UK Faster Payments Matthew Croxford Product Management Team.

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Presentation transcript:

UK Faster Payments Matthew Croxford Product Management Team

Agenda UK Faster Payments scheme - a brief history Faster Payments overview Business reasons to use Faster Payments Eiger Systems products for Faster Payments

A brief history The Cruickshank report (2000) - no easy, low-cost way to quickly transfer money OFT Payments Task Force - the banking industry must –provide a faster (same day) electronic payments capability –eliminate the taking of Float To be introduced by the end of 2007

Overview of faster payments Completely new scheme separate to BACS and CHAPS Will be managed by the CHAPS Clearing company Operated by Immediate Payments Ltd (part of VocaLink) Faster Payments is a Sterling only system Faster Payments is for Credits only Available 24 x 7 x 365 Supports 3 payment types 13 member banks Same day payment if beneficiary is a direct member Go live now expected to be May 2008

Direct Corporate Access (DCA) Expected mid 2008 Allows submission of bulk payment files by corporates Managed by BACS on behalf of CHAPS Operated by VocaLink DCA will use the BACSTEL-IP infrastructure File formats will be Standard 18 Same smartcards and HSM credentials as BACSTEL-IP Availability 06:00 to 14:00 on bank working days Warehousing of payments is not supported Payments will be irrevocable (no recalls) £10,000 limit per transaction

How much will Faster Payments cost? Cost will be set by your bank CHAPS - typically pounds (£1 and £20) BACS - typically pence (1p and 5p ) Faster Payments – is expected to be between a BACS payment and a pound (5p and £1)

Making Faster Payments Current usage of payments Contingency payment mechanism Weekly payroll One-off payments Service differentiation –immediate loans –immediate settlement of insurance claims –immediate winnings –immediate refunds Risk reduction Process improvements Optimisation of working capital

Solutions BANK WIZARD – validation of Faster Payments account details EigerPAY Gateway – payment submission software for Faster Payments

Where our solutions fit Business Application Faster Payments Business Application Management Information

Conclusion There are sound business reasons to use Faster Payments … … however the benefits don’t come without some cost Most of the issues can easily be resolved –BANK WIZARD for data validation –EigerPAY Gateway for Faster Payments submission

Faster payments Webinar Thank you Feel free to me at…

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