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Payments industry bodies and other organisations (The Payments Council (A…
Payments industry bodies and other organisations
The Payments Council
A voluntary membership organisation funded by its members
Governed by a set of published rules and a board of directors
Organisations that are payment service providers with qualifying payment volumes can join the Payments Council
The organisation that sets the stagey for UK payments
Established to ensure that UK payment systems and services meet the needs of users, payment services providers and the wider economy
Works to improve the future of payments
The board consult on important issues such as proposals for innovation, any significant policy statements and any proposals to create wind-down payment systems in the UK
The principal UK payment schemes such as BACS, CHAPS, Cheque and Credit Clearing Company Limited and the LINK ATM scheme have all entered into a contract with the Payments Council
Schemes which have entered into contracts are required to report to the board of the Payments Council. The board is also able t make decisions that are binding on scheme members in order to implement its strategy
The European Payments Council
The decision making body of the European banking industry in relation to payments
An international not-for-profit association
Its members represent banks and payments intuitions with the European central bank acting as an observer
Central purpose is to promote SEPA
UK Payments Administration Limted
A UK trade organisation
Describes itself as a 'service company providing people, facilities and expertise to the UK payments industry'
The organisation covers most forms of payments within the UK including cash, credit cards, debit cards, cheques and automated payment such as direct debits
Provides services to
BACS
CHAPS
Cheque and Credit Clearing Company
Faster Payments
Payments Council
SWIFT UK
Brings together all payment system organisations, giving banks, building societies and card issues a forum where they can work together on non-competitive issues
Responsible for the creation of rules regarding customer liability in cases of card and cheque fraud, and oversaw the transition of debit cards to Chip and PIN
The International Organisation for Standardisation (ISO)
Worlds largest developed and publisher of international standards
Non-governmental organisation
Network of national standards institutes of 157 countries, one member per country, with a central secretariat in Geneva that coordinates the system
Relevant standards to banking include
ISO 3166: Country Codes
ISO 4217: Currency codes
ISO 9362: Business Identified Codes (BIC codes)
ISO 13616: Structure of the IBAN number
Cheque and Credit Clearing Company
Membership based non-profit making industry body which manages the cheque clearing system in the UK
Also processes bankers drafts, building society cheques, postal orders and traveller's cheques
Also manages the system for the clearing of paperback giro credits, euro cheques and US dollar cheques
Describes its role as
Providing consumers, via its members, with eh central payment system services for the exchange and settlement of cheques and credits. These services are underpinned by payments infrastructure including the exchange centres, the network for the transfer of electronic cheque data and an automated settlement system, also included a courier service for the return of unpaid cheques to the collecting bank
Managing the operational processes of the central payment system services
Determining the rules, standards and procedures required to maintain the integrity of the clearings, including the criteria for joining the clearings and ensuring compliance with those rules
Engaging with the full range of stakeholders, including consumers and businesses that use cheques, banks that offer cheque clearing services, cheque processors, cheque printers and other suppliers
Managing the Cheque Printer Accreditation Scheme