SmartDebit Assess Government's Decision on the Future of UK Payments Council

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SmartDebit

Although figures show the usage of cheques is declining, many charities, small businesses and pensioners rely on cheques.

(PRWEB UK) 2 August 2012

In July 2011, the bank-run UK Payments Council announced that they have abandoned their attempt to phase out cheques by 2018 following immense pressure from consumer groups. The government are now seeking a fresh start and will subsequently curb the Payments Councils’ powers.

Surrey-based Direct Debit Bureau, SmartDebit, also operate a cheque processing service for a host of charities and mail order services, many of whom were relieved that the abolishment of cheques was abandoned.

The Payments Council is funded by member banks to set the strategy for UK payments. The Board of 16 directors are tasked with ensuring current and future payment systems meet the needs of payment service providers, users and the wider economy. However, the initial decision to abolish cheques has sparked debate as to whether the Payments Council are focusing on a payments system which suits the banks and neglecting the needs of the end user.

SmartDebit’s Managing Director, Terry Jones commented “Although figures show the usage of cheques is declining, many charities, small business and pensioners rely on cheques. An alternative method, which meets the requirements of the public, must be introduced before beginning a phase out. Payment methods are firmly in the electronic era and whilst Direct Debits are not a direct replacement for cheques, they can produce a replacement and additional revenue stream for many organisations”.

SmartDebit™ are the UK’s leading Direct Debit Bureau, specialising in payment processing services since 1998. A Bacs approved Bureau, scoring ‘Excellent’ in all five categories of the Bacs audit, and ISO 27001 compliant. Providing a complete range of services: Outsourcing; SmartDebit-Admin cloud based portal; SmartDebit-Online payer sign up; SmartDebit-API integrated solution and SmartDebit-Contingency.

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