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.
The UK Payments Council is to develop a Payments Roadmap, setting out key strategic short-term and long-term goals for restructuring the nation's payments infrastructure over the next three, five and ten years.
Members of CHAPS Clearing Company Ltd (also known as CHAPS Co), the organisation responsible for the operation of the UK's same-day high-value payment system, have begun to use a new Liquidity Savings Mechanism (LSM) to significantly improve liquidity efficiency when sending CHAPS payments.
The UK banking industry is promising hassle-free account switching services for consumers following a £750 million spend on systems changes and a national advertising campaign.
CHAPS Clearing Company Ltd (also known as CHAPS Co) is pleased to appoint its first independent Chairman, Herta von Stiegel, thereby ensuring that CHAPS Co continues to meet the latest governance standards* over the payment scheme. Two additional independent directors will be recruited by the end of June.
© Finextra Research 2014