Central Banking

VocaLink: Seven-day account switching set to shake up UK banks


Developments such as the growth of real-time payments and forthcoming seven-day account switching have the potential to change the way people use banks and shake up competition, according to Chris Dunne, payment services director at VocaLink.

VocaLink operates UK payments infrastructure including the majority of the ATM network and ‘Faster Payments', a growing real-time payments system that is expected to process around 950 million transactions this year, though still dwarfed by the 5.6 billion

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