by Robert Tripp | Jan 22, 2007 | Articles, Banking Product Engines, Gateways to the Banking Industry
This article was correct up to the end of 2019. A new process described in (Post 2019 UK Cheque Clearing Process) was introduced in 2018 and has been placed in parallel with the process described here. After 2019, only the new process will be in place. The UK...
by Robert Tripp | Jan 21, 2007 | Articles, Banking Product Engines, Gateways to the Banking Industry
In November 2006, the Office of Fair Trading (OFT), a branch of the UK Government and APACS jointly announced changes to the UK Cheque Clearing System. Who will blink first, the OFT, the Clearers or the Agency Banks? To explain how we come to this conclusion we break...
by Robert Tripp | Nov 22, 2006 | Articles, Gateways to the Banking Industry
UK banks have to do quite a bit of work to support SEPA. Furthermore, they have some options which go beyond “complying” with SEPA to exploit it. To explain this we have broken this article into four parts: What’s SEPA? What do UK banks have to do as a minimum? What...
by Robert Tripp | Sep 25, 2005 | Articles, Banking Product Engines, Gateways to the Banking Industry
Introduction The OFT and the banking industry have agreed to create a new payments capability for the UK by the end of 2007. For standing Orders, internet banking transfers and telephone transfers between banks the movement will be near real time. Currently, there is...
by Robert Tripp | Aug 28, 2005 | Articles, Banking Product Engines, Gateways to the Banking Industry
The main clearing banks provide special services for: Organisations receiving very large numbers of payments (e.g. utility companies, retailers, local government etc.) Small banks and building societies who do not want the hassle of running their own clearing and...
by Robert Tripp | Aug 28, 2005 | Articles, Banking Product Engines, Gateways to the Banking Industry
This would be a major advance for most UK banks, who currently have a core bank accounting platform based on a single pass batch update in the middle of the night. (See The Evolution of Core Banking Systems). The benefits of real time accounting are that you get...
