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Author: Great Britain. Parliament. House of Commons. Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215561190
Category : Banks and banking
Languages : en
Pages : 60
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Book Description
The industry-dominated Payments Council should no longer have the unfettered power to decide the future of cheques, or other payment methods that directly affect millions of people, the Treasury Select Committee says in this report. Responding to concern from the general public and the Treasury Committee, the Payments Council announced on 12 July 2011 that cheques will continue for as long as customers need them and that the target for possible closure of the cheque clearing in 2018 had been cancelled. The Committee welcomes this belated decision of the Council to retain cheques, but warns the Council to ensure that the banks do not attempt to abandon cheques by stealth, nor deter customers from using cheques. The report recommends that: the Treasury should make provision in the forthcoming Financial Services Bill to bring the Payments Council formally within the system of financial regulation; the Council must obtain a commitment from the banks to give the Council advance sight of any material related to the future availability of cheques that the banks send to their customers; all banks should write to their customers stating that cheques will continue to be in use for the foreseeable future; the Payments Council should examine the reintroduction of the cheque guarantee card; changes be made to the composition of the Board of the Payments Council in order significantly to strengthen the voice of consumers.
Author: Great Britain. Parliament. House of Commons. Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215561190
Category : Banks and banking
Languages : en
Pages : 60
Get Book Here
Book Description
The industry-dominated Payments Council should no longer have the unfettered power to decide the future of cheques, or other payment methods that directly affect millions of people, the Treasury Select Committee says in this report. Responding to concern from the general public and the Treasury Committee, the Payments Council announced on 12 July 2011 that cheques will continue for as long as customers need them and that the target for possible closure of the cheque clearing in 2018 had been cancelled. The Committee welcomes this belated decision of the Council to retain cheques, but warns the Council to ensure that the banks do not attempt to abandon cheques by stealth, nor deter customers from using cheques. The report recommends that: the Treasury should make provision in the forthcoming Financial Services Bill to bring the Payments Council formally within the system of financial regulation; the Council must obtain a commitment from the banks to give the Council advance sight of any material related to the future availability of cheques that the banks send to their customers; all banks should write to their customers stating that cheques will continue to be in use for the foreseeable future; the Payments Council should examine the reintroduction of the cheque guarantee card; changes be made to the composition of the Board of the Payments Council in order significantly to strengthen the voice of consumers.
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215038715
Category : Business & Economics
Languages : en
Pages : 20
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Book Description
The Treasury Committee's further report on the future of cheques, which includes the Government and Payments Council responses to the earlier report (18th report, session 2010-12, HC 1147, ISBN 9780215561190), focuses on the Payments Council's decision to re-examine the abolition of the cheque guarantee card as well as the Government's commitment to bring the Payments Council within the scope of financial regulation. The report concludes that the Payments Council must provide further details of the research it is undertaking on the guarantee card as well as the decision-making process it will undertake once the research is complete. There is a case for reintroducing either the cheque guarantee card scheme or an alternative mechanism to ensure cheque acceptors have confidence when accepting cheques. Without such a scheme there is a risk that more and more shops and other bodies will refuse to accept cheques; the cheque would wither on the vine. An increasing number of shops and other organisations are refusing to accept cheques as a result of the abolition of the guarantee card. Bringing the Payments Council within the scope of financial regulation is needed to ensure there is never again a repetition of the cheques debacle. The Payments Council was able to take decisions affecting millions of people at its own initiative without any effective scrutiny by a regulatory body.
Author: Bernardo Batiz-Lazo
Publisher: Springer
ISBN: 1137602317
Category : Business & Economics
Languages : en
Pages : 432
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Book Description
This book examines the nature of retail financial transaction infrastructures. Contributions assume a long-term outlook in their exploration of the key financial processes and systems that support a global transition to a cashless economy. The volume offers both modern and historic accounts that demonstrate the constantly changing role of payment instruments. It brings together different theoretical approaches to the study, re-examining and forecasting changes in retail payment systems. Chapters explore a global transition to a cashless society and contemplate future alternatives to cash, cheques and plastic, featuring the perspectives of academics from different disciplines in conversation and industry participants from six continents. Readers are invited to discover the innovation in payment systems and how it co-evolves with changes in society and organisations through personal, corporate and governmental processes.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264195920
Category :
Languages : en
Pages : 171
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Book Description
Throughout the ages physical money in the form of objects, coins and notes has increasingly been replaced by more abstract means of payment such as bills of exchange, cheques and credit cards. This book shows that in the years to come that trend to virtual money will continue apace.
Author: Brett King
Publisher: Brett King
ISBN: 9814302074
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
The financial crisis is just beginning for retail institutions. Ninety to ninety-five per cent of bank transactions are executed electronically today. The Internet, ATMs, call centres and smartphones have become mainstream for customers. But banks still classify these as alternative channels and maintain an organisation structure where Branch dominates thinking. Continued technology innovations, Web 2.0, social networking, app phones and mobility are also stretching traditional banking models to the limit. BANK 2.0 reveals why customer behaviour is so rapidly changing, how branches will evolve, why cheques are disappearing, and why your mobile phone will replace your wallet all within the next 10 years.
Author: Mr.Tobias Adrian
Publisher: International Monetary Fund
ISBN: 1498324908
Category : Business & Economics
Languages : en
Pages : 20
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Book Description
This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.
Author: Chris Skinner
Publisher: John Wiley & Sons
ISBN: 9780470512852
Category : Business & Economics
Languages : en
Pages : 210
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Book Description
The world of banking is changing dramatically as a result of regulation, technology and society. New developments in the past three years include advances in regulatory change, the impact of China and India; from the latest technologies to impact bank services, to the latest experiments with a cashless society. The Future of Banking in a Globalised World provides an entertaining yet informative look at the world of banking and chronicles the radical changes that have occurred in the industry over the past three years. Renowned analyst and international speaker, Chris Skinner assesses the trends that have occurred during the past three years and looks at predictions for the future of banking. Issues discussed include: • The impact of emerging markets such as China and India • Regulatory changes including Europe’s Financial Services Action Plan, MiFID, SEPA, as well as the impact of Basel II and Sarbanes-Oxley • The latest technologies to impact Bank services from algorithmic trading through Web 2.0 • The displacement of Cash and Cards through Contactless, Mobile and Biometric Payments
Author:
Publisher:
ISBN:
Category : Canada
Languages : en
Pages : 366
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Book Description
Author: Dr. Veerabhadraiah C
Publisher: AG PUBLISHING HOUSE (AGPH Books)
ISBN: 9395468831
Category : Study Aids
Languages : en
Pages : 377
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Book Description
The book Banking Law addresses themes such as the indigenous banking system, multifunctional banks, expansion, and legal concerns, legislation connected to Indian banking businesses, and the history and evolution of banking in India as well as internationally. Concerns about international law include worldwide freezing injunctions, management accounting and auditing, the banker's duty of secrecy, and the effect of penalties on financial dealings. In particular, the book provides a detailed examination of various matters arising out of the banking regulation act, of 1949. The word "banking law" refers to the body of regulations that regulate the operations of financial institutions such as banks. There are many federal, state, and even municipal rules that banks must follow. Lawyers are responsible for a broad range of tasks associated with making, interpreting, and enforcing the law. There are a number of government entities in charge of banking rules. A bank or other financial institution may be governed by the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), or the Office of the Comptroller of the Currency (OCC). Financial institutions should be aware of the rules and laws they must follow on a national and state level.
Author: Nikesh Lalchandani
Publisher: Innovations Accelerated
ISBN: 0648882411
Category : Business & Economics
Languages : en
Pages : 508
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Book Description
This book will: · Challenge the assumption that banks will continue to control payments and the flow of money. · Point to the chinks in their armour and where the opportunities lie. · Examine the technologies and approaches that have begun to disrupt and transform the current model. · Arm you with the knowledge you need to make sense of and navigate this critical industry, as it transforms in innovative and valuable ways. For the first time in Australian financial history, this book brings together in one place what is under the hood of the Australian payments, money and banking systems, and is a must-read for anyone needing a solid understanding of this critical space. Told as a story, this is an inspiring and captivating treatise on how Australia’s systems work and where the future lies.
