- Bank of England - Payment & Settlement Systems
- Payments Council
- PayYourWay - "independent" site about ways for consumers to send/receive money in the UK
- Current members: Barclays, Citibank, Clydesdale, Cooperative, Northern, HSBC, Lloyds, Nationwide, RBS, Santander.
Three levels of membership - Member, Direct Agency or Third-party Beneficiary. Becoming a Third-party Beneficiary:
- Be a customer with an account at a member that is willing to sponsor you
- Have, or be eligible to hold, at least one unique sort code
- Be able to comply continuously with Faster Payments’ technical and operational requirements.
- “Speak to an existing Member about their Agency Services”
- Fees - no joining fee to join Faster Payments itself, but fees are charged by VocaLink
- Access to much of the scheme’s documentation is requires signing of an NDA
- Provides the infrastructure for the BACS, FasterPayments and LINK services
- Hosts the UK's database of sorting codes and other essential bank reference data on behalf of the Payments Council's clearing codes management group
Extended Industry Sort Code Directory
- A single source of payments information for every UK bank and building society
BACS (Bankers’ Automated Clearing Service)
- Now only really handles Direct Debit and Direct Credit; other electronic transactions now mainly go through FasterPayments - see Using BACS
- Fast, high value payments e.g. property purchase - see Using CHAPS
- Direct Debit
- Standing Order?
- Cheque and Credit Clearing Company