New payments system launched for banks

02 Apr 2014

Customers of nine banks will be able to transfer small amounts of money using a mobile phone number, as of 29 April this year.

The new system will be included in existing banking apps, eliminating the need for sort code and account number details to be given out. Registration can take place immediately before the system goes live at the end of the month.

30 million customers of these banks and building societies can register for the service: Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds Bank, Santander, TSB and Danske Bank.

The collaboration is being ld by the Payments Council, and is the first service with the potential to link every current account in the UK with a mobile number. All payments will go through the Faster Payments system.

The new system is named Paym and is pronounced ‘Pay Em’. Further details can be found at http://www.paym.co.uk/.

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