Introduction to payment systems and schemes

Introduction to payment systems and schemes


 

Whenever money moves between individuals, businesses or government – whether paying for goods or services, receiving income or paying taxes – the UK’s payment systems are used to make the transfer of funds. Organisations that want to provide their customers with the facilities to move money, such as banks and building societies, must be able to access the UK payment systems to enable their customers to send and receive funds.

 

Who is this website for?

This website has been developed to support organisations who need to use UK payment systems to provide payment services for their customers. This website provides information resourse bringing together a variety of information about UK payment systems and how to access them.

The information should be particularly helpful to a new entrant to banking who needs to provide one or more payment services as part of its customer product offering. It may also be useful to existing Payment Service Providers (PSPs) who want to enhance the services they offer.

 

On this site you will find: 

 

Other useful resources:

You may also wish to download a free copy of ‘An Introduction to the UK’s Interbank Payment schemes1. This useful up-to-date guide provides an overview of each payment scheme, explaining  what each one offers, and access arrangements for payments service providers (PSPs). It aims to help PSPs that are considering joining a scheme, or extending the payments services they offer to customers. 

Page 20 will give you an indication of the common access criteria for each payment scheme or Payment System Operator, (“PSO”) which will help you understand what membership entails.

 

Sort Code Information:

A sort code is an integral part of the information used to route and settle payments made through the cheque and electronic payments systems in the UK. The UK sort code information website provides useful information on: 

  • Direct Participation in a UK Payment Scheme
  • Indirect Participation in a UK Payment Scheme
  • Sort Code for use outside of UK Payment Schemes


1An Introduction to the UK’s Interbank Payment schemes has been produced and published collaboratively by the UK Payment Systems Operators: Bacs Payment Schemes Limited (Bacs), CHAPS, Cheque and Credit Clearing Company, Faster Payments and LINK.