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?
Category: Payments
Settlement & Clearing Systems in the UK
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… Continue reading Settlement & Clearing Systems in the UK
Payment Systems in the UK
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.
