DOCSLIB.ORG

Faster Loan Payments WHAT's INSIDE FEATURE STORY NEWS & TRENDS

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

News & Trends The State Bank of Pakistan will launch a faster payments system next year – p. 11 Deep Dive Real-time payments could cure the healthcare market’s payment maladies – p. 15 NOVEMBER 2019 HOW FASTER UNDERWRITING, CREDIT ANALYSIS UNLOCK Faster Loan Payments WHAT'S INSIDE FEATURE STORY NEWS & TRENDS A look at the opportunities David Evans, CEO of A review of new global awaiting companies that DecisionLogic, explains how payment initiatives, including invest in faster payment seamless access to bank data solutions from NatWest, solutions and the costs facing enables faster loan approvals Goji and the State Bank of those that do not and could render credit score Pakistan checks obsolete 03 07 11 DEEP DIVE SCORECARD ABOUT An in-depth analysis of how The results are in. See the Information on PYMNTS.com real-time payments could top scorers and a directory and Fiserv solve common healthcare featuring more than 60 market frictions industry players, including four additions 15 17 51 Table of CONTENTS The Faster Payments Tracker® is powered by Fiserv, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis. 2 | © 2019 PYMNTS.com All Rights Reserved What's Inside Faster payments create happier business and trading to invest in fast, free and invisible customer solutions, partners. Recipients that quickly receive their funds are for example. more likely to be satisfied with and extend their profes- Several FIs around the globe appear to understand the sional relationships, and the rise of consumer-facing, seriousness of the situation, however, and are working peer-to-peer (P2P) services has only increased de- aggressively to implement faster payments. Here are mand for faster business-to-consumer (B2C) payment some of the latest efforts they and other businesses solutions. Customers can easily use their smartphones have taken to more quickly move funds. to send money to friends and family members via P2P apps like PayPal, Venmo and Zelle, and they grow frus- AROUND THE FASTER PAYMENTS SPACE trated with businesses that cannot deliver that same Companies across several global markets are ex- speed for insurance claims, rebates, refunds and oth- panding access to existing faster payment systems, er transactions. while some nations are taking their first steps toward The global B2C solutions market is currently valued building brand-new payment rails. The U.K.’s National at $6.8 billion and is on track to reach $25.9 billion by Westminster Bank (NatWest) recently launched an 2023, meaning firms whose faster payments efforts application programming interface (API)-based fast- are lagging could miss out on lucrative opportunities. er payment service available to more than 200 FIs in Legacy banks and other traditional financial institu- the nation. The Faster Payments clearing API service tions (FIs) are at particularly high risk of losing revenue allows the bank’s customers to connect to the U.K.’s by failing to invest in key technologies. Recent data in- Faster Payments Scheme (FPS) through their existing dicates that FIs in the United Kingdom stand to lose infrastructures and APIs. The integration will enable out on £8 billion ($10.3 billion USD) in revenue by failing © 2019 PYMNTS.com All Rights Reserved | 3 participating banks’ customers to make and receive savings accounts for emergencies, meaning many payments in real time. must turn to loans to cover unexpected medical bills or vehicle repairs. Receiving loan approval can Pakistan is taking its first steps toward launching a be problematic for borrowers with insufficient credit national faster payment system. The State Bank of scores, however, and frictions in the application pro- Pakistan (SBP) recently held a workshop at which cess can drive them away. In the Tracker’s Feature SBP governor Reza Baqir outlined the bank’s plans Story (p. 7), DecisionLogic CEO David Evans explains to pursue its National Payment Systems Strategy how the company’s bank verification software en- (NPSS). He said the rail could reduce costs and pro- ables lenders to quickly review data, approve loans mote greater electronic payments adoption in the and rely less on credit scores. country, which still relies heavily on cash. WHAT'S INSIDE WHAT'S United States consumers could see expanded DEEP DIVE: HOW FASTER PAYMENTS CAN CURE HEALTHCARE’S ILLS real-time payments access thanks to a new Fiserv solution that enables quick bill payments. The The healthcare market is not immune to payment fric- CheckFree Next service is being piloted by 10 U.S. tions, as costly inefficiencies can force hospitals to FIs, offering APIs that provide bill payment services chase payments and prompt 47 percent of patients through more than 600 billers. The technology can to consider seeking medical treatments elsewhere. automatically identify consumers, match them to The Tracker’s Deep Dive (p. 15) explores the potential billers’ accounts and quickly issue payments, as well benefits that real-time payments could offer patients as provide alerts and reminders about when bills are and healthcare providers alike. due and payments have been issued. NOVEMBER TRACKER UPDATES For more stories on these and other faster payments This month’s Faster Payments Tracker® profiles headlines, read the Tracker’s News and Trends sec- more than 60 industry players, including four addi- tion (p. 11). tions: BillingTree, Klarna, Moneris and Payscout. HOW FASTER LENDING TOOLS COULD RENDER CREDIT SCORES MOOT Recent Federal Reserve data indicates that 61 per- cent of U.S. adults have less than $400 in their 4 | © 2019 PYMNTS.com All Rights Reserved Executive INSIGHT Which industries have been most successful in adopting faster payment solutions, and which are lagging? “Faster payments are gaining ground in the United States, driven by growing consumer demand and advanc- ing technology. The provider landscape is also changing, with the Federal Reserve announcing the launch of the FedNow faster payments initiative, which is expected to … go live by 2024. However, faster payments are far from ubiquitous. … It might appear … that businesses and service providers are able to instantly accept payments via credit or debit cards in person … or in an eCommerce setting, [but] these transactions do not settle in businesses’ bank accounts in real time. In addition, checks are still being used by many businesses to pay employees or send funds, such as claims payments, to customers. Consumers who are tired of waiting days to receive their payments … utilize INSIDE WHAT'S closed-loop P2P payment systems like PayPal, Venmo and Square Cash. Banks took notice of this trend and launched the first bank-based real-time P2P system, Zelle, which has seen healthy adoption since [its launch]. As the middle class in the U.S. struggles to cope with inflation and a growing cost of living, they are looking to gig employment ... to keep them afloat [with] multiple streams of income. Part-time gig workers need and demand faster payments for the services they render. FinTechs … in the earned wage access area allow gig workers [and] traditional employees to gain access to their earned wages in real time using faster payment rails like Visa Direct, MasterCard MoneySend, Fiserv NOW Network and The Clearing House’s RTP network. Beyond the gig economy, we also see other industries where faster payments are starting to take hold. In the property and casualty insurance space, utilizing faster payments rails for claim payouts has improved cus- tomer satisfaction and loyalty. Factoring is another area where invoices are sold to … businesses that use faster payment rails to enable liquidity for various types of use cases, like truck drivers hauling freight. Faster payments are here and their potential to change the future of commerce is promising. Competition in faster payments is good for … customers and will no doubt open doors to innovative new ideas that can raise our standards of living.” DEVA ANNAMALAI WHAT'S INSIDE WHAT'S vice president of payments strategy and solution consulting at Fiserv 5 35% Increase in the number of real-time payment systems in use around the world over the past five years £8B 25% WHAT'S INSIDE WHAT'S Estimated revenue losses Share of online medical among British banks that bill payments that will be fail to offer instant, invisible completed using real-time and free digital services by payments by 2022 2025 100% $25.9B Projected CAGR of Projected value real-time payments in of the faster B2C healthcare from 2018 to disbursements market 2022 by 2023 66 | |© © 2019 2019 PYMNTS.com PYMNTS.com All All Rights Rights Reserved Reserved © 2019 PYMNTS.com All Rights Reserved | 6 FEATURE STORY HOW FASTER UNDERWRITING, CREDIT ANALYSIS UNLOCK Faster Loan Payments © 2019 PYMNTS.com All Rights Reserved | 7 Feature Story Recent Federal Reserve data indicates that 61 per- accounts, in turn enabling faster loan approvals that cent of U.S. adults do not have $400 in savings on issue the payouts users need. hand to cover unexpected expenses. That reflects Underwriting tools provide both borrowers and a steady increase from 2013’s measure — 50 per- lenders with confidence and help the latter more cent — and indicates that many Americans may need seamlessly access reliable bank data that super- loans to deal with financial disruptions like medical sedes credit scores. They can also supply banks and emergencies or vehicle repairs. other FIs with better senses of borrowers’ financial Faster payment services could help such consum- histories, such as how pending transactions affect ers get much-needed funds, provided lenders can account holders’ available capital by “aggregating access equally fast underwriting tools. Borrowers the [data] aggregators.” needing seamlessness could instead face addition- “The same person’s bank account can look different al hurdles if their credit histories or scores become in many ways for many reasons,” Evans said.
Recommended publications
  • Network Risk and Key Players: a Structural Analysis of Interbank Liquidity∗

    Network Risk and Key Players: a Structural Analysis of Interbank Liquidity∗

    Network Risk and Key Players: A Structural Analysis of Interbank Liquidity∗ Edward Denbee Christian Julliard Ye Li Kathy Yuan June 4, 2018 Abstract We estimate the liquidity multiplier and individual banks' contribution to systemic liquidity risk in an interbank network using a structural model. Banks borrow liquid- ity from neighbours and update their valuation based on neighbours' actions. When the former (latter) motive dominates, the equilibrium exhibits strategic substitution (complementarity) of liquidity holdings, and a reduced (increased) liquidity multi- plier dampening (amplifying) shocks. Empirically, we find substantial and procyclical network-generated risks driven mostly by changes of equilibrium type rather than net- work topology. We identify the banks that generate most systemic risk and solve the planner's problem, providing guidance to macro-prudential policies. Keywords: financial networks; liquidity; interbank market; key players; systemic risk. ∗We thank the late Sudipto Bhattacharya, Yan Bodnya, Douglas Gale, Michael Grady, Charles Khan, Seymon Malamud, Farzad Saidi, Laura Veldkamp, Mark Watson, David Webb, Anne Wetherilt, Kamil Yilmaz, Peter Zimmerman, and seminar participants at the Bank of England, Cass Business School, Duisenberg School of Finance, Koc University, the LSE, Macro Finance Society annual meeting, the Stockholm School of Economics, and the WFA for helpful comments and discussions. Denbee (ed- [email protected]) is from the Bank of England; Julliard ([email protected]) and Yuan ([email protected]) are from the London School of Economics, SRC, and CEPR; Li ([email protected]) is from the Ohio State University. This research was started when Yuan was a senior Houblon-Norman Fellow at the Bank of England.
  • Press Release Livi Bank Teams up with Unionpay International to “Shake Up

    Press Release Livi Bank Teams up with Unionpay International to “Shake Up

    11 August 2020 Press Release livi bank teams up with UnionPay International to “shake up” payments in Hong Kong livi customers to benefit from fun and exclusive ‘Shake Shake’ rewards livi bank and UnionPay International announced today an exciting new partnership which integrates UnionPay QR Payment into livi’s virtual banking app, which will be available for download tomorrow. livi is an easy, rewarding and lifestyle-driven banking experience, delivered through a simple and stylish mobile app. Through the partnership, livi customers can use the banking app’s digital payment function, the widely accepted UnionPay QR Payment, across 40,000 acceptance points in Hong Kong and gain access to lots of special offers at selected merchants. Probably the most exciting way to unlock everyday monetary rewards in Hong Kong During the promotional period, livi customers can get instant monetary rewards to put towards their next purchase by simply shaking their phones after using UnionPay QR Payment on purchases. This fun and innovative “Shake Shake” feature is a first in the banking world in Hong Kong and aims to make shopping that little bit more rewarding. “We’re thrilled to be joining hands with UnionPay International to offer a fun and innovative payment experience for our customers.” said David Sun, Chief Executive of livi. “Our mission is to give people in Hong Kong an everyday boost to their lives, with a banking experience they will enjoy. Our collaboration strives to achieve this by bringing attractive benefits designed around our customers’ everyday needs.” “UnionPay International is honoured to partner with livi to pioneer the very first QR Payment function in virtual banking in Hong Kong, by issuing the first UnionPay virtual debit cards for livi customers.
  • Payit User Terms-Personal

    Payit User Terms-Personal

    ® Terms for Payit™ The fast, fair, simple and safe way to pay and get paid Search Payit for more informaton The fast, fair, simple and safe way to pay and get paid Search Payit for more informaton The meaning of certain words used in these Terms: The Payee is the company, business, organisation or individual you’re making a payment to. Open Banking means the UK’s Open Banking initiative, which NatWest is a participant in. You can find out more information about Open Banking at www.openbanking.org.uk We/us are the National Westminster Bank Plc (NatWest), registered in England and Wales under number 929027 with our registered office at 250 Bishopsgate, London EC2M 4AA. We’re authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We’re entered on the Financial Services Register and our firm reference number is 121878. You can contact us at [email protected] Account Provider is the bank or building society that holds the account you want to make a payment from. Where we refer to you this includes each holder of the account from which you want to make a payment from using Payit. You also includes any third parties you’ve authorised to act on your behalf where the term relates to giving us instructions. You/your refers to any one, both or all of you depending on the context. Introduction These terms apply to the agreement between you and us to use Payit. Nothing in these Terms affects the operation of the account you hold with your Account Provider.
  • Form a - General Direction 2

    Form a - General Direction 2

    Faster Payments General Directions Compliance Report 2017 Form A - General Direction 2 Please complete the form below, ensuring that you respond to each section of the paper. The main headings relate to the reporting requirements of general direction 2 (2.4, a-f). The sub-headings provide you with guidance on the information that we would like you to provide in order to meet the reporting requirements. a) Self-assessment by the operator on compliance of its access requirements with the obligation in Direction 2.1 throughout the 2016/17 period. I) Please provide a statement as Statement of Compliance to whether you consider that you have complied with the obligation FPSL’s access criteria are the minimum necessary to ensure a safe, secure and resilient payment in Direction 2.1 over 2016/17. system which operates a 24*7 for the benefit of all service users. All our access and eligibility criteria are objective and risk based, an important consideration for a systemically important Financial You should cross reference a Market Infrastructure (FMI), and are publicly disclosed on our website here. statement of compliance from a responsible person. As an FMI, designated under the Banking Act 2009, FPSL has to comply with the Committee on Payment and Market Infrastructure (CPMI) and International Organisation of Securities Commissions (IOSCO) Principles for FMI (PFMIs). These principles underpin our access requirements. FPSL is also the designated Payment Systems Operator (PSO) under the Financial Services (Banking Reform) Act 2013 (FSBRA) for the Faster Payments System (FPS). In January 2015, FPSL began an ambitious and innovative access and development programme to expand the ways in which Participants are able to access the payment system and minimise the challenges faced by new Participants.
  • Faster Payments QIAT

    Faster Payments QIAT

    Faster Payments QIAT Proposer: The Clearing House and FIS February 21, 2017 TABLE OF CONTENTS Original Proposal 2 Q&A Response 106 Draft QIAT Assessment 120 (Includes proposer comment in Appendix A & B) 136 Task Force comments 140 Proposer response to Task Force comments 153 Final QIAT Assessment 155 Submitted by: Proposal to Faster Payments Task Force April 22, 2016 This Proposal is submitted under and subject to the terms of the Amended and Restated Faster Payments Task Force Participation Agreement for an Organization (the “Agreement”), and shall be used only as explicitly set forth in the Agreement. The Proposal includes technology that is owned by or proprietary to The Clearing House Payments Company L.L.C. and third parties. Proposed features, functionality, implementation details, requirements and timetables are in development and subject to change at any time. 2 | Executive Summary 01 |Executive 02 | Use Case 03 | Proposal 04 | Part A1: 05 | Part A2: Use 06 | Part B: 07 | Self Summary Coverage Assumptions Solution Case Description Business Assessment Description Considerations Table of Contents Contents 1: Executive Summary 3 2: Use Case Coverage Domestic Coverage 5 Cross-border Coverage 6 3: Proposal Assumptions 7 4: Part A.1: Solution Description Introduction 8 Initiation 13 Authentication 21 Payer authorization 22 Approval by payer’s provider 23 Clearing, Receipt & Settlement 25 Reconciliation 27 Summary 28 5: Part A.2: Use Case Description Use case description (P2P) 30 Use case description (B2B) 31 Use case description (B2P) 32 Use case description (P2B) 33 Use cases by effectiveness criteria 34 6: Part B: Business Considerations Introduction 36 Implementation Timeline 38 Value Proposition and Competition 40 Integration Effort 41 Legal & Governance 44 7: Self Assessment Ubiquity 49 Efficiency 51 Safety and Security 53 Speed (Fast) 56 Legal Framework 57 Governance 58 8: Appendix The Clearing House Payments Company L.L.C.
  • UK Payments Landscape

    UK Payments Landscape

    The rising tide of change across the UK payments landscape The Rising Tide of Change across the UK Payments Landscape “With great change brings new choices, with new choices brings new opportunities, with new opportunities, brings new ways of developing, managing and innovating payment processing needs.” Neelam Jobanputra, Head of Electronic Payments, UK The biggest change to UK payments change to the way in which payment processing There is little clarity, yet, on what the future since Ring Fencing are governed. 2 key development phases architecture will look like when it comes to core are recognised: and non-core services provisioned under the new The UK is venturing on the largest change Phase 1 – the creation of the New Payments Pay.UK governance model. With limited clarity it programme for UK domestic payment processing System Operator Pay.UK – the outcome of the makes it tough to establish what the framework it has seen since the Cruickshank Report in 2000 consolidation of the Bacs, Faster Payments, of change will look like and where investment announced the need for speed and mandated mobile and cheque Imaging payment schemes to decisions might be made. One thing is for sure, at the industry to deliver a Faster Payments service govern UK electronic payment processing. Barclays we have the ‘finger on the pulse’ working in the UK. Under the authority of the Payment with Pay.UK and the schemes it now governs Phase 2 – the creation of a robust and resilient Systems Regulator established in 2015 the UK to protect the future of our client’s payment technical “UK plc” payments platform for payments landscape is on the tipping point of processing needs.
  • Barclays International Banking Tariffs Guide

    Barclays International Banking Tariffs Guide

    International Banking International Banking tariff guide Barclays Private Clients International Limited May 2015 Contents 2 Service charges • Services currently available to new applicants • International Banking Service fees in other currencies 3 Day-to-day banking charges • General services • Counter services • Other account service charges 5 Payment charges • General payments • Bill payments/Faster Payments Service (FPS) • CHAPS payments 6 International payments • SEPA Credit Transfers (SCT) 8 Debit card charges • Debit card charges • Deferred Debit card charges • Barclays Wealth card charges 11 Overdrafts and Emergency Borrowing – sterling account • Overdrafts • Overdraft Daily Fee • How much are the Overdraft Daily Fees? • Representative Example • Emergency Borrowing • Unpaid Transaction Fee • Buffers • Only one type of fee a day • How it all works 14 Overdrafts – euro and US dollar • Overdrafts • Unpaid Transaction Fee • Overdrafts 16 Other information • Charging dates • Cheque clearing • Unpaid cheques • Direct debits • Faster Payments Service (FPS) • SEPA Credit Transfers (SCT) • Standing orders • Further information • Contact details 22 Appendix • Services no longer available to new applicants This guide relates to all individual clients using International Banking services (excluding Private Banking) and new clients offered the services set out on page three. It excludes tariffs for accounts held in Cyprus and applicable interest rates. Our interest rates can be found at barclays.com/international/interestrates Where fees and charges in this guide are quoted in sterling and debited in another currency, the sterling equivalent will be exchanged at the applicable daily exchange rate.* To be read in conjunction with our terms and conditions, product and service specific information. Please ensure you advise your account holding centre or Relationship Manager immediately if your personal details change.
  • School Bank Account. Terms and Conditions 2

    School Bank Account. Terms and Conditions 2

    COMMERCIAL BANKING School Bank Account. Terms and Conditions 2. Communications: General authority to Bank to accept General terms and conditions which internet/iDTV/WAP/email/telephone/fax/any other apply to a School Bank Account electronic communications Subject to the following sub-clause, we may accept your instructions even if they are not given in conventional written paper form such as 1. Terms which apply to your account(s) by letter or on cheques. This would cover any form of electronic or 1.1 This document together with the information given with your telephonic communication, including those not currently available. It application and any Charges Brochures (together, the “Agreement”) applies to all present and any future business on your accounts. set out the terms and conditions which apply to your business 2.1 The Authority enables us to accept instructions given by electronic account(s), including business current account(s) and to “Your authority communications from you. It does not imply that we can or do currently to operate accounts” (“the Authority”). In addition, specific terms and actually accept all the types mentioned. We will tell you what types we conditions will apply to certain business accounts and services and will accept. these will be supplied to you if you apply for such accounts 2.2 Note that there may be no signature, security or password and services. protection for email, phone, fax and other future forms of electronic Where you apply for the provision of banking services: communication. You should bear this in mind if you decide to permit us ► by bank card, debit card, charge card, credit card or any other card to accept those types of instruction.
  • 2021 Prime Time for Real-Time Report from ACI Worldwide And

    2021 Prime Time for Real-Time Report from ACI Worldwide And

    March 2021 Prime Time For Real-Time Contents Welcome 3 Country Insights 8 Foreword by Jeremy Wilmot 3 North America 8 Introduction 3 Asia 12 Methodology 3 Europe 24 Middle East, Africa and South Asia 46 Global Real-Time Pacific 56 Payments Adoption 4 Latin America 60 Thematic Insights 5 Glossary 68 Request to Pay Couples Convenience with the Control that Consumers Demand 5 The Acquiring Outlook 5 The Impact of COVID-19 on Real-Time Payments 6 Payment Networks 6 Consumer Payments Modernization 7 2 Prime Time For Real-Time 2021 Welcome Foreword Spurred by a year of unprecedented disruption, 2020 saw real-time payments grow larger—in terms of both volumes and values—and faster than anyone could have anticipated. Changes to business models and consumer behavior, prompted by the COVID-19 pandemic, have compressed many years’ worth of transformation and digitization into the space of several months. More people and more businesses around the world have access to real-time payments in more forms than ever before. Real-time payments have been truly democratized, several years earlier than previously expected. Central infrastructures were already making swift For consumers, low-value real-time payments mean Regardless of whether real-time schemes are initially progress towards this goal before the pandemic immediate funds availability when sending and conceived to cater to consumer or business needs, intervened, having established and enhanced real- receiving money. For merchants or billers, it can mean the global picture is one in which heavily localized use time rails at record pace. But now, in response to instant confirmation, settlement finality and real-time cases are “the last mile” in the journey to successfully COVID’s unique challenges, the pace has increased information about the payment.
  • Costs and Benefits of Building Faster Payment Systems: the U.K

    Costs and Benefits of Building Faster Payment Systems: the U.K

    No. 14-5 Costs and Benefits of Building Faster Payment Systems: The U.K. Experience and Implications for the United States Claire Greene, Marc Rysman, Scott Schuh, and Oz Shy Abstract: A number of countries have implemented faster payment services that allow consumers and businesses to rapidly transfer money between bank accounts. These services compete with slower, existing payment services. In 2008, the United Kingdom implemented its Faster Payments Service (FPS) at a cost of less than ₤200 million (.014 percent of U.K. GDP, or $307 million) spread over seven years, plus investment costs borne by each participating bank to connect to the FPS. This paper examines the economic cost-benefit analysis underlying the U.K. FPS investment decision and describes the subsequent diffusion and use of FPS through 2013. The paper also assesses the effects that FPS likely had on the rest of the U.K. payment system and highlights key unanswered questions for future research. Based on this U.K. experience, the paper describes implications for the U.S. payment system, which the Federal Reserve has proposed to make faster in recent policy announcements. Keywords: fast payments systems, cost-benefit analysis, account-to-account (A2A) transfers, person-to-person (P2P) payments JEL codes: G210 Claire Greene, Marc Rysman, Scott Schuh, and Oz Shy are members of the Consumer Payments Research Center in the research department of the Federal Reserve Bank of Boston. Claire Greene is a payments analyst. Marc Rysman is a visiting scholar and a professor of economics at Boston University. Scott Schuh is the director of the Center and a senior economist and policy advisor.
  • A Brief History of Payments

    A Brief History of Payments

    A Brief History of Payments October 2015 A Brief History of Payment Year Up to 1799 13th Century In Venice bills of exchange were developed as a legal device to allow international trade without the need to carry gold 14th Century First known reference to bills of exchange in English law as a means to carry funds abroad 17th Century Bills of exchange were being used for domestic as well as international payments. One of the earliest handwritten cheques known still to be in existence was drawn on Messrs Morris and Clayton, scriveners and bankers based in the City of London, and dated 16 February 1659. It was for £400 (about £43,000 today) made payable to a Mr Delboe and signed by Nicholas Vanacker . 1694 At the very first meeting of the Court of the Bank of England on 27 June 1694, it was decided that customers who deposited money would have the choice of three types of account. One of these allowed customers to draw notes on the Bank up to the extent of their deposits. 1727 The Royal Bank of Scotland invented the overdraft, one of the most important banking innovations. The bank allowed William Hog, a merchant, to take £1,000 - the equivalent of £63,664 today - more out of his account than 2015 Consulting Polymath he had in it. Source: Source: 1717 The Bank of England pioneered the use of printed forms, the first of which were produced in 1717 at Grocers’ Hall, London. The printed slips had scrollwork at the left-hand edge which could be cut through, leaving part on the cheque and part on the counterfoil – the real “check” – which is how the cheque got its name.
  • FPS MEMBERSHIP AGREEMENT Between FASTER PAYMENTS

    FPS MEMBERSHIP AGREEMENT Between FASTER PAYMENTS

    Redacted Version FPS MEMBERSHIP AGREEMENT Between FASTER PAYMENTS SCHEME LIMITED and BARCLAYS BANK PLC CITIBANK N.A. CLYDESDALE BANK PLC HSBC BANK PLC LLOYDS BANK PLC NATIONWIDE BUILDING SOCIETY NORTHERN BANK LIMITED SANTANDER UK PLC THE CO-OPERATIVE BANK PLC THE ROYAL BANK OF SCOTLAND PLC -1- TABLE OF CONTENTS Clause Page 1. INTERPRETATION ............................................................................................................................... 4 2. THE SYSTEM OPERATOR .................................................................................................................. 7 3. THE MEMBERS .................................................................................................................................... 8 4. TERMINATION ...................................................................................................................................... 8 5. LIABILITY ............................................................................................................................................ 10 6. ASSIGNMENT AND TRANSFER ....................................................................................................... 11 7. EXTERNAL INTERVENING EVENT ................................................................................................... 12 8. NOTICES............................................................................................................................................. 12 9. WHOLE AGREEMENT ......................................................................................................................