Delivering best in class payments infrastructure and rules
Every day, individuals and businesses use the services we provide to get their salaries, pay their bills and make online and mobile banking payments. We move more than £7 trillion every year, through Bacs Direct Credit, Direct Debit, Faster Payments, cheques and Paym.
We have a once in a generation opportunity to work with people everywhere to shape payments for the future and our colleagues are passionate about our responsibility. Click the video below to see how we are getting ready for the future of payments:
Our Vision and Core Purpose
Pay.UK’s vision is to be the leading retail payments authority, delivering best in class infrastructure and standards for the benefit of people everywhere.
Our core purpose is to support a vibrant UK economy enabling a globally competitive payments industry through the provision of robust, resilient, collaborative retail payment services, rules and standards for the benefit, and meeting the evolving needs, of all users.
We will do this by driving more participation and involvement in payments so payment service providers are competing and innovating solutions which respond to customer needs, driving better service and value for end users.
We will be the guardians and pioneers of payments, modernising the payments ecosystem and ensuring that companies and individuals participate in payments according to the standards and rules which we will set.
At the core of this vision sits a robust and resilient technical platform for processing payments. This is the basis for all payment operations and will be centrally procured and deployed by us. Beyond this, we will ensure that participation is reliant on Standards and Rules which enable interoperability, alignment and fairness so that payment providers, businesses and individuals can provide payment solutions, apps and facilities to help people in the UK have more control and more benefits from making payments.
Initially, our work will be focused on bringing together retail payment operations to provide a more aligned and simpler operation for the whole of the UK. We will also be focused on delivering the New Payments Architecture; a modern, central payments infrastructure for the next generation.
All of our work is underpinned by fairness and transparency in all our interactions.
We look forward to achieving our vision over the course of the next few years as we build a new central platform and set the standards and rules for the next generation of payment solutions.
Our Strategic Objectives
Our strategic pillars ensure that we remain focused on our responsibilities and respond to the needs of people and organisations across the UK economy, as defined by the Payment Strategy Forum and the Delivery Group Report. These strategic imperatives include the following capabilities:
Robust & Resilient
Maintaining trust in the certainty, integrity and security of our payments services as operators of systemically important financial market infrastructures
End User Focused
Ensuring the continued relevance, competitiveness and usefulness of the services we provide as part of the UK payments ecosystem
Agile & Innovative
Acting as a catalyst for change in the payments industry – realising opportunities; addressing threats; and supporting industry-wide initiatives
Promoting competition by supporting new entrants through comprehensive and consistent application and on-boarding processes
Ensuring that our payments services remain economically efficient and sustainable, while facilitating competition in both upstream and downstream services
Attracting and retaining talented leaders and people who can deliver on our culture, principles and values
Pay.UK was incorporated on 18 July 2017 as a company limited by guarantee. Since then our family has grown to include six subsidiaries and, in collaboration with them, we own, manage and operate the products and services that enable a vibrant UK economy. Click below for more information about our subsidiary companies.
Bacs has been maintaining the integrity of payment related services since 1968, with responsibility for the Direct Debit and Bacs Direct Credit payment schemes, as well as the provision of managed services such as the Cash ISA Transfer Service, and the Current Account Switch Service. Since its inception, more than 125 billion transactions have been debited or credited to British bank accounts via Bacs and, in 2017, 6.34 billion UK payments were made this way. Bacs became a wholly-owned subsidiary in May 2018.
The Cheque and Credit Clearing Company managed the paper cheque and credit clearing system in England and Wales from 1985 and in Scotland from 1996. Since its launch in October 2017 the company also managed the Image Clearing System (ICS), which enables digital images of cheques to be exchanged between participant banks and building societies across the whole of the UK for clearing and settlement. As well as clearing sterling cheques drawn on UK bank accounts and other eligible debit items (bankers’ drafts, postal orders, warrants, government payable orders and travellers’ cheques) the paper clearing system and the Image Clearing System (ICS) process bill payments and other credit items accompanied by cash or cheques. On 1st July 2018, the oversight, systemic risk management and strategic direction of the running and managing of the cheque paper and cheque image clearing systems was handed over to Pay.UK as the System Operator. All payments continue to be processed as usual. As a wholly-owned subsidiary of Pay.UK, the C&CCC continues to support the paper clearing system for cheques and credits and the ICS.
Faster Payments is the only UK payment system available day and night, 365 days per year, supporting the demands of personal and business customers since its creation in 2008. In its most recent full year of operation (2017), Faster Payments processed 1.65 billion payment transactions with a value of £1,396 billion. Faster Payments also runs Paym, the UK’s mobile payments service, which makes it possible to pay friends, family and small businesses using just their mobile number. Faster Payments became a wholly-owned subsidiary in May 2018.
MPSCo Limited is a company limited by guarantee. Its participants are made up of the payment service providers that offer the Paym service directly to their customers. Paym is a simple, secure way to send and receive payments directly to a current account using just a mobile number. Payments made through the service are made at the same speeds as existing current account, online, and mobile payment services via Faster Payments or LINK.
UK Payments Administration provides people, facilities and business services to the payment ecosystem. Founded in 1985 the organisation has supported game changing projects to deliver world leading innovation, real-time payments in the UK (Faster Payments), quick and secure card payments (Chip and PIN), a new mobile payments service (Paym), and a more competitive industry (the Current Account Switch Service). UK Payments Administration became a wholly-owned subsidiary in July 2018.
UTSP Limited is a leading provider of PKI Trust Services to UK banks and financial institutions operating in the UK that want to join Faster Payments and Bacs. UTSP was set up with the aim to reduce barriers to entry to the Faster Payments Service by providing an affordable PKI solution for PSPs, and to broaden instant payment capability across the UK payments landscape.
We value good corporate governance and behaviours. In the interests of openness and transparency we regularly publish information about our organisation, including our Board Minutes and Register of Directors’ Interests.
Find more information below about our Governance, including our Board, Executive Management Team, Guarantors and Articles of Association.
We have established two independent advisory councils to advise and challenge our Board of Directors. These councils work on behalf of the end user and participant communities in the UK, ensuring that we are true to our responsibilities. Click below to discover more about these councils, and how they help shape the ways in which we think as a business.