3 Popular Uk/eu Payment Solutions

The modern world relies heavily on a wide range of payment solutions in order that transactions can take place easily

. Being able to pay online at the click of a button is something that people around the globe expect when conducting their online shopping. Equally, in 'real world' transactions, the population expects payment solutions that are fast, easy to conduct, and of course, failsafe.

BACS

BACS stands for Bankers' Automated Clearing Services and is used by banking institutions in the UK. The BACS system involves the use of BACS Direct Debits and BACS Direct Credits. It takes 3 working days for BACS payments to clear; on the first day they are entered into the system, and are processed on the 2nd day, before being cleared on the third day. The system was developed by a certain Dennis Gladwell under the name of the Inter Bank Computer Bureau, before changing to the current name in 1971. It remains one of the leading payment solutions in the UK.

UK Faster Payments

The BACS transfer is considered by some to be too slow, and the UK's Faster Payments system has been introduced to address this speed issue. Faster Payments can complete a transaction within 2 hours, sometimes before. Ay the current time there are 13 banks and financial institutions that are members of the system, making it a real contender as the most popular of all payment solutions. It is faster than both BACS and CHAPS. More member may join the system in the near future, or they may utilise the system through partnerships with existing members.

SEPA

SEPA, which stands for Single Euro Payments Area, has been developed to harmonise the various payment systems of the Euro Zone. As the Euro is used by so many states, many institutions argue that a new overarching system would make much more sense. Individual countries have all developed their own payment systems which operate within that state's particular legal framework. This system aims to increase the surveillance of money flow. But in the view of many payment providers and banks its introduction is a negative thing, due to a loss of revenue. This will also increase competition between those in Europe providing payment solutions.

These are three of the main payment solutions that are commonly used or are soon to be used. Of all three, the BACS system looks the most outdated, although it still plays a big role in UK transactions of various types.

by: Anna Stenning

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