Participant in Chaps.
About 89,000 Brits have switched their bank account provider in the four weeks since a new system designed to make the process quicker and easier was introduced.
As it approaches its 30th anniversary, CHAPS Clearing Company Ltd (also known as CHAPS Co), the UK's same day high value payment system, has today published its first market report.
The UK government is setting up a utilities-style payments regulator in a bid to make it easier and cheaper for new entrants to take on the high street banks.
Just over a week after the launch of the new Current Account Switch Service, the Payments Council today (26th September) confirmed that the central IT system on which the service is built is operating smoothly, with initial figures showing that more than 35,000 people have started to switch their account since launch.
A new system designed to make it easier and quicker for Brits to switch their current account from one bank to another launches today but politicians are still pushing for the industry to go further and bring in full account number portability.
Gazing into its crystal ball, the UK's Payments Council predicts that Brits will turn their backs on cash over the next 10 years as plastic cards continue their ascent and mobile money becomes a mainstream player.
A new system designed to make it easier and quicker for Brits to switch their current account from one bank to another will launch next month.
© Finextra Research 2014