Key Data

• Trading Name: Pay.UK
• Legal Entity: Pay.UK Limited
• Activities: digital payments network
• Location: United Kingdom
• Regulations: supervised by the Bank of England’s Financial Market Infrastructure Directorate (FMID) and regulated by the Payment Systems Regulator (PSR). 
• Key People: David Pitt (CEO), 

They provide the digital payments networks used by the UK’s banks, building societies, other payment providers and all of their customers to make payments, ensuring they are secure, safe and simple to use.

In 2019, they handled 9.2 billion payments worth more than £7.4 trillion. That’s 2.4 billion fast payments, 4.5 billion direct debits and 247 million checks, underscoring their role as the UK’s leading payments authority.

Its current account switching service assisted over one million consumers and businesses to switch current accounts last year, and since its launch in 2013, the service has moved 6.3 million accounts

Offering

Pay.UK offers a range of services and initiatives related to the operation and advancement of payment systems in the United Kingdom. Some of the key offerings provided by Pay.UK include:

1. Retail Interbank Payment Systems: Pay.UK operates and maintains payment systems such as Faster Payments, Bacs (including Direct Debit and Direct Credit), and the Cheque and Credit Clearing system. These systems enable individuals, businesses, and organizations to make secure and efficient payments and transfers.
2. Standards and Rules: Pay.UK establishes and enforces the standards and rules that govern payment systems in the UK. This includes setting guidelines for transaction processing, security measures, operational procedures, and participant responsibilities.
3. Collaboration and Innovation: Pay.UK fosters collaboration among financial institutions, fintech companies, and other stakeholders to drive innovation and improve the payment ecosystem. It encourages the development of new payment solutions, promotes competition, and supports initiatives that enhance customer experience and industry efficiency.
4. Payment Security and Fraud Prevention: Pay.UK works on initiatives to enhance payment security and combat fraud. This involves implementing measures to protect against unauthorized access, identity theft, and fraudulent activities within the payment systems.
5. Industry Advocacy and Engagement: Pay.UK represents the interests of the UK payment industry and engages with various stakeholders, including banks, regulators, government bodies, and consumer groups. It provides a platform for discussion, consultation, and collaboration to shape the future of payments in the UK.

News

In June 2023 Pay.UK is piloting a collaboration among payment industry players to combat fraud by sharing data and resources. The initiative aims to develop an overlay service to analyze money flows and detect fraud before it happens. Pay.UK has partnered with Visa, Synectics Solutions, and Featurespace for testing. This announcement follows other industry-wide efforts to address fraud in the payments sector.

Customer review

We could not find any customer reviews for Pay.UK on the web.

Conclusion

We rate them on ORANGE due to missing Customer reviews.

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