Discover
For Enterprise
Contact
Discover
For Enterprise
Contact

Book a demo

Pricing

Ready to get started?

Domestic Payment Systems in the UK

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'.

Retail Banking

Foundational

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'.

Join now to start learning today

Finance Unlocked is the video learning platform built for finance professionals.

This content is also available as part of a premium, accredited video course. Sign up for a 14-day trial to watch for free.

Domestic Payment Systems in the UK

4 mins 39 secs

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.

Key learning objectives:

  • Outline the common domestic payment systems in the UK

Book a demo to access

This content is also available as part of a premium, accredited video course. Sign up for a 14-day trial to watch for free.

Summary

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.

Book a demo to access

This content is also available as part of a premium, accredited video course. Sign up for a 14-day trial to watch for free.

Expert
Ritu Sehgal

Ritu Sehgal

With a career spanning over 20 years, Ritu has worked in several different areas of banking with some of the largest Global Banks in both Asia and the UK. In her most recent role Ritu managed the Payments sales business for Lloyds Banking Group Corporate and Institutional clients.

Related videos

Key Concepts in International Electronic Payments

Treasury Operations

Foundational

Key Concepts in International Electronic Payments

Pat discusses the fundamentals of international payments: payment schemes, self clearing and cross border payments.

Pat Curran • 13:27

Fintech Disruption in the Payments Landscape

Fintech

Competent

Fintech Disruption in the Payments Landscape

Fintech is becoming increasingly important in the sphere of payments. Michael explains how technology can increase competition and make the market more efficient for consumers.

Michael Bond • 14:56

What is Open Banking?

Fintech

Foundational

What is Open Banking?

In this video, Gilad explains the meaning of open banking. He further explains its purpose and the initiatives that are likely to be seen in the future.

Gilad Amir • 02:21

International Electronic Payments Illustration

Retail Banking

Competent

International Electronic Payments Illustration

Following Pat's introductory video on international payments, Pat now dives into further detail with some examples of international payments.

Pat Curran • 18:00

Access to Payment Schemes for Fintechs

Fintech

Competent

Access to Payment Schemes for Fintechs

Since 2017 the Bank of England has provided a framework for non-bank payment service providers to access all UK domestic payment schemes. In this video, Michael outlines the route for Fintechs to get access to payment schemes.

Michael Bond • 08:50

Introduction to Bank Credit Risk Management

Retail Banking

Foundational

Introduction to Bank Credit Risk Management

Peter covers credit risk and its applications in the real world. Starting with both qualitative and quantitative assessments, before considering the consequences of a borrow default.

Peter Eisenhardt • 22:43

How does Open Banking work from a Technical Perspective?

Retail Banking

Foundational

How does Open Banking work from a Technical Perspective?

Duena gives an introduction to open banking. She explains what it aims to solve, how it is implemented and how it is regulated.

Duena Blomstrom • 09:32

A Closer Look at Digital Banking

Fintech

Foundational

A Closer Look at Digital Banking

In this video, Duena explains digital banking: what it is, how it developed and where it is heading.

Duena Blomstrom • 13:04