Overledger Business Paper
10 March 2018Download PDF (517kb)
We are pleased to confirm that Quant Network is now a Guarantor of Pay.UK, the UK’s leading retail payments authority. Pay.UK is responsible for shaping the payment ecosystem to promote competition, innovation and openness.
Every day, individuals and businesses use the services Pay.UK provides to get their salaries, pay their bills and make online and mobile banking payments. Pay.UK moves more than £6.7 trillion every year, through Bacs Direct Credit, Direct Debit, Faster Payments, cheques and Paym.
Pay.UK was formed in 2017, having brought together BACS, Faster Payments, Cheque and Credit Clearing, and UK Payments Administration to provide a more aligned and simpler financial infrastructure for the whole of the UK and is accountable to the Bank of England and the Payment Systems Regulator.
Pay.UK moves £17.5 billion in payments every single day. To enable a vibrant UK economy, focused on increasing participation and competition in the payments ecosystem. Pay.UK aims to embed a culture which is open, inclusive and accountable, and to this end they have expanded their guarantor base so that it more adequately represents the various stakeholders in the payments ecosystem. This will help ensure that the Pay.UK Board makes decisions in favour of the wider Community interest.
Additionally, the New Payments Architecture (NPA) is a new conceptual model for the future development of the UK’s shared retail payment infrastructure. It will be the biggest change to the way payments are processed in the UK since the 1960s, ensuring payments are safe while also encouraging competitive innovation and unlocking new business opportunities in everything from smarter uses of banking and payment data through to new transactional services.
Quant Network continues to be active in the financial services sector and subsequently supporting Pay.UK’s mission to enable a vibrant UK economy. Guarantors of Pay.UK will be able to hold their board accountable for the continued fulfillment of their purpose and strategic objectives, such as maintaining the integrity of their services, acting as a catalyst for change in the payments industry, and promoting competition in both upstream and downstream services.
Quant Network’s involvement as a Guarantor includes:
• the right to attend and vote at Annual and Extraordinary General Meetings;
• from time to time to vote on ordinary or special resolutions which require their approval;
• to act collectively to monitor and amend Pay.UK’s constitution;
• to confirm or reject the reappointment of individual members of Pay.UK’s Board of Directors as they appear for reappointment;
• to propose candidates to the nominations committee, for prospective Pay.UK Board Directors and;
• to confirm the appointment of Pay.UK’s auditors.