UK Payment Systems and Associated Services
We can sponsor Indirect PSPs into the following UK payment systems:
BACS - Bulk payments (Direct Credit) and collections (Direct Debit)
CHAPS – High value – same day payments
Faster Payments – 24x7 near real time payments
In addition we can provide access to the following complementary services:-
- Automated Standing Order File Amendment (ASOFA) – a service to update bank held standing order and other mandate bank account information where a customer has changed banks.
- Advice of Wrong Account for Automated Credits Service (AWACS) – an efficient BACS electronic messaging service that allows banks to notify service users of any changes to Bacs Direct Credit payment information.
- Biller Update Service – a service to notify other members and participants of new bank account details held for a corporate customer, such as utilities, councils and financial institutions. There are commercial services available which an indirect PSP may wish to also consider.
Cash ISA Transfer and the Current Account Switching Service are open to all qualifying participants. We are able to provide the necessary security smartcards to participants of these services who also bank with NatWest.