Money

Interbank Payments

March 24, 2020 Money Payments 3 min

Reading Time: 3 minutes How do banks pay each other? When banks want to transfer money to each other, perhaps upon instruction from a customer, they don’t put bundles of banknotes in a van and drive it off to the recipient. They pay each other digitally. How does this work?

Settlement & Clearing Systems in the UK

March 24, 2020 Money Payments < 1 min

Reading Time: < 1 minute Certificate-less Registry for Electronic Share Transfer (CREST) is the United Kingdom’s securities settlement system for the holding and transfer of securities. An embedded payment system supports a delivery-versus-payment (DVP) settlement service for transactions in UK, Irish, Manx and Channel Islands securities. CREST also has links to settlement systems outside the United Kingdom to allow transactions ...

Payment Systems in the UK

March 24, 2020 Money Payments < 1 min

Reading Time: < 1 minute There are four main interbank payment systems in the UK: CHAPS, BACS, Faster Payments and C&CC. These were previously operated under the umbrella of the Association for Payment Clearing Services (APACS). Now run as independent companies.