Customers of Clydesdale Bank, Isle of Man Bank, NatWest, Royal Bank of Scotland, Ulster Bank and Yorkshire Bank can register for Paym from today (Tuesday 18 November), adding to the number of leading UK banks and building societies offering the secure way to pay using just a mobile number.
The UK's new Payment Systems Regulator (PSR) has set out its plans to regulate the £75 trillion industry via a package of measures intended to promote innovation and competition and provide fairer access to payment systems.
The Payments Council today (15 October) published its latest dashboard for the new Current Account Switch Service, covering the first full 12-month period from the start of October 2013 to the end of September 2014.
UK bank-backed mobile payment service Paym has confirmed that 20 new institutions have signed up to use the service, with first direct the first into production with a live roll-out.
The UK government is planning to put supervision of MasterCard and Visa alongside the country's main interbank payment systems into the hands of a new Payment Systems Regulator (PSR), whose chief remit is to inject more competition into the country's payments industry.
Over one million people have used the UK's Current Account Switch Service to move banks since the scheme was introduced less than a year ago, heralding a new era for competition in the banking industry declares the Payments Council.
Chaps Co, the UK's same day high-value payment system, is pleased to announce today an update to its funding model. In 2015, Chaps will make participation in the scheme even more cost effective by charging low volume Participants 50% less.
The UK banking industry has introduced a 'retry' process that will give customers a second chance to avoid bounced payments and their associated charges.
The UK Payments Council has brought in Barclays veteran Maurice Cleaves as interim CEO to guide the body as it prepares for a change of direction ahead of the introduction of a new payments regulator.
More than one million people have registered with their bank or building society for Paym, the UK bank-backed mobile number payment service that was launched in late April.
© Finextra Research 2014