The UK Payments Council's clearing statistics for 2012 show that a revolution is happening in the UK payments landscape:
- Faster Payments (UK service that enables phone, internet and standing order + other payments to move within a few hours - mostly within minutes) is the only clearing system growing and now represents 14% of BACS volume
- BACS volume declined by 2% and by value 6%, the first time in over 20 years
- not surprising the volume CHAPS payments is static although the average value continues to increase (12%)
- paper clearing continues to decline - 12% by volume for both cheques and credits.
UK Clearings 2012 by volume and value
Are your UK company's bill collection services set up to receive bill payments by Faster Payments? Is your payables system making the most effective use of Faster Payments?
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