- Knowledge Centre
The Payments Council
- Set up in 2007 to replace the Office of Fair Trading (OFT)'s
Payment Systems Task Force.
- The Payments Council currently consists of 29 members -
including 11 banking representatives, 4 independent directors, an
independent chairman and an observer from the Bank of England.
- It works closely with the principal UK payment schemes (Bacs, CHAPS, LINK ATM Scheme etc.) to
foster a culture of innovation and co-operation amongst the most
influential organisations within the payments industry.
- The principal UK payment schemes signed a contract with the
Payments Council which requires them to report regularly to the
Board - which has the ultimate power to make binding decisions on
solutions embrace the latest Payments Council innovations »
- VocaLink is the technical half of the Bacs partnership, which
ensures that the logistical requirements needed to process the UK's
payments are me and also manages the UK's ATM network.
- Banks, and independent software developers such as Albany Software, supply the
means to submit payments to the VocaLink infrastructure, which
provides a secure and reliable transaction gateway.
- On a peak day, the VocaLink payments platform is responsible
for processing 90 million transactions, and over half a billion in
Submit Faster Payments
to VocaLink with ePay »
UK Payments Administration (UKPA)
- Orignally known as APCAS, the UKPA is a trade body formed in
2009 to bring together banks, building societies and card issuers,
providing them with a forum to discuss non-competitive issues.
- It manages all of the UK payment systems, including cash,
cheques, debit and credit cards, and automated payments such as Direct Debits, Direct Credits and online
- The UKPA also oversaw the introduction of the Chip and Pin
system and defines procedural practice for numerous aspects of the
payments industry including debits and standing orders.
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UK automated payments with ePay »