News

See Headlines »

Related Companies

UK Finance

Lead Channel

Payments

Channels

Retail banking

Editorial | what does this mean?

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

UK banks form company to develop shared banking hubs

The UK's top banks have clubbed together to pay for the development of shared banking hubs across the country.

The nine banks - Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, NatWest Group, Santander, Virgin Money, Danske Bank and TSB - have incorporated an independent non-profit company, Cash Access UK, to provide cash access, deposit and basic banking services where they are needed, across the UK.

David Postings, chief executive of UK Finance, says: "While many people are now opting to manage their money digitally, we want to ensure that people can continue to access cash and do their banking face to face too. The creation of Cash Access UK Ltd is an important step towards a network of banking hubs across the country.

"So far 29 hubs have been announced and the industry is fully behind getting these up and running as quickly as possible."

The new comes a week after the Bank of England outlined new measures to underpin retail acess to cash for businesses and individuals under new powers granted in the Financial Serives and Market Bill.

Related Companies

UK Finance

Lead Channel

Payments

Channels

Retail banking

Editorial | what does this mean?

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Comments: (2)

A Finextra member 20 December, 2022, 10:59

Be the first to give this comment the thumbs up

0 likes

The publically owned Post Office network already provides the access to cash services for their customers. I fail to see the need for this.

Report abuse

A Finextra member 20 December, 2022, 14:10

0 likes

High street banks are worried that the government will put legal requirements on cash access and F2F payment services on them in order to cater for the part of the population who do not use the internet and do not hold smart phones and thus restrict the reduction of branch office numbers. And the internet-only banks can be pushed to buy the services of this company for their ustomers as well and thereby try to hinder their piggy-backing on the brick-and-mortar bank infra.