UK Payment Schemes

There are 6 Payment Schemes that operate within the UK. These are:

1. Faster Payments Scheme – for low value payments.
2. BACs – handling direct debit and credit bulk payments.
3. CHAPs – for higher value wholesale and retail payments.
4. LINK – which gives bank and building society customers access to cash across the whole of the UK.
5. PAYM – which is an overlay scheme for initiating payments via Faster Payments or LINK from a mobile phone number
6. 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…