The Payments Council has today announced that three new members have joined, with immediate effect. Investec, Metro Bank and TSB have joined the Payments Council as full members, bringing membership to an all-time high of 36, with a further 27 associate members.
Around 593,000 Brits switched their bank account provider in the first six months of 2014, a 16% year-on-year increase, suggesting many are taking advantage of a new system designed to make the process quicker and easier.
The Payments Council today (15 July 2014) announces the appointment of three new independent directors to its Board, with immediate effect.
Adrian Kamellard, Chief Executive, Payments Council talks about how collaboration can aid innovation and the current take up of Paym.
The UK will get a new payments regulator next year, while the industry is busy working on its own 'roadmap'. Finextra spoke to key players from both sides about how they will work with each other.
Cash usage may be on the slide but notes and coins are still the UK's most commonly used buying tool, accounting for more than half of all payments last year, according to new figures.
Paying back IOUs to friends and family just got easier, following the launch today (29th April) of Paym, the new secure way to pay using just a mobile number across nine banks and building societies.
Nearly half of Brits have no intention of using the bank-backed Paym person-to-person mobile payments service, which launches tomorrow, according to a survey from Consumer Intelligence.
People who accidentally send a payment to the wrong account can expect consistent, standardised and swifter help from May 2014, following the publication of a Code of Best Practice by the Payments Council today.
The Payments Council published a six-month dashboard for the new Current Account Switch Service, covering the period from the start of October 2013 to the end of March 2014.
© Finextra Research 2015