Payment Industry Body Flashcards
Outline the payments council
Voluntary membership funded organisation / governed by set of published rules & board of directors
Set strategy for UK payments systems & ensure services meet needs of users, service providers & economy
Works to improve future of payments (PAYM)
Board consult on issues; innovative proposals, significant policy statements & proposals to wind down systems
Principle UK payment schemes (BACS, CHAPS, cheque clearing) entered contract with council to set respective duties & rights towards another
Under contract schemes required to report to council / board decided on implementing strategy
Outline the European Payments Council
International / non profit association
Decision making body for European banking industry in relation to payments
Members represent banks & payments institutions / European Central Bank = observer
Central purpose to promote SEPA
Outline the UK payments administration limited
UK trade organisation / provides facilities & expertise to payments industry
Provides services to majority of payments systems; BACS , CHAPS, Faster payments, SWIFT UK, payments council
Brings together organisations giving banks, building societies & card issuers a forum to cooperate non competitively in issues
*responsible for rule creation regarding liability on cases of card/ cheque fraud / oversaw transition from chip to PIN
Outline the International Organisation for Standardisation (ISO)
Non government organisation
Worlds largest developer & publisher of intentional standards
Network of national standards/ 157 countries
Outline the Cheque & Credit Clearing Company
Membership based non profit body
Manages cheque clearing system, process bankers drafts, travellers cheques
System also manages clearing of paperback giro credits, euro credits & US dollar cheques drawn on U.K accounts
Role;
-providing customers with central payment system services for exchange & settlement of cheques & credit
- manage operational process of systems
- manage cheque printer accreditation scheme
- engage with stakeholders who use cheques & suppliers
- determine rules, standards & procedures required to maintain high integrity of clearings
