Pay.UK officially brings payment brands under one roof
Bacs, Faster Payments, and Cheque and Credit Clearing are now part of Pay.UK.
BACS
Wahey! Record payment volumes for Pay.UK
UK authority says automated payments hit an all-time high in 2018.
Top fintech stories this week – 4 May 2018
Catch up on FinTech Futures’ top five fintech stories of the week – all in one place!
Bacs and Faster Payments transferred to New Payment System Operator
Bacs and Faster Payments process a combined £6.3 trillion worth of payments annually.
Get your Bacs up with Direct Debit feedback
UK payments system Bacs is asking for public feedback on how to improve the nation’s Direct Debit product. Bacs says usage is at an “all-time high” and lavishes praise on it. What a surprise. However, its 2016 consultation identified where it might be able to make improvements and “any changes will need to be carefully […]
CASS plays Casanova to CMA’s current account commitments
The UK’s Current Account Switch Service (CASS) says it meets one of the commitments set out in response to the Competition and Markets Authority’s (CMA) final report into retail banking. As Banking Technology reported in January, the CMA accepted undertakings from the Bacs payment scheme, which owns and manages CASS, that commit it to delivering […]
CMA comments on current account switching plans & VocaLink’s takeover by Mastercard
The Competition and Markets Authority (CMA) in the UK has accepted undertakings from the Bacs payment scheme that commit it to delivering the improvements required by the CMA retail banking market investigation within a year.
Lloyds selects Bacs payment solution from D+H
DH Corporation (D+H) has onboarded UK’s Lloyds Banking Group for its white-labelled Bacs payment service. Lloyds “sought to provide new payment services to enhance clients’ payables and receivables processes”, says D+H. To begin with, Lloyds will offer the vendor’s Bacs capabilities to SMEs and mid-market clients, but D+H hopes this will be subsequently scaled up […]
BACS admits disappointment as UK current account switching stalls
More than a million people switched their current account to a rival bank in the year leading up to July 2015, according to new figures published by UK payments system Bacs. The numbers represent only a minimal increase on the year before – undermining hopes that making switching easier would lead to dramatic improvements in the competitiveness of UK retail banks.
It’s 2014 … time to change the way you think about payments
Ten years ago business-to-business payment options were pretty limited: cheques dominated, and organisations only had the option of 3-day BACS payments or expensive CHAPS transactions for high value, same day payments.
