The following companies contributed

The following companies contributed to the data within this publication. More details of referenced payment systems are
available on the relevant websites:
Bacs has been maintaining the integrity of payment related services since 1968, with responsibility
for the schemes behind the clearing and settlement of UK automated payment methods, Direct Debit
and Bacs Direct Credit. Almost 110 billion transactions have been debited or credited to British bank
accounts via Bacs since its inception; in 2014 over 5.8 billion UK payments were made this way with a
total combined value of over £4.4 trillion. www.bacs.co.uk
The Belfast Bankers' Clearing Company was formed in May 2007 as a means of formalising existing
rules and standards for sterling paper clearings and Euro debit clearing in Northern Ireland. The role
of the Company is to maintain the integrity of the clearing arrangements and ensure the system is
efficient and effective. www.bbccl.co.uk
Cash Services acts as a focal point for the provision of strategic direction on co-operative
(non-commercial) issues for cash, its overall aim is to ensure that cash can circulate efficiently
and effectively, and risks in the cash cycle are managed to this end. www.cashservices.org.uk
CHAPS is the only UK payment system that guarantees real-time finality of individual payments
of unrestricted value, across the Bank of England’s Real Time Gross Settlement (RTGS) system.
CHAPS is an international scheme focused on systemically important, high value and time-dependent
payments. It has the widest Direct Participation base, with domestic and international financial
institutions, and serves over 5,000 Indirect Participants. It is used by banks, building societies and
other payment service providers to pay each other, including international sterling flows. Most of
CHAPS’ daily value transferred derives from these wholesale financial transactions. CHAPS processed
£68 trillion in 2014, which equates to £269 billion per day, turning over the UK’s annual GDP every
six working days. www.chapsco.co.uk
The Cheque and Credit Clearing Company is responsible for managing the cheque clearing system.
As well as clearing cheques, the system processes bankers’ drafts, building society cheques, postal
orders, warrants, government payable orders and travellers’ cheques. The company also manages
the systems for the clearing of paper bank giro credits, euro cheques and US dollar cheques (the two
clearings for currency cheques drawn on GB banks). In 2014 the sterling clearing systems handled
499 million inter-bank cheque and credit items, valued at a total of £520 billion.
www.chequeandcredit.co.uk
The Faster Payments Service, operated by Faster Payments Scheme Limited, enables internet,
mobile, telephone and standing order payments to move from account to account, normally within
seconds, and certainly within a few hours, 24 hours a day, 365 days a year. The scheme has been doing
this non-stop, since its launch just over seven years ago, and now delivers over 1.1 billion payments a
year, worth almost £1 trillion. Given its scale and reach, it is still considered one of the most advanced
real-time payments services in the world. www.fasterpayments.org.uk Faster Payments’ real-time
payments capability is now being used to underpin the recently launched Paym mobile payments
service. www.paym.org.uk
The LINK Scheme is the national cash machine network. Effectively every cash machine in the UK is
connected to LINK, and LINK is the only way banks and building societies can offer their customers
access to cash across the whole of the UK. LINK’s role is to provide UK consumers with universal
access to cash in a safe, convenient and rapid manner. LINK is governed by its 37 Members which
issue debit and ATM cards and deploy cash machines across the UK. www.link.co.uk
Twitter: @LINK_ATM_Scheme
The UK Cards Association is the trade body for the card payments industry in the UK, representing
financial institutions which act as card issuers and acquirers. Members of the Association account
for the vast majority of debit and credit cards issued in the UK - issuing in excess of 56 million credit
cards and 95 million debit cards - and cover the whole of the payment card acquiring market.