Articles

POST 2019 UK CHEQUE CLEARING PROCESS

In 2018 the UK developed a new way of handling cheques based on cheque image processing.  This change has been called ICS (Image Clearing Systems) and previously FCM (Future Clearing Model).  Whatever it is called, from end 2019 it will be the way cheques are cleared...

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POST 2019 AGENCY BANK CHEQUE CLEARING

This article is an extension of the article (Pre 2019 UK Cheque Clearing Process) which explains how cheque clearing works in the UK from the end of 2019.  It expands to by exploring how small Banks and Building Societies participate in the cheque clearing scheme without being full members, and as a consequence, they have a slightly different process.

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PSD2 and Open Banking – Retailers to win vs Banks!

This article gives a high level forecast of the likely implications of PSD2 and Open Banking on UK Banks. (For an introduction to the API technology underneath these rules click here). Our central forecasts are;
• Credit card monolines and the credit card divisions of banks will suffer income hits as retailers promote lower cost PSD2/ Open Banking payment mechanisms.
• In the three to five year timetable retailers will take market share of consumer lending from banks unless banks act.
Some banks will flourish because they will exploit their knowledge and understanding of API’s to work with retailers and become partners rather than the enemy.

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