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.
The UK Payments Council's chief executive, Adrian Kamellard, is quitting the bank-run organisation as it prepares to "refocus" ahead of the introduction of a new payments regulator.
The British Bankers' Association (BBA) is investigating a merger with the Payments Council and the UK Card Association, according to Sky News.
Faster Payments, the UK's immediate internet, phone and mobile banking payment service, has appointed Tanya Castell as the scheme's third Independent Director, as part of a range of improvements that further strengthen governance.
The Payments Council has today announced that three new members have joined, with immediate effect. Investec, Metro Bank and TSB have joined the Payments Council as full members, bringing membership to an all-time high of 36, with a further 27 associate members.
Around 593,000 Brits switched their bank account provider in the first six months of 2014, a 16% year-on-year increase, suggesting many are taking advantage of a new system designed to make the process quicker and easier.
© Finextra Research 2014