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A place to discuss and share information on the introduction of the UK Faster Payments scheme
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Retired Member
The seven-day Account Switching Service was launched almost two years ago with much fanfare however we are still seeing only a minority of people moving their current accounts to a new provider. According to statistics from Bacs and the Payments Council, 1.3% of personal current accounts have been switched in the past year, and 2.1% since the star...
01 May 2015 /payments /retail
John Doyle Director at The Payments Business
Vendorcom, the think tank for the financial services vendor community, held an update for members to the Interchange Fees debate. Interchange is the charge levied by the card schemes on retailers to process card transactions. In some cases the charges may be waived by the card schemes, in others they may be lowered; they are a marketing tool as
04 February 2014 /payments
By John Doyle • June 25th 2013 The Payexpo conference and exhibition held last week at the Excel in London was a busy affair. Three main streams a non-stop exhibition and several side events meant that you had to study the agenda carefully in order to see what you wanted to see; little opportunity to attend less ‘on focus’ presentations to glean...
25 June 2013 /payments
Change always comes at a price, and VocaLink needs to change; and Marion is the price. It would be unkind and unfair to view her time as CEO as a failure because she made a huge difference at VocaLink. Under her watch the organisation moved from a government bureaucracy to a commercial company that had a voice in Europe. At the same time as develo...
07 December 2011 /payments
Andy Hunter CEO at Perficiam Ltd
There was a time when bank marketing departments offered well crafted products delivering genuine value for money, but that doesn't seem to be the case now. Advertising is dominated by savings accounts paying way below inflation, and cash incentives to switch banks for no reason other than the cash itself. Whatever happened to the value propositio...
07 February 2011 /payments /retail
As the global economy slowly emerges from the downturn in what is becoming an ever more aggressive marketplace, organisations are seeking to gain that all important edge over their rivals; with many turning to technology to maximise their competitive advantage. At the start of the millennium the rise of the internet and e-commerce provided busine...
17 January 2011 /payments
Only last week, the consumer group Which? branded the UK’s Faster Payments scheme as unfair and confusing (BBC News, 11 June 2010). Apparently, ‘one in four credit card companies still cannot receive faster payments’ and the different transaction limits between banks appear confusing. I can’t help but think that this is a little bit unrealistic - ...
16 June 2010 /payments
FastPayments.co.uk are undertaking a survey into the current state and progression of the scheme following its public launch some months ago. We are interested in understanding an industry view of the schemes benefits, challenges, implementation progression, and likely future development. In a wider sense we expect this survey to inform industry ...
19 November 2008 /payments /retail
John Cant Managing Director at MPI Europe Ltd
My previous blog on Faster Payments posed the question whether some/all UK banks were seeing Faster Payments as an opportunity or sideshow? Still an open question I believe. So it was interesting to see an article quoting Paul Taylor - Head of International Market Development at Vocalink - promoting the wider application of the base infrastructur...
20 March 2008 /payments
If you are going to delay a major financial sector initiative then six months is probably the minimum delay that makes sense. Anything shorter does not give institutions time to react, and anything much longer would undermine confidence that it will be delivered. The revised target live date of May 2008 for the Faster Payments Scheme follows this ...
12 February 2008 /payments
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