Domestic Payment Systems in the UK
Ritu Sehgal
20 years: Corporate banking
The first video on this series is an overview of Domestic Payments. In this video, Ritu provides us an understanding of the most common domestic payment systems i.e, BACS, CHAPS & a system called ‘Faster Payments'.
The first video on this series is an overview of Domestic Payments. In this video, Ritu provides us an understanding of the most common domestic payment systems i.e, BACS, CHAPS & a system called ‘Faster Payments'.
Domestic Payment Systems in the UK
4 mins 39 secs
Key learning objectives:
Outline the common domestic payment systems in the UK
Overview:
Ever wondered what happens when money is sent electronically by one person in the UK to another person in the UK? This video provides an overview of UK Domestic payment schemes.
What are the common domestic payment systems in the UK?
- BACS - It is over fifty years old, it is the oldest and the slowest of the three payment systems. BACS payments take three working days to process, payments are free for individuals to initiate and receive, and payments can be cancelled until midday on the second business day.
- CHAPS - CHAPS transactions are irrevocable and each CHAPs payment is settled in real time with guaranteed processing within the same day, if received before 5.40pm on a weekday. It is currently overseen by the Bank of England.
- Faster Payments - It is just over ten years old and provides individuals with free instant transfers 24/7. This method is not available with all banks, and there is a transaction limit of £250,000.
Ritu Sehgal
There are no available Videos from "Ritu Sehgal"