Most of the UK's banks will not be ready until next year to roll out a new 'confirmation of payee' service designed to cut the risk of money being sent to the wrong accounts.
Non-bank payment service providers (PSPs) can now use client funds to support payments made via the UK's Faster Payments system.
Pay.UK is the new home for Bacs, Faster Payments, and Cheque and Credit Clearing and, as of today (1 March) it is also the formal home of their people, a skilled team with a wealth of experience across the UK’s complex payments industry.
Automated payments hit an all-time high in 2018 with brand new annual, monthly, and daily records set – one of them, twice.
The UK’s first bank built exclusively for tablet and smartphone users has turned to popular payment method Direct Debit to boost its offering – challenger brand Atom bank has joined Pay.UK-owned Bacs Payment Schemes Limited (Bacs), which processes nearly six-and-a-half billion transactions a year worth £4.9 trillion.
Pay.UK's Faster Payments team is rolling out new technology from Vocalink that enables banks to track and pinpoint fraudulent payments transactions across multiple, connected 'mule' accounts.
A Bank of England-led consultation on adoption of ISO 20022 has found widespread backing for the introduction of a Common Credit Message (CCM), which aims to harmonise messaging
across the UK’s main interbank payment systems.
Pay.UK has today (28 November 2018) announced the appointment of Nathalie Oestmann as a new Non-Executive Director to its Board.
Pay.UK is calling for industry input on plans to provide enriched data alongside payments as part of the reboot of the nations financial pumbing.
The Bank of England in conjunction with Pay.UK, has issued an open call for interest for members of the payments industry wishing to join a newly created Standards Advisory Panel ahead of the introduction of ISO20022 message standards.
© Finextra Research 2019