There are 6 Payment Schemes that operate within the UK. These are:
- Faster Payments Scheme – for low value payments.
- BACs – handling direct debit and credit bulk payments.
- CHAPs – for higher value wholesale and retail payments.
- LINK – which gives bank and building society customers access to cash across the whole of the UK.
- PAYM – which is an overlay scheme for initiating payments via Faster Payments or LINK from a mobile phone number
- Cheque & Credit Clearing Company – which clears all cheques, bank drafts, warrants, travellers’ cheques.
These are all now run and managed by Pay.uk.
For more detail of each scheme please click on the images below…