In addition to operating the UK’s national retail payment systems; Bacs, including Direct Debit, Faster Payment, and the Image Clearing System, the digital way to process cheques, we also manage a number of crucial services on behalf of the industry.
Our role at the heart of the UK’s payments ecosystem means that we are ideally positioned to oversee these services, to the benefit of all those who rely on them.
These include Paym, the UK’s free-to-use mobile payment service, which provides end users with the ability to make a payment without needing the recipient’s account number or sort code, and UTSP Limited, a Public Key Infrastructure (PKI) Trust Service, which manages the digital certificates that are essential to keep customer information secure.
Find out more, below.
Paym helps you pay your friends and family back quickly and easily using a current banking app. It has been operational since 2014 and lets you send money securely to anyone registered by their bank to receive via Paym using just their mobile number.
Learn more about Paym.
To access the customer-sensitive data needed to use the Faster Payment System and Bacs Payment System, participants need to have the use of a PKI Trust Service. This manages the digital certificates that are essential to keep customer information secure.
Pay.UK manages a PKI Trust Service, operated by UTSP, which provides services to UK banks and financial institutions that want to join the Faster Payment System and Bacs Payment System. The service aims to reduce barriers to entry for payment service providers by providing an affordable solution and to broaden instant payment capability across the UK payments landscape. PKI is a system for the management (creation, storage, distribution and revocation) of digital signatures.