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Payment mechanisms

Chris Roos edited this page Aug 8, 2014 · 1 revision
  • Bank of England - Payment & Settlement Systems
  • Payments Council
    • Body with responsibility for ensuring that payment services work in the UK
    • Overall responsibility for sort codes, but codes are actually allocated by individual payment schemes (BACS, CHAPS, FasterPayments, Cheque & Credit Clearing)
    • Sort Code Checker
    • IBAN Checker
  • PayYourWay - "independent" site about ways for consumers to send/receive money in the UK
  • Faster Payments
    • 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
  • Vocalink
    • 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?
  • LINK
  • Cheque and Credit Clearing Company
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