A Quick Overview of the Innovation in UK Payments
Bacs, Direct Debit, Faster Payments, Chaps and Cheques
In the UK today, we use various payments and collections systems to pay for goods and services incurred. As times change, and consumer and business needs evolve, payment systems once well suited to their function require innovation to ensure they continue to meet user requirements for years to come.
To meet the requirements of twenty-first century consumers and businesses, The Payments Strategy Forum has launched a new strategy aimed at overhauling the UK’s payment systems, with a target date set for 2020.
Over the last twelve months we have witnessed many ebbs and flows, a few unexpected events and several twists in the tale.
Even if you ignore Brexit and Trump (we can all try) and the aftermath that followed, 2016 was a mixed bag for the banking, payments and financial services ecosystem. A year we are certainly not going to forget in a hurry.
Nevertheless, we’ve all made it through safe and sound, and here at AccessPay we are certainly feeling positive about what 2017 has in store.
Christmas is almost upon us, but it’s not always a time of festive cheer between businesses and their customers – especially when it comes down to paying bills.
Direct Debit consultation closes TOMORROW, 9th December 2016
Bacs are currently undertaking a public consultation on Direct Debit to understand the challenges businesses and consumers face now and in the future.
With a view to understanding which features are working and what changes could be brought in to enhance the service even further, it’s a great opportunity for businesses of all shapes and sizes to get involved and make a difference.
Just like Apple has brushed the headphone jack under the carpet in its latest iPhone 7 release, should banks look to eliminate old-fashioned cheques from their dusty shelves?
In 2008, when the CD drive-less MacBook Air was pulled out of a brown paper envelope, Steve Jobs accurately predicted that software delivered over the internet would soon replace the faithful disc.